- Hollywood strikes have likely dealt a $3 billion blow to California's economy over the last 100 days.
- That's according to entertainment industry expert and academic Todd Holmes, per CNBC.
Hollywood's double strikes have likely dealt a $3 billion blow to California's economy over the last 100 days, according to an entertainment industry expert, per CNBC Make It.
It's the first time since 1960 that the Writers Guild of America and the actors' union SAG-AFTRA simultaneously raced to the picket line, with the two unions protesting over the lack of income they're getting from streaming platforms and worries about the threat of artificial intelligence to their jobs.
Todd Holmes, an entertainment industry professor at Cal State Northridge, based his estimate on economic analysis from the last time writers went on strike in 2007.
The 2007 writers' strike took a toll on Los Angeles, resulting in a $2.1 billion hit to California's already struggling economy at the time, according to the Milken Institute.
The impact of the walkout isn't limited to just writers or actors, however.
Local restaurants, catering companies, construction workers, dry cleaners, and more are also bearing the brunt of the shutout. "A lot of different people are impacted surrounding the industry," Holmes told CNBC, saying the strikes are "causing them a lot of hardship."
Holmes expects the strikes could cost California between $4 to $5 billion if they roll on till October.
The effect of Hollywood on California contrasts to the positive impact it has had on the overall US economy following the release of blockbuster movies including "Barbie" and "Oppenheimer."