Hoping to capitalize on that good fortune, the shop moved in January to a North Hollywood space twice the size of its old building.
Then Hollywood’s screenwriters and actors went on strike. Now, says co-owner Shon LeBlanc, Valentino’s can no longer afford to pay its rent.
“My chest is tightening because the money is so tight,” says LeBlanc, bemoaning the Alliance of Motion Picture and Television Producers’ apparent lack of urgency to try to reach an agreement with the unions. “When is the mayor going to step in and say, ‘I’m ordering you guys to figure something out because you’re about to collapse the economy in Los Angeles?’”
It has been well over 100 days since members of the Writers Guild of America stopped working, and more than a month since the actors union joined them. LeBlanc’s is just one story of many detailing the financial ripple effects.
Few corners of the entertainment industry have been left unscathed
From studio rentals and set construction to dry cleaning for costumes and transportation to sets, it’s hard to find a corner of the Los Angeles economy that has entirely escaped the reverberations.
“A movie set in one day can generate tens of thousands of dollars,” says Kevin Klowden, chief strategist with the Milken Institute, a think tank that researches social and economic issues. “Depending on the level of activity, it can be hundreds of thousands of dollars.”
The last writers strike, more than 15 years ago, took three months to resolve and is conservatively estimated to have cost $2.1 billion in lost output. This time around, the number will be harder to measure given how much production costs, locations and timelines have changed in recent years thanks to technological improvements and increased globalization.
Diese Geschichte stammt aus der September 02, 2023-Ausgabe von Techlife News.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 02, 2023-Ausgabe von Techlife News.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
AUSTRALIA WON'T FORCE SOCIAL MEDIA USERS TO SHARE THEIR PERSONAL DETAILS WHEN CHILD BAN TAKES EFFECT
Australia’s communications minister said this week the government won’t force social media users to hand over their personal information to tech companies, as children younger than 16 are set to be banned from the platforms.
FORD, FACING ECONOMIC HEADWINDS AND WEAK EV SALES, TO CUT 4,000 JOBS IN EUROPE
Ford Motor Co. says it will reduce its workforce by 4,000 in Europe and the U.K. by the end of 2027, citing headwinds from the economy and pressure from increased competition and weaker than expected sales of electric cars.
ABOUT 20% OF AMERICANS REGULARLY GET THEIR NEWS FROM INFLUENCERS ON SOCIAL MEDIA, REPORT SAYS
About one in five Americans - and a virtually identical share of Republicans and Democrats regularly get their news from digital influencers who are more likely to be found on the social media platform X, according to a report released this week by the Pew Research Center.
SPIRIT AIRLINES FILED FOR BANKRUPTCY. WHAT DOES THAT MEAN FOR TRAVELERS?
Spirit Airlines, the largest budget carrier in the U.S., filed for Chapter 11 bankruptcy protection this week. The airline said customers should not see any disruption to their travel plans while the process unfolds.
MEET THE WORKOUT GROUP THAT GETS PEOPLE EXERCISING OUTDOORS, EVEN IN THE DEAD OF WINTER
The sun had yet to come up in Edmonton, Alberta, and it was more than 20 degrees below zero. Tanis Smith layered up anyway, ready to run up and down hundreds of stairs among the trees in the Saskatchewan River Valley.
NEW PENTAGON REPORT ON UFOS INCLUDES HUNDREDS OF NEW INCIDENTS BUT NO EVIDENCE OF ALIENS
The Pentagon's latest report on UFOs has revealed hundreds of new reports of unidentified and unexplained aerial phenomena but no indications suggesting an extraterrestrial origin.
COMCAST TO SPIN OFF CABLE NETWORKS, ONCE STAR PERFORMERS FOR THE ENTERTAINMENT GIANT
Comcast will spin off many of its cable television networks that were once at the heart of the entertainment giant, with people increasingly swapping out their cable TV subscriptions for streaming platforms.
DELTA CEO SAYS THE TRUMP ADMINISTRATION WILL REVERSE GOVERNMENT 'OVERREACH' SEEN UNDER BIDEN
The chief executive of Delta Air Lines says the incoming Trump administration will be a “breath of fresh air” for airlines after what he called government “overreach” under President Joe Biden.
NVIDIA RIVALS FOCUS ON BUILDING A DIFFERENT KIND OF CHIP TO POWER AI PRODUCTS
Building the current crop of artificial intelligence chatbots has relied on specialized computer chips pioneered by Nvidia, which dominates the market and made itself the poster child of the AI boom.
MICROSOFT PITCHES AI 'AGENTS' THAT CAN PERFORM TASKS ON THEIR OWN AT IGNITE 2024
AI developers are increasingly pitching the next wave of generative AI chatbots as AI \"agents\" that can do more useful things on people's behalf. But the cost of building and running AI tools is so high that more investors are questioning whether the technology's promise is overblown.
