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$5 Billion Hole in the California Economy is the Result of lost Revenue from Movies, TV Shows, and Other Projects
The Hollywood walkouts have left a $5 billion hole in the California economy. The walkouts began on July 1, 2023, and involve the Screen Actors Guild (SAG) and the Writers Guild of America (WGA).
The strike is over a number of issues, including wages, health care, and residuals. It is unclear when the strike will end, but it is having a significant impact on the entertainment industry.
The $5 billion hole in the California economy is the result of lost revenue from movies, TV shows, and other entertainment projects that have been delayed or canceled due to the strike. The strike has also led to job losses in the entertainment industry, as well as in businesses that support the industry, such as catering companies and transportation providers.
The strike is having a particularly negative impact on the economy of Los Angeles, which is home to the majority of the entertainment industry in the United States. The city of Los Angeles has estimated that the strike is costing it $1 billion per month in lost revenue.
The strike is also having a negative impact on the state of California, which collects taxes on entertainment industry revenue. The state has estimated that it is losing $200 million per month in tax revenue due to the strike.
The Hollywood walkouts are a major setback for the California economy. The industry is already facing challenges from streaming services, and the strike is only making things worse.
If the strike drags on, it could have a lasting impact on the industry. Studios could lose money, and jobs could be lost. The strike could also make it more difficult for Hollywood to compete with streaming services.
Only time will tell how the Hollywood walkouts will ultimately play out. However, it is clear that they are having a significant impact on the California economy.
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