The strike by script writers and actors in Hollywood has had a significant impact on the US entertainment industry, resulting in the loss of 45,000 jobs since May, according to a recent employment report by the US Bureau of Labor Statistics. In September alone, the film and TV sector lost 7,000 jobs, following a reported 17,000 job losses in August.
The labor action began on May 2, initiated by the Hollywood union, the Writers’ Guild of America (WGA), and was later joined by the actors’ union, the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA). The unions demanded higher pay, increased royalties, and sought to formalize the role of artificial intelligence in the motion-picture industry.
As a result of the strike, most Hollywood productions were forced to shut down, causing ripple effects throughout the industry. The strike has reportedly cost the US economy around $5 billion as of early September, impacting not only the movie-making industry itself but also the various businesses that support it.
The WGA strike concluded in late September with the union achieving many of its demands in a deal with the studios. The agreement included better regulations on the use of artificial intelligence, increases in minimum wage and pension, improved health fund rates, and residuals. However, the actors’ strike is ongoing, and despite negotiations taking place, no deal has been reached as of yet. The talks are scheduled to continue.
Industry experts anticipate that Hollywood productions will quickly resume once the SAG-AFTRA strike concludes. Some productions have already resumed after the writers’ guild ended their action. However, analysts remain uncertain as to whether the job losses resulting from the strikes will be permanent and what the potential consequences for the industry may be.
The impact of the strikes extends beyond the entertainment industry alone. With thousands of jobs lost and billions of dollars in economic losses, the strikes have had far-reaching implications. Nevertheless, as negotiations continue and agreements are reached, there is hope for a swift recovery and a return to normalcy in the industry.
For more stories on economy and finance, visit RT’s business section.
Source link
