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

Hollywood Writers and Actors Strike Could Lead To 'Absolute Collapse of the Industry,' Says Top Executive

If the strikes continue for too long, people will have fewer programs to watch and many subscriptions will be canceled, said Barry Diller.
UPDATED AUG 24, 2023
Cover Image Source: Getty Images | Tristan Fewings
Cover Image Source: Getty Images | Tristan Fewings

IAC and Expedia Chairman Barry Diller stated in a CBS interview that failing to calm the strikes of the writers and screen guilds in Hollywood will lead to "devastating effects" if not resolved soon. There could be a domino effect if the strikes are not taken seriously and resolved as soon as possible.

Image Source: Paul Deetman/Pexels
Image Source: Paul Deetman/Pexels

The former Paramount Pictures CEO also said that if the strikes continue for too long, people will have fewer programs to watch and many subscriptions will be canceled. He also talked about other issues like AI and pay disparities that are leading to these problems and suggested solutions to overcome them. According to him, AI is "overhyped to death" in terms of the impact it will have on the creatives. However, he seems concerned about its impact on the publishing industry, indicating potential lawsuits which he refused to go into details about.



 

Diller suggested that the top-paid actors could take a 25% pay cut as a good-faith measure to try and narrow down the disparity between the most paid and least paid. He discussed how leading tech companies like Google and Microsoft are trying to "find a solution for publishers." "The problem is they also say that the fair use doctrine of the copyright law allows them to suck up all this stuff. We on the publishing side do not agree with that," he said.

He talked about how these companies should come up with an intelligent business model before ingesting the publisher's copyrighted work. "It took 15 years to get back on paywalls that protected publishers," Diller said. “I think litigation will hopefully lead to sensible legislation here," he added. He stressed how important it is to protect the copyright and how without it, all is lost.

Back in May 2023, thousands of writers unanimously agreed that they were not being paid fairly in the era of streaming. This strike brought television production to an abrupt pause. This happened after the trade association representing Hollywood’s marquee studios failed to set rules that satisfied all, after failed negotiation with the Writers Guild of America. The guild which announced the strike on May 2 called this moment an "existential crisis" for all the writers.

Getty Images | Tristan Fewings
Image Source: Tristan Fewings/Getty Images

As a result, late-night shows like The Tonight Show Starring Jimmy Fallon and The Late Show with Stephen Colbert stopped filming fresh episodes and started airing reruns instead. The strike didn't come as a shock to Hollywood as back-and-forth negotiations were on for days before they decided to go on a strike. The median writer-producer pay has plummeted by 23 percent over the last decade, as per the WGA report. "Our wages have been falling in the last few years as the streamers’ profits have been skyrocketing," staff writer and WGA member, Amanda Mercedes told TODAY.

Actors join the strike



 

Hollywood actors have joined the strike in solidarity with their colleagues. The Screen Actors Guild-America Federation of Television and Radio Artists which is 160,000 members strong and includes some of the best performers in the world said that their members will be joining with Hollywood's 11,500 writers who have been protesting on the picket line in LA since May.

"You really can’t make a living anymore," said actor Felicia Day, who came to the SAG-AFTRA HQ to join the official announcement of the strike. However, the CEO of Disney said that the writers' and actors' demands are simply not feasible. "There’s a level of expectation that they have, that is just not realistic," he said in an interview with CNBC.



 

MORE ON MARKET REALIST
The guest couldn't believe that her collection was worth so much money.
17 hours ago
While all the Sharks were out, Mark Cuban saw the potential in "Garage Celebrations."
1 day ago
The loss was ironic as the retired teacher coulnd't get a phrase commonly used in classrooms.
1 day ago
The recalls were issued for a range of products including tires, air conditioners and power banks.
1 day ago
The guest who got the item as a gift from a neighbor had little to no idea about its significance.
1 day ago
Harrison got a good deal for the fossil although it wasn't what he had thought.
2 days ago
The player, Beth Barbee left everyone in the dust with her impressive puzzle solving skills.
2 days ago
Given her celebrity status, Harrison cut her some slack in the negotiations.
2 days ago
The deal ultimately fell apart as the seller, Scotty was looking to get $375,000.
3 days ago
The guest was blown away by the six-figure appraisal for his father's John Falter illustration.
3 days ago
Harvey just couldn't believe that the contestant could come up with an answer like that.
4 days ago
Antoinette's win was even more special because she needed a car more than anything at that point.
4 days ago
The player, Catrice Sandt, nearly blew the Bonus Round puzzle by saying too many words in the end.
5 days ago
The co-founders of Nature's Wild Berry left the Sharks in shock with their miraculous product.
5 days ago
The contestant named Whitney could barely control her emotions as she celebrated with Ryan Seacrest.
5 days ago
The player named Kathy Young missed out on the Showcase Showdown as she had to leave.
6 days ago
Harrison closed a mega deal by scooping up three post cards for the price of one.
6 days ago
The guest who brought his father's prized possesion, had already made up his mind.
6 days ago
Harvey got a genius solution to avoid asking an awkward question to Carson Kressley's family member.
7 days ago
The player could barely control her excitement as she had a near-perfect game on the show.
7 days ago