logo
Concern grows over whether the Hollywood industry can survive in California

Concern grows over whether the Hollywood industry can survive in California

Yahoo01-06-2025
Los Angeles — For years, Phil Mangano made a good living as a film and television editor in Los Angeles.
"It was just job after job after job," Mangano told CBS News. "…Very consistent work."
But after Hollywood writers and actors went on monthslong strikes in 2023, production ground to a halt.
California lost roughly 40,000 film and tv jobs that year alone, according to the U.S. Bureau of Labor Statistics.
"When that finally settled, we were like, OK, great, things will come back," Mangano said. "And there has been no significant increase in job opportunities."
Since its peak in 2021, television production in the greater Los Angeles area has decreased by 58%, according to the nonprofit group FilmLA, which handles film permitting for the city and county of Los Angeles. The number of shoot days for television fell from 18,560 in 2021 to 7,716 in 2024.
And in the first quarter of 2025, on-location production in L.A. declined by 22.4% from the same period last year, per numbers from FilmLA.
"Right now, it's a triage situation. The patient is dying and you need to bring it back to life," Matthew Belloni, who covers show business for Puck News and hosts the popular podcast "The Town," told CBS News.
Belloni says Hollywood productions, and hence the jobs, have gone to other U.S. states and other countries who are willing to offer generous tax incentives.
"Some European countries that are offering up to 40% back on these productions," Belloni said. "And that's incredibly influential."
California Gov. Gavin Newsom wants to stop the bleeding by more than doubling the state's annual film and TV tax credits from $330 million to $750 million.
"Film and film making, pre and post-production, it's on life support," Newsom told reporters earlier this month. "L.A. County and L.A. city are struggling."
But is the proposal too little too late?
"The sad reality is that California has sat on this issue for 30 years," Belloni said.
Belloni is unsure if California can provide enough tax credits to offset the high cost of working in the state.
"Other jurisdictions have done their own aggressive cuts to that bureaucracy," Belloni said. "Is California willing to do that? Don't know."
In the meantime, Mangano and thousands of others in Hollywood are looking for whatever work they can find.
"I applied for a job at Costco a couple months ago," said Mangano, who adds that he cannot hold out "much longer."
"I have a little savings left," he adds. "We're hoping that'll float us for a few more months. And then we have to start making some hard decisions…Whether or not we can keep the house."
Trump says Musk is "not really leaving" as DOGE savings lag behind projections
How a toddler's brave walk into the darkness to get help inspired his family
California track and field final begins with new rules for transgender athletes
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

For US Companies, Europe Is Hard to Resist: Credit Weekly
For US Companies, Europe Is Hard to Resist: Credit Weekly

Bloomberg

time3 hours ago

  • Bloomberg

For US Companies, Europe Is Hard to Resist: Credit Weekly

By and Abhinav Ramnarayan Save Companies are increasingly looking to Europe to raise money cheaply, a shift that is turning out to be a near-term positive for US corporate debt. Verizon Communications Inc. this week sold €2 billion ($2.31 billion) of debt, its first deal in the European market since early 2024. Earlier in July, FedEx Corp. and PepsiCo Inc. both sold debt in the common currency, their first offerings there since 2021.

Iconic shoe store makes alarming closure decision after 50 years
Iconic shoe store makes alarming closure decision after 50 years

Miami Herald

time6 hours ago

  • Miami Herald

Iconic shoe store makes alarming closure decision after 50 years

If you're selling shoes, you'd better hope you're a massive corporate brand like Nike or Adidas. If not, you're risking obsolescence. Related: Popular bankrupt home goods chain closes more stores, liquidating Unlike perfume, art, or parts of the high-fashion industry, most mainstream shoe shoppers aren't interested in niche items. They want the latest and most popular styles or brands. And as a shoe seller, if you don't carry these household names, you probably aren't getting sales. RunRepeat conducted a survey on which brands Americans use. Top shoe brands Americans use Nike: 53%Adidas: 41%Converse: 29%Skechers: 28%Jordan (which is a part of Nike): 27%New Balance: 27%Vans: 25%Puma: 25%Autry: 19%Reebok: 18% Of course, plenty of other shoes have been growing in popularity. Hoka, Asics, and Salomon have been growing as customers seek out performance. And customers who want comfort often opt for Crocs and HeyDude. But the shoe market isn't an unlimited fountain of potential. The worldwide global footwear market is estimated to be worth just over $463 billion, per Fortune Business Insights. So shoe stores must carry the most sought-after brands. The numbers are clear; customers want big brands, and few are interested in smaller, niche labels. Hanig's Footwear might not mean anything to customers outside of the Midwest. But for Chicago shoppers, it's been an iconic mainstay for decades. Hanig's Footwear was founded by Peter Hanig, who started Chicago's Cows on Parade statue phenomenon many locals and tourists are familiar with. Related: Walgreens quietly makes a harsh store closure decision He ran Hanig's Footwear as his day job. And for over 50 years, Hanig's was a popular shop on the Magnificent Mile. It opened on North Michigan Avenue in 1975. Eventually Hanig's relocated to 875 North Michigan Ave, just two blocks from Lake Michigan and a retail hub home to top brands like Ralph Lauren, Chanel, Neiman Marcus, and Adidas (all within a couple of blocks). Hanig's, however, sold mostly smaller, European, or independent shoe brands, including: MephistoAraThink!NaotGaborDansko Now, Hanig's has decided to shutter its Magnificent Mile location. The store is expected to close by September or October 2025. Its other store, located in Wilmette, Ill. (a northern suburb of Chicago) will remain open. Like in other cities, some downtown retail hubs have gotten to be too expensive for smaller or independent operators. Vacancy has been a growing issue in the Magnificent Mile, which was previously known for iconic architecture and is home to dozens of brand names including Hugo Boss, Louis Vuitton, Stuart Weitzman, Samsonite, and all the top department stores. But the Magnificent Mile has faced a wide array of issues for retailers, making business harder to conduct. Challenges facing the Magnificent Mile: Rising rent ($250–$275 per sq. ft.)Major tenants leaving (Macy's, Uniqlo)Reduced tourism and workforce (26% of Chicago's workforce is remote, per Robert Half)Overreliance on luxury retail, which can price out mid-tier retailers "Small businesses are no longer viable on Michigan Avenue," Hanig said of the closure. "I'm sad about it. This has been a major part of my life for a long time. We had an incredible time. We met so many people over the years as a result of it, and we were very lucky to be there." The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

NBA reportedly seeking $500 million or more franchise fee for each team in European league
NBA reportedly seeking $500 million or more franchise fee for each team in European league

NBC Sports

time7 hours ago

  • NBC Sports

NBA reportedly seeking $500 million or more franchise fee for each team in European league

Anyone wondering why NBA owners seem to be pushing harder for starting an NBA league in Europe than expanding domestically, we have some answers for you. But it's all about the money. Commissioner Adam Silver has been in Europe this past week, talking up the NBA's vision and selling it to potential stakeholders in the new venture, including Real Madrid, reports Joe Varden of The Athletic. Part of what Silver and the league are pitching is a $500 million per team franchise fee to buy in, reports the Sports Business Journal. The NBA is pursuing franchise fees of more than $500M from teams looking to join the prospective NBA Europe, with multiple sources maintaining the league's preferred number is somewhere between half a billion and $1B.... Franchise valuations are also said to be part of ancillary discussions with banks and private equity conglomerates, as part of an effort to settle on a dollar figure. An official from one EuroLeague franchise had earlier scoffed at a proposed $500M figure, and -- considering the template for NBA Europe includes existing EuroLeague clubs -- it seemed unclear whether teams will be priced out of joining. See why NBA owners like this idea? They could secure a share of these massive franchise fees — at least 10 teams at half a billion each is $5 billion at minimum, about what the expansion fee would be for a team in Seattle or Las Vegas — without having to give up any of their new national television revenue or equity in the league. What the NBA envisions is a few current big-name European teams — 'A' license-holding, stakeholding teams from the existing EuroLeague — jumping ship to the new NBA league, with Real Madrid seen as the most willing team to make a move (Tony Parker-owned ASVEL Basket also is one to watch). Then the NBA could tap into sovereign wealth funds and private equity — groups limited in how much of a stateside NBA team they can own — to put together expansion teams or prop up smaller existing teams, something Varden details at The Athletic. The United Kingdom is home to soccer's mighty Premier League and is also another place where the NBA could attract big soccer dollars from Middle Eastern sovereign funds. The British Basketball League's reigning champion, London Lions, is owned by tech giant Tesonet... Additionally, Silver and his associates met in London this week with representatives from four private equity firms (CVC, RedBird, Bridgepoint and KKR), as well as officials from the Turkish basketball and soccer club Galatasaray. The NBA believes there is money left on the table in Europe, in areas such as broadcast rights and getting new, larger arenas built. What the NBA touts is its brand name and its business acumen — the ability to squeeze every dollar out of the business of basketball. What Real Madrid and teams such as FC Barcelona or Fenerbahçe Istanbul bring is history and a built-in fan base for the league. We're still a few years away from an NBA league in Europe, but it has become a growing focus for the league. From an existing NBA owner's perspective, it's easy to see why this is attractive. We'll see if the European clubs (and fan bases) feel the same way.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store