Thursday, February 21, 2008
Report: Strike Cost $2.5 Billion
E! News: "A report released Wednesday by Jack Kyser, the chief economist for the Los Angeles County Economic Development Corp., has revealed that the three-month walkout by film and TV writers took a heavier toll on Tinseltown's bottom line than predicted—$2.5 billion in lost show business."
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5 comments:
May we all look back to this past 3 months of strike and never let it happen again. 2.5 billion not circulating in our economy is ahuge blow to our finances. There are so much jobs lost and it will take a while for it to recover.
It's interesting to read something like this because it puts a number on something that you don't really look at from an economical standpoint. I think everyone knows that everything costs money but having a strike for three months would never be labeled as a 2.5 billion dollar hit to the industry.
I knew it would be big, but I had no idea it would hit this hard. It will be interesting to see the way the economy goes now. I think we will really start to see just how integrated the industry is
I'm kind of curious as to how the writers feel about this huge blow that the economy took as a result of the strike. This definitely could end up affecting them in the long run, and this would have been avoided had they opted not to strike. I think they are still glad that they chose to strike, because their new contracts are probably much more fair, but I expect that some of the writers may feel a hint of regret over the direction of the economy as a result.
How is this news? Really, I could have told you that the loss would be in the billions, and I did. But how much are they going to continue to lose because of the strike. Just because it's over, doesn't mean that everyone will start to make money. Studios are not paying writers more money and their not making anything until scrips are finished and it takes a long time to finish a good script. Lost time is also lost money. I'm sure some writers kept working with out pay, but now everyone is behind three months of writing and you really can't make that up in OT with out losing more money. Cycle of death.
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