Hollywood Executives Panic as Jobs Vanish in the Industry: ‘This is a Full-Scale Depression’

Hollywood executives who have been laid off amid recent studio budget cuts are worried about long-term unemployment as the industry has declined in recent years.

“This is a full-scale depression for the entertainment industry,” one TV executive told Deadline.

Studios such as the Walt Disney Company, Paramount, Warner Bros. Discovery and Amazon MGM have all decreased their headcount the past few months.

One executive said the situation is “bordering on worst-case scenario.”

According to Deadline, Hollywood execs are using websites such as LinkedIn to apply elsewhere, with no response to the majority of job applications.

“With fewer jobs and more demand, the companies can get away with that. An executive who made $500,000 in their last job would now be willing to take a $350,000 offer. That’s what the contraction is doing,” one executive said.