Hollywood executives are bracing for a brutal “year of turmoil” as the entertainment business faces the combined threat of an economic recession, slower streaming growth, a cinema industry on life support and a potential writers’ strike.
“People are worried across the board,” said Steve Kram, chief executive of investment group Content Partners, LLC, and former chief operating officer of William Morris Agency.
“You’re seeing cost-cutting throughout the entertainment business,” he added. “You’re seeing pressure from the financial institutions to bring down debt levels and not provide additional debt capital. Next year is going to be a difficult year.”
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