Excitement buzzed throughout Hollywood once the historic strikes by the WGA and SAG-AFTRA ended. While some TV shows and movies resumed production, some saw budget cutbacks while others were canceled.
Sean McNulty, a former producer at HBO who covers the entertainment industry business for The Ankler, told L.A.’s Afternoon News that Hollywood is seeing a market correction.
“Look, there was a bubble. There [were] 600 TV shows in the streaming boom of the late 2010s, early 2020s,” he said. “We’re just seeing a correction and we’re going back to a time where there can be less television shows.”
He added that while many movies are heading into production this spring, the strike’s impact is being felt on the television production side.
“The shows are back in production, but they’re only making essentially half a season,” he said. So those who are back to work, they’re not shooting 20 [to] 22 episodes anymore. They’re shooting maybe 10 to 13. It’s less money in the door.
So there is a year of pain ahead and a lot of projects that were shot last year for this season were pushed to next season because they couldn’t shoot the shows this year.”
McNulty compared it to a game of musical chairs.
“It’s like a game of musical chairs here where not enough seats are gonna be left at the end of the day here,” he said. “So it’s not great news per se, but it’s the effects of a bubble bursting and this is what we’re seeing right now in real time.
He said he spoke with an agent from UTA who believes the market won’t return to normalcy until 2025.
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