Is America’s Hollywood about to crash big-time?

TL;DR Breakdown

  • Hollywood is facing its first joint actor and screenwriter strike in over 60 years due to unsuccessful contract negotiations.
  • SAG-AFTRA, the union representing over 160,000 actors and TV professionals, supports the strike.
  • The strike could halt promotional work for new films and hinder Hollywood’s recovery post-pandemic.

Description

Hollywood, the veritable symbol of the American film and television industry, currently stands on shaky ground. The wheels of production grind to a halt as actors unite with screenwriters, signaling the first dual labor strike in over six decades. This widespread industrial action comes hot on the heels of an impasse in negotiations with major … Read more

Hollywood, the veritable symbol of the American film and television industry, currently stands on shaky ground. The wheels of production grind to a halt as actors unite with screenwriters, signaling the first dual labor strike in over six decades.

This widespread industrial action comes hot on the heels of an impasse in negotiations with major film studios, threatening to plunge Hollywood into uncharted territory.

A strike in Hollywood: A last resort

The Screen Actors Guild‐American Federation of Television and Radio Artists (SAG-AFTRA), an organization representing more than 160,000 Hollywood actors and television professionals, has thrown its weight behind the strike.

The union’s call for collective action came after contract negotiations reached a stalemate.

The move paints a bleak picture, with Hollywood’s normal hum of activity expected to skid to a standstill, dealing a blow to the industry which was gearing up to celebrate the first full run of summer movies since the pre-pandemic year of 2019.

The fallout from the strike is expected to reverberate across Hollywood, casting a shadow over promotional activities for upcoming films such as “Barbie” and “Oppenheimer.”

This level of coordinated action echoes back to the historic walkout in 1960, a dispute against television networks over film compensation, dating back to when the late Ronald Reagan presided over the Screen Actors Guild, the precursor to SAG-AFTRA.

The core issues

The last few weeks have seen intense discussions between Hollywood’s largest union and an array of studios and streaming services. A central point of contention revolves around compensation for actors’ “digital doubles” through artificial intelligence technology.

Despite extensions on the expiry date of the previous contract, talks reached an impasse by July 12. Hollywood studios have been accused of not adequately addressing key issues, leading to a breakdown in talks.

The union’s leadership lamented the studios’ refusal to recognize how substantial shifts in the industry’s landscape and economic conditions have adversely affected labor. Notably, the last significant actors’ strike unfolded in 1980.

The deadlock centers around the same contentious issues that prompted writers to walk off the job. Compensation regulations for films sold to streaming services and contractual protections concerning AI use in films and TV have proven to be divisive topics.

Industry leaders have expressed concern over the potential implications of the strike. The Alliance of Motion Picture and Television Producers warned that the union’s decision could result in financial distress for countless individuals reliant on the industry.

Echoing these sentiments, Disney CEO Bob Iger referred to the ongoing strike as a devastating blow to the industry’s recovery from the pandemic-induced slump.

As a show of solidarity, over 300 Hollywood stars, including Jennifer Lawrence and Meryl Streep, have penned an open letter backing potential strike action.

The letter underscores the perceived erosion of wages, craft, creative freedom, and union power in the past decade, calling for a reversal of these trends. This sentiment is widely shared among the union’s members, with 98% of voting SAG-AFTRA members supporting potential strike action.

As the stage is set for a potentially crippling labor strike, the question remains: Is Hollywood on the brink of a significant crash? Only time will reveal the full impact of this unprecedented moment in the annals of Hollywood history.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Is America’s Hollywood about to crash big-time?

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月14日 12:09
Next 2023年7月14日 13:18

Related articles

  • US lawmakers question Apple’s policies on stifling blockchain innovation

    TL;DR Breakdown US lawmakers Bilirakis and Schakowsky have written to Apple to clarify App Store’s crypto-related app policy. The legislators wrote to CEO Tim Cook to voice their displeasure over the limitations placed on emerging technologies like blockchains and NFTs. The crypto industry is in support of the legislators calling out Big Tech. Description Apple faces a bipartisan investigation into the App Store’s regulations and procedures addressing applications connected to NFTs and the larger crypto industry. Gus Bilirakis, a Republican, and Jan Schakowsky, a Democrat, have written a letter to CEO Tim Cook requesting details on the restricted crypto policy of the App Store. Apple’s policies may be undermining … Read more Apple faces a bipartisan investigation into the App Store’s regulations and procedures addressing applications connected to NFTs and the larger crypto industry. Gus Bilirakis, a Republican, and Jan Schakowsky, a Democrat, have written a letter to CEO Tim Cook requesting details on the restricted crypto policy of the App Store. Apple’s policies may be undermining US technological leadership The two representatives who are also the chairman and ranking…

    Article 2023年7月29日
  • Dogecoin price goes on a wild ride after Elon Musk’s cryptic tweet

    TL;DR Breakdown Dogecoin (DOGE) experienced a sudden and dramatic price surge of 3% within a span of just one minute.  Remarkably, a mere three hours after Musk’s tweet, the price of Dogecoin plummeted by over 5% at one point, completely erasing the earlier gains and leaving the token a few percentage points lower than before. Description In a surprising turn of events, Dogecoin (DOGE) experienced a sudden and dramatic price surge of 3% within a span of just one minute. The catalyst behind this rapid rise was none other than Elon Musk, the charismatic billionaire and prominent figure behind companies like Tesla, SpaceX, and Twitter. Known for his playful interactions with … Read more In a surprising turn of events, Dogecoin (DOGE) experienced a sudden and dramatic price surge of 3% within a span of just one minute. The catalyst behind this rapid rise was none other than Elon Musk, the charismatic billionaire and prominent figure behind companies like Tesla, SpaceX, and Twitter. Known for his playful interactions with the crypto community, Musk responded to a question on Twitter about…

    Article 2023年7月18日
  • Defi TVL plummets as Ethereum staking grow significantly

    TL;DR Breakdown The TVL on Defi has been confined to plummet significantly as Ethereum staking grows. Liquid staking continues to gain traction in the market. Description The cryptocurrency landscape has witnessed a series of setbacks involving centralized crypto exchanges and services in the past year. Surprisingly, these challenges have not deterred consistent outflows from decentralized finance (DeFi), as indicated by recent data. DeFiLlama, a prominent analytics platform for DeFi protocols, reports a notable decline in the total value locked (TVL) within … Read more The cryptocurrency landscape has witnessed a series of setbacks involving centralized crypto exchanges and services in the past year. Surprisingly, these challenges have not deterred consistent outflows from decentralized finance (DeFi), as indicated by recent data. DeFiLlama, a prominent analytics platform for DeFi protocols, reports a notable decline in the total value locked (TVL) within DeFi protocols across various blockchain networks. Defi TVL sheds $140 billion since 2021 high At its peak in November 2021, the industry boasted a TVL of approximately $178 billion. However, this figure has dwindled significantly, currently resting at less than $38…

    Article 2023年8月27日
  • Uniswap price analysis: Bulls steer the price beyond the significant $5 mark

    TL;DR Breakdown Uniswap price analysis shows an uptrend. The price has leveled up to $5.04 today. Support for UNI is present at $4.96. Today’s Uniswap price analysis reveals an encouraging upward trend in the cryptocurrency market, highlighting a strong comeback from buyers. The current focus lies on surpassing the next resistance level at $5.06. As we anticipate the week ahead, buying activity is expected to intensify further. The bulls, however, need continued support from buyers to successfully counter their next target. Notwithstanding the presence of significant selling pressure, market sentiment has turned positive after a brief dip earlier today, subsequent to yesterday’s correction. UNI/USD 1-day price chart: Recent market dynamics push price levels up to $5.04 According to the latest one-day Uniswap price analysis, there is a noticeable bullish trend as the coin’s value experienced a significant increase today. The bulls have dedicated considerable efforts to revive this upward trajectory. Presently, the UNI/USD value stands at $5.04, primarily driven by the recent bullish strike. However, over the past 24 hours, the coin remains at a loss of 0.31 percent. It…

    Article 2023年6月5日
  • SEC’s interlocutory appeal on Ripple XRP was a big mistake, John Deaton agrees

    TL;DR Breakdown Greg Beuke, an attorney and crypto enthusiast, took it to X, saying that the interlocutory appeal was a big mistake for the SEC. Ripple maintains that despite the SEC’s ability to appeal, the primary legal case should advance concurrently with the appeal process, Ripple CTO says. Description Greg Beuke, an attorney and crypto enthusiast, took it to X, saying that the Ripple interlocutory appeal was a big mistake for the SEC. Beuke went on to say that Judge Torres’s ruling did not mean that sales over exchanges could not be investment contracts; hence the SEC misunderstood the filing. Meanwhile, a pro-XRP attorney, … Read more Greg Beuke, an attorney and crypto enthusiast, took it to X, saying that the Ripple interlocutory appeal was a big mistake for the SEC. Beuke went on to say that Judge Torres’s ruling did not mean that sales over exchanges could not be investment contracts; hence the SEC misunderstood the filing. Meanwhile, a pro-XRP attorney, John E Deaton, mentioned that Beuke had done an excellent job in his outline. SEC’s mistake in the…

    Article 2023年8月21日
TOP