The impacts of Hollywood’s cutbacks in production spending are being felt as the number of global film and television productions is down 20% from 2022 and approximately 40% in the United States, according to a new report by production technology and research company ProdPro.
The report, which was first published by The Los Angeles Times, found that Hollywood studios spent $11.3 billion on productions in the second quarter of 2024, down approximately 20% from the same period in 2022. That figure is up around 30% from 2023, but that can be attributed to the anticipation of and the start of the Writers Guild of America strike last May.
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