ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

With Hollywood Actors Joining the Writers in a Double Strike, Entertainment Takes a Back Seat

The strike has garnered support from both SAG-AFTRA's 160,000 members and the 11,500 members of the Writers Guild of America (WGA).
PUBLISHED JUL 17, 2023
Cover Image Source: YouTube/ KTLA 5
Cover Image Source: YouTube/ KTLA 5

Finally, Hollywood actors have joined forces with writers to announce a strike, marking the first time in over 60 years that these two influential groups have taken joint action. The Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) officially declared the strike, citing concerns over wages, AI technology, and the fair distribution of profits in the digital streaming era, reports The Guardian. This development further escalates the ongoing conflict between Hollywood workers and studio executives, with potentially significant consequences for the entertainment industry and the broader Los Angeles economy.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Writers Guild Of America West (@writersguildwest)


 

The strike has garnered support from both SAG-AFTRA's 160,000 members and the 11,500 members of the Writers Guild of America (WGA). Fran Drescher, the president of SAG-AFTRA expressed the need to take a firm stance against the changing business model and the detrimental impact it has on workers. The primary demands include increased base pay and residuals, protection against job displacement by Artificial Intelligence, and the assurance that their digital likeness will not be exploited without consent.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Writers Guild Of America West (@writersguildwest)


 

The simultaneous strikes by actors and writers have caused significant disruptions in the film and television industry, bringing Hollywood productions to a halt. The effects will reverberate throughout the broader Los Angeles economy, with press junkets for upcoming movies likely being canceled and prestigious events like the Emmy Awards facing postponement. This labor dispute will undoubtedly have a profound impact on workers across Los Angeles, who will face the challenge of surviving without wages for an extended period.

The Alliance of Motion Picture and Television Producers (AMPTP), which represents major studios and streaming platforms like Amazon, Apple, Disney, NBCUniversal, Netflix, Paramount, Sony, and Warner Bros Discovery, expressed disappointment at SAG-AFTRA's decision to strike. The AMPTP emphasized its willingness to negotiate and its commitment to reaching a fair agreement. However, tensions have been mounting and negotiations between SAG-AFTRA and the studios failed to produce a resolution by the designated deadline.

Image Source: GettyImages/Kevin Dietsch
Image Source: Kevin Dietsch/Getty Images

The strike's economic impact extends beyond the studio lots, affecting workers in various roles throughout the industry. The loss of wages for thousands of individuals will undoubtedly create financial hardship for those who rely on the industry for their livelihoods. The current healthcare system requires a minimum annual income of $26,000 for coverage, and many workers depend on residuals to meet this threshold. The mounting financial pressure faced by union members underscores the urgency for a fair resolution that acknowledges the contributions of all industry workers.

Prominent Hollywood stars have also lent their voices to support the strike and highlight the challenges faced by their fellow union members. Matt Damon emphasized the need to allocate profits in a manner that supports workers on the margins, particularly given the substantial revenue generated through streaming platforms. The backing of high-profile actors like Damon as well as a letter from Hollywood A-listers Meryl Streep and Jennifer Lawrence demonstrates the solidarity among performers and the recognition of the significance of this contract negotiation.



 

The strike's consequences extend beyond the immediate disruptions to Hollywood productions. Publicity efforts for highly anticipated films will be impacted, with premieres and promotional events facing restrictions due to the absence of striking stars. Additionally, industry publications suggest that the Emmy Awards may face delays until late autumn or even next year. San Diego Comic-Con, a major event on the entertainment calendar, will also be affected.

The financial losses resulting from the strike are difficult to quantify precisely. However, the suspension of film and television productions, alongside the cancellation of promotional events and premieres, will have a substantial economic impact. The negative ripple effects will be felt not only by industry professionals but also by peripheral businesses and workers who rely on the entertainment industry for income.



 

MORE ON MARKET REALIST
After the contestant, Drew Carey broke the board further while trying to fix it...
9 hours ago
As it so turned out, a crucial ruling from the judges led to a BIG win for the player.
11 hours ago
When a guest brought a precious Charles Rohlfs chair, expert John Sollo confessed that he was nervous to appraise it.
13 hours ago
The guest had no idea about the item being a Tiffany product and being embedded with a rare gem.
1 day ago
The host was baffled by the goof up that the contestant made between two words.
1 day ago
Carey showed that he has got the weapon of sarcasm, and he isn't afraid to use it.
1 day ago
Whatever the host was expecting, it was far away from what the contestant said on national TV.
1 day ago
The guest was surprised to learn more about the item he had actually found on the street for free.
1 day ago
After going through everything on the board, the player left Harvey in hysterics with his answer.
2 days ago
As it so turned out, the weird-looking floor lamp was a piece from a very famous studio.
2 days ago
Most contestants were consistently getting the answers wrong, and Harvey was worried about what was next.
3 days ago
Some claimed that they got the puzzle despite English being their second language.
3 days ago
The letter was written to a columnist in response to a piece taking a swipe at Sinatra.
3 days ago
In a special episode of Celebrity Family Feud, a WWE star decided to go for the one thing Harvey is known for.
3 days ago
Luck was shining for her as she was off to a flying start and won the car with a single card.
3 days ago
Sajak had a witty reply for the contestant who was fanboying over White during the game.
6 days ago
The model said that considering White's age she would also take the offer from Sony.
6 days ago
Sheila won a brand new entertainment unit, complete with an HD plasma TV and mini bar from Howard Miller.
7 days ago
The appraiser disclosed that Yoakum began painting in the 1960s and he created one unique piece of art every single day.
7 days ago
The entrepreneur also managed to get the sharks to taste the vegan alternative meant for pets.
7 days ago