Hollywood suit executives laid off amid recent studio budget cuts face the prospect of long-term unemployment as the industry and economy as a whole show little sign of recovery, according to a new report. I am concerned that this may be the case.
“This is a full-blown recession for the entertainment industry,” says TV executive. Said deadline.
Another executive said the situation was “approaching the worst-case scenario.”
Amid a perfect storm of economic turmoil that includes Americans continuing to cancel their cable TV subscriptions, a sharp decline in TV advertising, billions of dollars in streaming losses, and more, major studios are making deep budget cuts. As a result, Hollywood executives have been hit hard over the past year. dollar.
Additionally, the industry is still recovering from last year’s strike by Hollywood writers and actors.
Studios that have cut jobs in recent months include The Walt Disney Company, Paramount, Warner Bros. Discovery and Amazon MGM.
According to Deadline, fired Hollywood executives have taken to LinkedIn to lament their plight.
Some say they’ve sent out hundreds of job applications, most of which haven’t even been answered by the company’s human resources department. On the other hand, some people have been searching for more than a year while making a living through consulting or part-time jobs.
A lack of work is reportedly pushing down salaries in Hollywood.
“If jobs go down and demand goes up, companies can get away with that. An executive who made $500,000 in his last job will be happy to accept an offer of $350,000 now. That’s what’s happening with contraction. ,” an executive told Deadline.
Follow David Ng on Twitter @oyaji0919. Any tips? Please contact us at dng@breitbart.com
