Ongoing Hollywood strike leads to 45,000 job losses, USD5B economic impact
Date
10/8/2023 7:15:09 AM
(MENAFN) According to an employment report released by the US Bureau of labor Statistics on Friday, the ongoing strike led by scriptwriters and actors in Hollywood has resulted in a significant loss of jobs within the US entertainment industry. Since the strike's inception in May, approximately 45,000 jobs have been eliminated.
The report's calculations reveal a troubling trend, with the film and TV sector in the United States shedding 7,000 jobs in the month of September alone. This follows a concerning trend of 17,000 job losses reported in August. These figures indicate a growing impact on employment within the industry as the strike persists.
The labor action was initially initiated by the Writers’ Guild of America (WGA) on May 2, and it gained momentum in mid-July when the actors' union, the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA), joined the protest. The primary demands of these unions revolved around seeking higher wages, increased royalties for their creative work, and the formalization of the role of artificial intelligence in the motion-picture industry.
The strike has had far-reaching consequences, leading to the shutdown of the majority of Hollywood productions. As a result, it has reportedly cost the US economy an estimated $5 billion as of early September. The ripple effects extend beyond just the film-making sector, affecting numerous businesses that provide support and services to the entertainment industry.
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