The nightmare story for Hollywood is playing out in real time for the world to see, as a century-old entertainment economy implodes and bears all the hallmarks of what happened to Detroit after the auto industry went bust.
A new Wall Street Journal report describes the Hollywood job market as being in "collapse" mode, with employment in the industry down 30% from its late-2022 peak, while behind-the-scenes union workers logged 36% fewer hours last year than in 2022.
One big reason is that studios are making fewer shows and movies, and more of what they make is being filmed overseas or in other U.S. states that offer better tax incentives.
None of these overseas productions, or productions in other business-friendly states, should come as a surprise given that California is controlled by unhinged, one-party-rule Democratic Party leaders whose state-killing progressive policies have sparked a massive exodus of residents, businesses, and even billionaire tech bros.
The job market collapse in Hollywood has led to increasing calls for a federal production tax credit, with lobbyists linked to studios saying that a 15% federal incentive, on top of state subsidies (which typically range from 20% to 40%), could help break the production bust cycle and reshore more production back to the state.
But tax incentives won't solve the job crisis on their own. With crazed liberal elites left holding the bag of studio garbage, younger audiences are spending more time on YouTube, TikTok, and Instagram for video consumption, while an increasing number of Americans have boycotted films and TV shows they consider "woke."
"The biggest question now is whether the current downturn is temporary," the WSJ report asked.
Well, in WSJ's own words, the job bust will likely go into hyperdrive in the era of AI ...
"Artificial intelligence, meanwhile, could eliminate more production jobs or spark a new production boom if the technology enables content to be made less expensively."
To sum up, Hollywood's sphere of left-wing influence is collapsing, and it is no longer taken seriously.
Beyond studios, in the world of corporate media, job losses are mounting for white-collar liberals ...