Todd Holmes, a professor of entertainment industry management at the San Fernando Valley school, further warned that if the strikes last until October, which would be a record for the industry, the economic cost could reach $5 billion, CNBC reported.
has cost the California economy $3 billion, a Cal State Northridge professor says.
Holmes built off of that $2.1 billion and adjusted it for inflation and other factors to come up with his ballpark on the impact the current strikes have had so far. The figure estimating the economic impact takes into account a much wider range of economic activity than just the pay for writers, actors and others involved in the actual production of films and television series. When production halts, so does a vast amount of other spending, from catering to prop houses and set buildings, and even things like dry cleaners and florists.
The report notes that almost 20% of personal income in the Los Angeles area is earned by people with entertainment jobs or entertainment-adjacent roles. “The economic impact is even bigger because average compensation in the industry is considerably higher,” Lee Ohanian, a UCLA economics professor told the outlet.
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