Hollywood

Los Angeles Film Production Plunges in Weakest Quarter of 2024

Author: Editors Desk, Thomas Buckley Source: Bloomberg

October 16, 2024 at 15:50

Exacerbating the effects of the strikes, streaming platforms are shifting from focusing solely on subscriber growth to achieving profitability.Photographer: powerofforever/E+/Getty Images

Industry has yet to recover from writers, actors strikes
Netflix, Amazon are making fewer shows as they focus on profit

Filming in the greater Los Angeles area fell 5% in the third quarter, showing that Hollywood is still struggling to overcome the impact of the pandemic and the actors and writers strikes last year, according to the local permit group FilmLA.

“Only a few months ago, the industry hoped we’d see an overall on-paper gain in the third quarter, due to the strike effect” when most scripted film production had been suspended, FilmLA President Paul Audley said Wednesday in a statement. “Instead, we saw a pullback and loss of forward momentum heading into the fall season that will make or break the year.”