Hollywood is grappling with one of its most challenging periods. Productions have sharply declined, leading to widespread unemployment and uncertainty within the industry.
The convergence of strikes and the fierce competition in the streaming sector has brought about significant disruptions. Many industry professionals are finding it increasingly difficult to secure work in this new landscape.
For over a decade, Hollywood experienced a remarkable surge as studios fervently competed with emerging streaming giants like Netflix and Hulu. This golden age was brought to an abrupt halt in May 2023, when striking writers paralysed the industry. Not since the 1960s had both writers and actors joined forces to such a debilitating effect, causing a complete standstill in production activities.
Unemployment within the film and TV sectors reached 12.5% in August 2024. Many industry insiders believe this figure significantly underrepresents the actual situation, as numerous workers are either ineligible for unemployment benefits or have already exhausted them.
The decline in Wall Street’s favour towards tech giants like Netflix exacerbated the issue. Although Netflix has seen a recovery, other studios continue to struggle significantly.
The task force initiated by Bass aims to revitalise local production, seeking strategies to entice filmmakers back to Hollywood.
Duncan Crabtree-Ireland, Screen Actors Guild’s chief negotiator, maintains a positive outlook. He believes that enhanced relationships with creative talent, bolstered by the new contracts, will rejuvenate production rates soon.
Fortin acknowledges Hollywood’s past generosity but laments its current neglect of numerous professionals, sharing, ‘Hollywood gave me everything, but it feels like the industry has turned its back on lots of people, not just me.’
Hollywood stands at a crossroads, grappling with unprecedented challenges from within and outside the industry.
The path to recovery will require innovation, solidarity, and strategic economic incentives to revitalise its once-thriving ecosystem.
