Hollywood Contraction Hits Entertainment Executive Jobs: “This Is A Full-Scale Depression”

deadline.com:

Editor’s note: This is the latest installment in the Deadline series Hollywood Contraction, which examines the toll the job losses caused by the ongoing industrywide cost-cutting has had on different sections of the entertainment community.

LinkedIn is usually used by professionals for networking with people in their field, posting updates when they get a new job or congratulating friends on their promotions.

These days, as one former industry type put it, “it’s become a therapy site for unemployed entertainment executives” who share their frustrations over the lack of opportunities in Hollywood amid a major contraction. “I’ve seen lots of downturns, lots of job losses but I’ve never seen anything like this,” one veteran top TV executive said. “This is a full-scale depression for the entertainment industry.” Over the past year, there have been waves of layoffs at Disney, Warner Bros Discovery, Paramount, NBCUniversal, Amazon MGM Studios, Lionsgate (which acquired eOne), Netflix, Sony, Fifth Season and most talent agencies including CAA and UTA.

The dire situation, “bordering on worst-case scenario,” the seasoned TV executive said, was created by a perfect storm of Covid, strikes and “poor management decisions coming home to roost” driven by short-sighted moves by media companies aimed at goosing their quarterly reports to appease Wall Street.