The movie and TV production rainfall plaguing the U. S. entertainment sector appears to be “here to remain”, according to a disturbing new , statement by ProdPro.
The recording firm discovered that American manufacturing dropped by about 40 % in the second quarter of 2024 compared to the same period’s peak-TV production peak of 2022.
For nearly two years, Hollywood has suffered a dramatic drop in video and TV shoots that has prolonged mass poverty and , mental wellness crises , among amusement workers.
Globally, production in the second quarter of the year was down by about 20 %, compared to 2022.
Domestic film and television productions increased by 30 % in the second quarter compared to 2023, but the year-ago figures are skewed by a production shutdown brought on by the Hollywood writers ‘ strike, which started in May and ended in September of last year.
Videos have been specially challenged. While worldwide TV series production increased by 20 % in the second quarter of 2023, movie shoots decreased by 18 % this year.
The ProdPro study indicates that the , total slow production rebound , following the writers ‘ and actors ‘ strikes — especially for feature films—” may be partly attributed to the risk of another” work stoppage in 2024 by crew members.
In anticipation of a second attack, business executives and professionals had before made the speculative prediction that studios were playing it safe by skipping ahead with more projects.
At this point, however, a crew member walkout is looking increasingly unlikely, after the industry’s largest below-the-line union secured a contract agreement with the studios and streamers with minimal drama.
The top Hollywood studios reached a tentative contract agreement last month with the International Alliance of Theatrical Stage Employees, which represents costumers, lighting technicians, makeup artists, cinematographers, and other craftspeople working on stage and in movies.
Pending ratification, that agreement includes wage increases, health and pension benefits and artificial intelligence protections for some 50, 000 members of the union, which has never gone on strike in its 131-year history.
Meanwhile, the Hollywood Basic Crafts — a coalition of unions advocating for drivers, electricians, location managers, animal trainers and other below-the-line workers— is still in the midst of contract negotiations with the companies. The current crew member agreements expire on July 31.
Entertainment workers have been having a bad experience as studios continue to reduce production in an effort to recover the losses they made during the streaming wars.
The so-called “peak TV era,” in which 600 scripted series were able to debut in a year, is over, and movie theaters are still chasing pre-pandemic attendance rates with thin release slates, and countless industry professionals have been laid off since the strikes started.
Furthermore, Los Angeles , has been losing ground , to other production hubs in the United States and abroad that offer more generous tax incentives to companies shooting there. Even so, the City of Angels remains by far the biggest driver of domestic film and TV employment, followed distantly by New York, Atlanta, Chicago, San Francisco and other major players.
ProdPro also tracked studio spending habits, noting that they committed to investing a total of$ 11.33 billion in film and television productions in the second quarter of 2024, a 39 % increase over the same period in 2023, but still trailing by 20 % in that area. According to the report, data show that “returning episodic projects and mid-budget studio films” have attracted the most funding.
Films and TV series that have launched production in the second quarter of 2024 include Amazon MGM’s” Project Hail Mary”, starring Ryan Gosling and shooting in London, director Ryan Coogler’s” Grilled Cheese”, starring Michael B. Jordan and filming in New Orleans, Amazon MGM’s” Mercy”, starring Chris Pratt at Culver Studios in Los Angeles, HBO’s” Game of Thrones” spin-off” A Knight of the Seven Kingdoms” in Belfast, and Amazon Prime Video’s” Blade Runner 2099″, starring Michelle Yeoh and shooting in Eastern Europe.
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© 2024 Los Angeles Times
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