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Hollywood's elite earners grow concerned for next generation as financial woes continue
The Netflix logo is displayed at Netflix's Los Angeles headquarters. On Saturday night, the Directors Guild of America announced a tentative agreement with the Alliance of Motion Picture and Television Producers.
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Mario Tama
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Getty Images
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Topline:
Why it matters: Those in Hollywood who earn sizable salaries are in a comfortable spot, albeit a somewhat tenuous one just like most others these days. But their fears for those that are coming up after them signal the growing sense of dread in a declining industry whose workers are — even in the middle levels — itching for some kind of job safety.
As the entertainment industry contracts and Hollywood workers struggle for stability, those earning high six figures or even low sevens are concerned for the next generation’s ability to rise the ranks the way they did.
Blame the streaming bubble: During the peak of Peak TV (2021-22), one development and programming executive’s studio sold 15 projects. This year, it’s only on track to sell one, he says. All the power lies with the streamers, and yet most are shrinking their series and film commissions to the point that a studio like this executive’s feels the crunch in a way that affects everyone.
Lingering effects of the pandemic: On top of streaming, COVID did nothing but delay the development of many budding careers. Apprenticeship is a key part of learning the business in the role of assistant, and because of remote work, sitting in on bosses’ calls and learning by observing is somewhat gone now, despite some employers’ best efforts.
For more... read the full story on The Ankler.
This story is published in partnership with The Ankler, a paid subscription publication about the entertainment industry.
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