- Hollywood writers and actors have been on strike for more than a week.
- Economists warn that the government shutdown could cost the United States billions of dollars.
- The last writers’ strike in 2007 wiped out $2 billion in the Los Angeles economy alone.
The Hollywood double strike has entered its second week, but forecasters warn it could ultimately hit the U.S. economy hard.
Entertainment hub Los Angeles likely to be hit hardest by shutdowns, they say lose $2 billion on its own The last time a writer took the tool down was in 2007.
But the ripple effect could be felt beyond Southern California, as film and television productions tend to create their own productions. multiplier effectboosting spending in other industries as well.
Kevin Crowden, chief global strategist at the Milken Institute, said the 2007 writers’ strike ultimately “impacted all sorts of everyday life,” and said he believes the current impasse will cost $4 billion worth of economic damage. Yahoo Finance on monday.
“We watched it, talked to people, and it was affecting restaurants and catering companies, trucking companies, welders, construction workers, dry cleaners, all kinds of businesses.”
In the last decade it has also become very common for studios to shoot outside of LA, so the shutout can feel “in Los Angeles.” new yorkof albuquerqueAtlanta, and Pittsburgh,” Crowden added.
According to Motion Picture Association data, major movies alone contribute about $250,000 to the U.S. economy per day of production.
Writers Guild of America and Actors Guild SAG-AFTRA Take Down Tools Simultaneously for the first time since 1960 Concerns over the lack of income from streaming platforms and the impact of AI on their careers.
Among them were Jason Sudeikis of “Ted Lasso,” Oscar-winner Susan Sarandon and director Olivia Wilde of “Don’t Worry Darling.” joined the picket line last week.
New seasons of The Last of Us, Euphoria and The White Lotus have already been postponed due to the strike.