Particle.news
Download on the App Store
3 ARTICLES
·
8mo ago

Hollywood Faces Crisis as Strikes and Streaming Wars Halt Production

Industry professionals struggle with unemployment and evictions as projects are canceled and production slows.

Image
SAG-AFTRA member John Schmitt, second from right, and others carry signs on the picket line outside Netflix on Wednesday, Sept. 27, 2023, in Los Angeles. Hollywood's writers strike was declared over Tuesday night when board members from their union approved a contract agreement with studios, bringing the industry at least partly back from a historic halt in production. The actors strike continues in their bid to get better pay and working conditions. (AP Photo/Chris Pizzello)
The Hollywood Sign

Overview

  • Michael Fortin, a veteran cinematographer, faces eviction and financial hardship due to the industry's downturn.
  • The writers' and actors' strikes in 2023 led to significant job losses and a 40% drop in US film and TV production.
  • Paramount recently announced layoffs affecting 15% of its workforce amid ongoing industry consolidation.
  • Los Angeles Mayor Karen Bass has formed a task force to explore incentives to revive local film production.
  • Experts suggest the streaming boom was unsustainable, with many studios now struggling to achieve profitability.