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Hollywood Contraction Hits Entertainment Executive Jobs: “This Is A Full-Scale Depression”
Over the past year, there have been waves of layoffs among Hollywood companies in a situation "bordering on worst-case scenario."
Over the past year, there have been waves of layoffs at Disney, Warner Bros Discovery, Paramount, NBCUniversal, Amazon MGM Studios, Lionsgate (which acquired eOne), Netflix, Sony, Fifth Season and most talent agencies including CAA and UTA. The dire situation, “bordering on worst-case scenario,” the seasoned TV executive said, was created by a perfect storm of Covid, strikes and “poor management decisions coming home to roost” driven by short-sighted moves by media companies aimed at goosing their quarterly reports to appease Wall Street. Part of an overall correction in the media business amid cost-cutting efforts in search of profitability, the shift has affected employment in the industry that nearly matched its 2016 peak in August 2022at almost 160,000people but has shrunk by 26% since then, including a 17% drop from April to October 2023, according to the Otis College of Art and Design’s “The Day After Tomorrow” study released last December.
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