The entertainment industry loses $10 billion in one day following the WGA strike.
For those who think the stock market is the best way to measure the health of any industry, it’s clear that the Writer’s Guild of America nationwide strike has landed a mighty blow on the entertainment industry. That’s because, while we are only on the second day of the strike, the U.S. entertainment industry already lost more than $10 billion in shares value.
The WGA’s strike began last Tuesday, May 2, after the union's proposals to give entertainment writers fair wages and decent work conditions were blatantly ignored by the Alliance of Motion Picture and Television Producers, the organization representing Hollywood’s biggest studios. As a result, several companies halted the production of TV shows, which might affect the release of new content through different platforms in the long term.
COLLIDER VIDEO OF THE DAY SCROLL TO CONTINUE WITH CONTENT What Does the Recent Entertainment Stock Loss Means for the WGA Strike? The stock market is more complicated than it might seem at first glance, and while a potential loss of $10 billion sounds like something to be celebrated, it’s essential to follow this movement with caution. For starters, the whole stock market ended on a down yesterday, May 3, which might partially explain the negative result of entertainment companies.
That doesn’t mean there’s no hope for writers in the US, though. Across the world, many artists are already supporting the strike. And since concerns with AI tools being abused by producers are not specific to the U.S., the whole world is watching what happens with the WGA strike. As such, the WGA strike might fuel other syndicates and work associations from different corners of the world to also join the fight.
Stay tuned for updates as strikers take to the picket lines this week. Check out the WGA's informative video about the strike authorization.
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