![]() ![]() They also have a lot more international production that they can import.”Ĭompany Town What to know about the SAG-AFTRA actors’ strike “They make a lot of shows, and stack them up because of the binge-viewing model. “Investors are saying Netflix can weather the storm,” Nathanson said. Netflix now boasts a higher market value - nearly $200 billion - than Disney, the world’s largest entertainment company, which is valued at $162 billion. In contrast, Netflix shares have soared 36% to $441.91 since the writers’ strike began. Shares of WBD, which owns HBO and CNN, closed at $12.40 on Friday, down nearly 50% since April 2022 when the smaller Discovery absorbed WarnerMedia - a deal that saddled the company with more than $45 billion in debt. Discovery has declined nearly 7% to $12.40. Paramount has dropped more than 30% to $15.96 a share, and Warner Bros. Since the writers’ strike began in May, Disney’s stock has fallen 13% to $88.62 a share. Wall Street already has placed its bets, punishing the stocks of legacy media companies. Member companies, including Disney, Comcast’s NBCUniversal and Netflix, are more accustomed to battling one another for viewers and revenue. Veteran executives said the group, even in good economic times, formed an uneasy alliance. AMPTP’s shifting makeup now includes tech giants Amazon, Apple and Netflix - companies that don’t have a tradition of collective bargaining. Technology also has upset Hollywood’s hierarchy. “They don’t want to have to pay for extras anymore, so they could have a scene that has 5,000 AI extras in the background.” “People worry, in the abstract, about AI replacing workers but here it is, it’s actually happening,” Taplin said. ![]() Taplin, a former film producer who wrote a book about artificial intelligence, “The End of Reality: How Four Billionaires Are Selling Out Our Future,” said the threat posed by technology “for all artistic production is gigantic.” ![]() Why many members of the Writers Guild of America have targeted streaming giant Netflix in their fight for higher streaming residuals. No talks are currently scheduled.ĪMPTP negotiators haven’t met with the WGA in more than two months.Ĭompany Town Hollywood is calling it ‘the Netflix strike.’ Here’s why It’s not clear when bargaining sessions with the actors might resume. “The union has regrettably chosen a path that will lead to financial hardship for countless thousands of people who depend on the industry.” “A strike is certainly not the outcome we hoped for as studios cannot operate without the performers that bring our TV shows and films to life,” the AMPTP said. The AMPTP defended the offer the group had made to actors, including what it said was the highest percentage increase in pay minimums in 35 years and a “groundbreaking” proposal for AI protections. “At some point, you have to say ‘no, we’re not going to take this anymore.’” “The entire business model has been changed because of streaming, digital and AI,” Drescher said. They’ve demanded protections against the use of artificial intelligence to simulate background actors, known as “extras.” Writers have made similar demands, saying since the rise of streaming, midlevel writers have struggled to make a living wage. SAG-AFTRA President Fran Drescher, best known for starring in the 1990s sitcom “The Nanny,” has been celebrated among striking workers after her rousing speech Thursday to announce her board’s unanimous vote to call a strike against the Alliance of Motion Picture and Television Producers, the organization that negotiates on behalf of the media companies.Īctors are seeking higher minimum pay, increased residuals and revenue sharing with the streamers. All the while, linear broadcast and cable TV networks have witnessed a precipitous slide in viewers to Netflix and other streaming services. Discovery have been grappling with heavy debt loads due to mergers, and also from ordering dozens of shows to ramp up their streaming services. Walt Disney Co., Paramount Global and Warner Bros. Their businesses haven’t fully recovered from pandemic shutdowns. Simultaneous strikes by the Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists - the first joint work stoppage since Ronald Reagan led SAG in 1960 - couldn’t come at a worse time for traditional entertainment companies. “There’s going to be a lot of blood in the water,” Jonathan Taplin, director emeritus of USC’s Annenberg Innovation Lab, said. The upcoming fall TV season could sputter, devoid of new scripted episodes of “Abbott Elementary,” “Law & Order: SVU” and “NCIS.” And media companies that were already struggling to compete in the streaming era could see their fortunes further sink. ![]()
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