Capsule · The news app for modern leaders

Trends and Insights

24 Nov 2023

Hollywood Studios Cut Production Amid Grim Economic Outlook

content from a screenshot

Hollywood faces a tough future as studios drastically cut budgets after a six-month labor strike. Studios are expected to shell out $450 million to $600 million per year for worker contracts. Warner Bros. and Netflix recently shelved film projects and canceled five series. Earlier cutbacks reduced production in Q1 2023, translating to over $1 billion less in spending compared to the same 2022 timeframe. [Source](