Hollywood executives have been hit hard by recent budget cuts and layoffs at major studios due to declining cable subscriptions, lower TV advertising revenues, and streaming losses.
Laid-off executives report facing long-term unemployment as the entertainment industry and broader economy show few signs of recovery.
Many have sent hundreds of job applications with no responses and have struggled to find work for over a year.
The lack of available jobs has also pushed down executive salaries in Hollywood.
The situation is described as a “full-scale depression” and a “worst-case scenario” by industry insiders.
“This is a full-scale depression for the entertainment industry,” a TV executive stated.
“With fewer jobs and more demand, the companies can get away with that. An executive who made $500,000 in their last job would now be willing to take a $350,000 offer. That’s what the contraction is doing,” one executive noted.
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