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That'd be a $2.5 Billion Strike
This morning at the Marriott Downtown, Los Angles Development and Economic Corporation (LADEC) financial uber-guru Jack Kyser will be presenting the 2008-09 LAEDC Forecast Results, a 71-page document entailing the region's financial future. Highlighting a recession watch, the crumbling housing market, and growth opportunities such as tourism, one loosely dubbed as "Its NOT business as usual!" talks strike and its ill-economic impacts upon the city. From the Hollywood Reporter:
The figure includes lost wages from TV shows that were canceled and films that were put on hold as well as a plethora of support services, ranging from limo drivers to florists. Kyser suggested that the cancellation of the Golden Globes resulted in a $60 million shortfall for the community. [snip]
Kyser said chief among the concerns is that Screen Actors Guild leaders are "talking tough," so there is growing concern that they will go on strike after the union's labor contract with the studios expires on June 30. He also pointed out that DVD sales have leveled off, declining last year by 3.4% to $16 billion, and that the scripted TV season, both what remains of it this spring and what will come in the fall, has been discombobulated by the strike. [Hollywood Reporter]