I’m sure I don’t have to tell you, but Hollywood is not in a great place right now. There’s a real downturn in production, meaning no shows or movies are being made.
That’s causing a much leaner amount of choices when it comes to what to see in theaters or put on the TV.
It’s been very hard this year.
Production slowing means jobs are few and far between. Even execs are being laid off left and right. But just how bad is it right now?
Well, one report says production is down 40%, which is staggering.
Let’s dive in.
Hollywood film and TV production is in a downturn
The film industry is in an economic downturn that’s effecting everything in sight. the work stoppage last year, combined with consolidation this year, has cut jobs and effected tens of thousands of people within the entertainment industry.
Another huge factor is studios cutting back on spending in order to pay off debts they accrued by trying to open their own streaming companies.
The mantra in Hollywood has been ‘survive til 25‘ but that’s not so easy for everyone. Especially when we still could have another shutdown if teamsters strike and the AMPTP doesn’t give them their much-deserved raises.
The big fear myself, and many of my circle have are the continuing high costs of living in Los Angeles. In a city where the rent is already too high, cutting wages has a dire affect on who can maintain a life here and who is going to be forced to leave.
Where to go?
Well, Atlanta, Chicago, even in suburban California is much cheaper. But you have to commute, or Zoom, or just come back to Los Angeles for meetings. That can be pricey, too.
We’re in a pickle this year, and I’m not sure I have much to say when it comes to building up confidence for next year. All I’ve been doing is writing new specs and hoping for the best.
Let me know how you’ve been affected in the comments.
