Hollywood Actors and Studios Reach a Tentative Agreement to End Months-long Strike

Union members to vote on newly agreed terms that include raised compensation, new revenue streams, and safeguards on artificial intelligence use, aiming to revitalize Hollywood's $134 billion industry.

• Hollywood's Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) union has reached a tentative agreement with major studios to end the months-long strike that had disrupted the film and television industry.
• SAG-AFTRA union, which represents around 160,000 members, accepted the new contract which incorporates substantial wage hikes, new residual payments based on streaming performance, and robust regulations concerning the use of artificial intelligence.
• Despite missing out on a share of streaming revenue, one of its biggest asks, the agreement underscores the resurgence of American labor unions. The writers' union also achieved significant financial concessions from studios in return for ending their strike in September.
• Resumption of work, however, will not be straightforward or inexpensive considering difficult juggling of production schedules and availability of actors and crewmembers. Depending on the project's size, the restart is expected to add $500,000 to $4 million to the budget.
• The strike has not only cost thousands of employments within and ancillary to the entertainment industry, but also inflicted over $5 billion loss to the California economy alone. The contract still requires final approval from union members.

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