in

‘Woke’ Hollywood Suffers at the Box Office, Plunging Into ‘Full-On Depression’

Source: Thea Hdc/Unsplash

The year 2020 turned out to be an extremely difficult time for Hollywood, much like many other sectors across the world, with the COVID-19 pandemic seriously impacting the industry. Regrettably, the entertainment sector has yet to fully bounce back as anticipated. 

Notable Financial Downfall 

The box office saw substantial financial failures in 2023,  

Source: Pinterest

While the television streaming model is currently facing significant crises.

The Industry

These factors, combined with others, 

Source: Unsplash/KAL VISUALS

Have pushed the industry into a critical juncture.

Strikes

Moreover, 

Source: AFP

A string of union strikes have enshrined productions with several regulatory expenses.

Anonymous

In an interview with Deadline, an anonymous individual shared that a “veteran top TV executive” explained exactly how drastic the situation is: 

Source: Unsplash/Jakob Owens

“I’ve seen lots of downturns, lots of job losses but I’ve never seen anything like this… This is a full-scale depression for the entertainment industry.”

Entertainment Giants 

The downsizing trend reached beyond the major studios to encompass other entertainment giants like Netflix, Fifth Season, Lionsgate, Amazon MGM Studios, 

Source: Unsplash/Ussama Azam

and multiple talent agencies, all of which have also been laying off many staff members.

Walt Disney Studios

All if Hollywood’s major studios, including Walt Disney Studios, Universal Pictures, Paramount Pictures, Sony Pictures, and Warner Bros., 

Source: Unsplash/Seif Abukhalaf

have enforced a series of layoffs in the last year. 

LinkedIn 

According to the TV executive referenced earlier, 

Source: Unsplash/Chris Murray

Their LinkedIn network has evolved into a support platform for unemployed entertainment executives, who are venting their frustration with the industry’s downsizing.

High-Ranking Executives

The wave of layoffs and continued job searches isn’t confined to high-ranking executives. 

Source: Unsplash/Denise Jans

Actors, writers, and other lower-level staff members are also feeling the effects.

Applications

Per a report from Deadline, 

Source: Unsplash/Gordon Cowie

Multiple executives have submitted several job applications to studios throughout the industry, many times without ever getting a reply.

Streaming Platforms

A couple of years ago, the industry was in a frenzy to create content for a few major streaming platforms. 

Source: Unsplash/Lloyd Dirks

However, as of now the demand for this content has seen a significant decline. 

Plummeted 

However, 

Source: Unsplash/Donald Edgar

This year, that figure has plummeted to just 3, marking a staggering 97 percent decrease.

Long-term Careers

The recent strikes in Hollywood sought to transform acting, writing, and other mid-to-lower-level positions in the entertainment industry into sustainable, 

Source: Unsplash/Denise Jans

long-term careers that gave people an opportunity to provide for their families.

Skyrocketed Production 

Instead of easing the already escalating production costs caused by inflation,  

Source: Unsplash/KAL VISUALS

The strikes may unintentionally added to transforming Hollywood into a gig economy.

Employment 

This all suggests that in the future, lower-level actors and writers might be in a position where they need to seek out other forms of employment. 

Source: Unsplash/Leuchtturm Entertainment

Interestingly, several former industry executives are also finding themselves in a similar position, with a need to find alternate sources of income to sustain themselves.

What do you think?

185 Points
Upvote Downvote
Athena Hallet

Written by Athena Hallet

Leave a Reply

Avatar

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Man Wins Thousands After Ridding Everglades of Very Invasive Snake Species

California’s $20 Fast Food Wage Hike Spells Trouble for the State