- Hollywood writers and actors have been on strike for more than a week.
- Economists warn the shutdown could cost the United States billions of dollars.
- The previous writers’ strike in 2007 wiped out $2 billion from the Los Angeles economy alone.
The Hollywood twin strike has entered its second week and forecasters are warning it could end up taking a heavy toll on the US economy.
Los Angeles is likely to take the biggest hit from the shutdown, they say with the entertainment capital lose $2 billion on his own the last time the writers stopped tools was in 2007.
But there could also be a ripple effect felt beyond Southern California, as film and television productions tend to create their own multiplier effectalso increasing spending in other areas.
The 2007 writers’ strike ended up “impacting all kinds of things in everyday life,” said the Milken Institute’s chief global strategist, Kevin Klowden, who believes the current standoff will cause $4 billion in economic damage. Yahoo finance Monday.
“We looked at it and we talked to people and it was affecting restaurants and catering companies, it was affecting trucking companies, it was affecting welders, it was affecting construction people, it was affecting dry cleaners, it was affecting all kinds of businesses.”
It has also become much more common for studios to film outside of Los Angeles over the past decade and so the shutout could be felt “in new YorkIn Albuquerquein Atlanta, in Pittsburgh,” Klowden also added.
Great movies alone contribute about $250,000 to the US economy each day of production, according to data from the Motion Picture Association.
Writers Guild of America and Actors Union SAG-AFTRA Downed Tools Simultaneously for the first time since 1960 about the lack of income they derive from streaming platforms and worries about the impact AI could have on their profession.
‘Ted Lasso’ star Jason Sudeikis, Oscar-winning actress Susan Sarandon and ‘Don’t Worry Darling’ director Olivia Wilde were among those join the picket line last week.
New seasons of “The Last of Us,” “Euphoria,” and “The White Lotus” have already been delayed due to strikes.
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