Hollywood saw a huge rise in unemployment in August 2024. CWEB analyzes the reasons behind the slow yet sure setting of what can be described as a sunrise industry as Hollywood boosts the Los Angeles and California economy. Several factors are responsible for the decline. We consider two main factors: the writer’s strike and the rise of artificial intelligence in the industry, as AI became one of the major issues that fueled the long strike. The US saw a larger decline in production compared to the rest of the world.
ProdPro tracks film and TV production and offers intel for professionals. It reported a 40 percent decline in the second quarter this year compared with the same quarter in 2022. However, production in the rest of the world saw a 20 percent decline in the same quarter in 2024 compared with the second quarter in 2022.
The decline in production will affect the entire movie industry, as there are fewer productions in the pipeline. This will lead to the firing of employees in all the different parts that form a whole: to produce a movie or a TV show.
There will be low demand for movie sets, locations, technicians, equipment, writers, producers, directors, etc. Therefore, many cast and crew members will lose their jobs. Many gigantic production houses have already reduced staff, with Paramount being the latest.
The writers’ strike that began in May 2023 lasted much longer than expected, and support from actors prolonged it, leading to an almost total shutdown of Hollywood. One of the major reasons behind the strike was the use of artificial intelligence, which used the writers’ creativity without paying for it.
Streaming also saw a decline, but major streaming platform Netflix has recently become profitable again, though it has also streamlined its in-house productions. Many web fans might have less choice in the future as the entertainment industry produces less content. However, the workforce in Los Angeles will feel the most pain as Hollywood provides thousands of jobs and improves the city’s economy.
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