Recently, VideoAge‘s Daily E-Beat reported a Fortune magazine story that “Not a single one of the 10 nominated movies was produced in Hollywood.”
Today, a front cover story in The Wall Street Journal, added that Hollywood’s “Studios Cut Back on Productions and Jobs.” The result is a 30 percent drop in employment from late 2022 for actors, carpenters, costumers, and other production people who are now lobbying the U.S. government for a 15 percent federal incentive that, combined with the 20 percent to 40 percent Californian incentives, could bring most of Hollywood productions back in the State.
However, noted the Journal, that lack of incentives is not the only problem for Hollywood, since Wall Street (i.e., investors) is demanding that studios, and streamers in particular, give priority to profits over the growth that was manifested with “peak TV.”
Another problem for Hollywood is that consumers spend a large portion of their leisure time on social media, watching YouTube or Instagram, and tuning in to sports on linear and streaming television.
Leave A Comment