‘It feels empty’: is Hollywood film and TV production in a death spiral?

Hollywood is experiencing a significant decline due to a combination of economic pressures, including reduced funding from California’s shrinking tax credit program, increased competition from countries like China and South Korea investing heavily in content creation, and rising costs of living in Los Angeles affecting actors’ stability. Additionally, unions face challenges negotiating better wages for workers reliant on non-member payers, while the reliance on international markets continues to test Hollywood’s global competitiveness as economies worldwide struggle. These systemic issues collectively threaten the industry's ability to retain its former prominence.