Sunday I watched Godzilla x Kong: The New Empire at the local Alamo Drafthouse. All of the trailers shown before the movie were for sequels or reboots:
I understand there’s a certain amount of irony in complaining that all the trailers were a sequel or a reboot before a movie that was a sequel to a sequel to a sequel to a sequel to a reboot, but usually Alamo has more varied trailer fare.
But that lack of originality, along with wokeness, the red ink carnage of the streaming wars, and the lingering effects of the most recent strikes, has led to a deep recession in Hollywood, so much so that Deadline has a regular Hollywood Contraction feature.
How bad is it? “Employment in “motion picture and sound recording” has grown nationwide, but the share of workers in LA or New York went from just under half at the beginning of 2023 to just one-third earlier this year.”
All this activity peaked in 2022, when 600 original scripted shows were in production, according to the network FX. That gave lots of opportunities to everyone who makes a film shoot possible: Writers, crew members, caterers, and actors, like Haddad Tompkins. But it didn’t last.
“When the beginning of 2023 happened, it seemed like there was this chill on production and making things and buying things,” she said.
Per FX’s count, the number of scripted shows dropped to 516 last year. Studios pulled back for a few reasons, according to Patrick Adler, an assistant professor at the University of Hong Kong and head of the consulting firm Westwood Economics, which issued a recent report on the film industry workforce.
First, investors started feeling the effects of rising interest rates.
“Wall Street just got significantly less patient with the spending by the studios on streaming platforms as soon as money started to be more expensive,” Adler explained.
Second, he said, studios realized that consumers might not have as much capacity as they anticipated for lots of new streaming subscriptions.
Then, in May of last year, the Hollywood writers’ union went on strike, followed by the actors’ union…
The resulting work stoppages effectively shut the industry down for six months. But once both unions reached contract agreements with studios, many people in the industry expected production would pick back up. Maybe not to the level of the streaming bubble, but an uptick.
But in LA and New York, that hasn’t really happened. Actor Janie Haddad Tompkins said when studios were pumping out shows in the midst of the streaming bubble, she’d get one or two auditions per week.
“Now, it’s like I’ve had maybe one a month,” she said. “So it’s been bleak.”
The studio whose wokeness seems to have wrecked hardest is Disney. “Its last four high-profile releases bombed at the box office, losing over $1 billion between them. Once Hollywood’s most successful film studio, Disney was dethroned last year by Universal Pictures.” And Elemental was the worst performing film in Pixar history.
It’s so bad that even Hollywood regulars who tick all the proper intersectionality boxes are being laid off. Quel dommage! Here’s a Critical Drinker round-table on the subject.
“Every IP is dead. The snake has eaten its own tail. There’s no more tail left to eat.”
If Disney just could have avoiding injecting wokeness, it could have milked Star Wars, Marvel, Pixar and its own IP for decades. Instead, its wokeness and poor quality has alienated its core demographics, possible for a decade or more. And the rest of Hollywood hasn’t been far behind.
