The recent strike by actors against media companies has come to an end after nearly four months, with SAG-AFTRA approving a tentative deal with major studios. The union’s national board is set to review the contract on Friday.
Los Angeles Mayor Karen Bass and California Governor Gavin Newsom expressed relief that the 118-day walkout has concluded. In a statement, Bass stated that it is now crucial for local production to be prioritized in order for the entertainment industry and economy to recover stronger than ever before.
Newsom also shared his gratitude, stating that this agreement will have positive effects on the state’s economy and kickstart new projects. He emphasized how important it is for this iconic industry to resume work not only for writers and actors but also for millions of workers who contribute to California’s world-renowned entertainment sector.
However, along with Writers Guild’s even longer strike which ended in September, this walkout caused nationwide disruptions in film and TV production as well as release schedules. Executives from both studios and exhibition companies warned about its ongoing impact yet fully being felt.
In its third-quarter earnings announcement, AMC Entertainment acknowledged that there will be significant collateral damage due these lengthy work stoppages.” Similarly at Warner Bros Discovery during their Q3 earnings call CFO Gunnar Wiedenfels mentioned “a real risk” of negative financial consequences extending into 2024.”
Accordingly data from U.S Bureau of Labor Statistics cited by Los Angeles Times reports over 45 thousand jobs were lost since last spring within sound recording industries including entertainment . As per Todd Holmes associate professor at Cal State Northridge ,the dual strikes have resulted in an estimated $7 billion economic loss .
