Hollywood In Chaos Amid Budget Cuts And Layoffs

By Daniel Walker | May 26, 2024

The entertainment industry

The entertainment industry has been hit hard by recent budget cuts and layoffs at major studios due to declining cable subscriptions, lower TV advertising revenues, and streaming losses.

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Laid-off executives report facing long-term unemployment as the entertainment industry and broader economy show few signs of recovery.

'full-scale depression'

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The situation is described as a "full-scale depression" and a "worst-case scenario" by industry insiders. “This is a full-scale depression for the entertainment industry,” a TV executive stated.