In May 2023, screenwriters and actors went on strike in Hollywood. The strike, which lasted for several months, resulted in an agreement on higher compensation and better protection against AI use.
But since the strike ended about a year ago, production has decreased significantly in Hollywood, reports BBC.
Projects have been cancelled and production companies have made layoffs. For example, film company Paramount has laid off staff for the second time in the past week. Paramount is set to reduce its workforce by 15 per cent ahead of the upcoming merger with production company Skydance.
During the second quarter of 2024, the number of American productions decreased by around 40 per cent, compared to the same period in 2022. Globally, there was a 20 per cent decrease during the period, according to Prodpro, which monitors TV and film productions, according to BBC.
