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Hollywood writers and actors have been on strike for over four months. The impact on California's economy has been enormous – reaching almost $5 billion. Caterers, dry cleaners, drivers, and other small enterprises are among those most affected, says one researcher. Todd Holmes, an entertainment industry professor at Cal State Northridge, had predicted a $3 billion blow to California's economy in the first 100 days of the strike. AdvertisementAdvertisementAs a result, Hollywood studios have begun delaying new releases, as strike rules prohibit actors from promoting their films.
Persons: AFTRA, Kevin Klowden, , Klowden, Todd Holmes Organizations: Service, Writers Guild of America, SAG, Milken Institute, Financial Times, Yahoo Finance, Cal State Northridge, Hollywood Locations: Wall, Silicon, Los Angeles
Hollywood strikes have likely dealt a $3 billion blow to California's economy over the last 100 days. That's according to entertainment industry expert and academic Todd Holmes, per CNBC. Todd Holmes, an entertainment industry professor at Cal State Northridge, based his estimate on economic analysis from the last time writers went on strike in 2007. "A lot of different people are impacted surrounding the industry," Holmes told CNBC, saying the strikes are "causing them a lot of hardship." Holmes expects the strikes could cost California between $4 to $5 billion if they roll on till October.
Persons: Todd Holmes, AFTRA, Holmes, Barbie, Oppenheimer Organizations: Hollywood, CNBC, Service, Writers Guild of America, SAG, Cal State Northridge, Milken Institute Locations: Wall, Silicon, Los Angeles, Local, California, Hollywood
People take selfies beneath the Hollywood sign as the WGA (Writers Guild of America) strike continues on July 12, 2023 in Los Angeles, California. "A lot of different people are impacted surrounding the industry," Holmes says, "and it's causing them a lot of hardship." How long could the strike lastSome experts say the current strike could set the record for the longest writers' strike in Hollywood history. If strikes last until October, Holmes estimates the economic cost will total closer to $4 billion to $5 billion. The WGA represents 11,500 members, while SAG-AFTRA represents roughly 160,000 members.
Persons: Todd Holmes, Holmes, Lee Ohanian, Billy Porter, Kevin Klowden, Milken, Ohanian, it's Organizations: WGA, Guild of America, Writers Guild of America, Alliance, Television Producers, Cal State Northridge, Milken Institute, Screen, American Federation of Television, Radio Artists, University of California, CNBC, LA Times, Hollywood, Variety, SAG, Disney, Warner Bros Locations: Los Angeles , California, California, LA, Los Angeles
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