Hollywood suits who have been laid off amid the recent rounds of studio budget cuts are worried that they are facing the prospect of long-term unemployment as the industry and overall economy show few signs of rebounding, according to a new report.
“This is a full-scale depression for the entertainment industry,” one TV executive told Deadline.
The situation is “bordering on worst-case scenario,” another executive said.
Hollywood executives have been hit hard in the past year as the major studios enacted deep budget cuts amid a perfect storm of economic chaos that includes Americans continuing to cancel their cable TV subscriptions, the steep downturn in TV advertising, and streaming losses in the billions of dollars.
In addition, the industry is still recovering from last year’s strikes by Hollywood writers and actors.
Studios that have slashed their headcount…
