Hollywood Faces Major Changes and Tight Budgets

It’s no secret that Hollywood is in rough shape.

Just look at the bloodbath that was the 2023 box office, and that becomes painfully clear for anyone who can do basic math.

But even the mathematically challenged can understand this: People are demonstrably preferring older media to modern offerings.

Despite all that, there was some mild hope that the crippling worker strikes that rocked the industry in 2023 would ultimately pave the way for a resurgence in Hollywood. A starving industry that was dormant for about six months would surely be champing at the bit to get back to work, right?

According to a blistering report from Deadline, that hasn’t been the case… at all.

Despite that half-year inactivity, Deadline is reporting that demand for “star packages” is uncomfortably subdued.

(A “package” in Hollywood is typically a project started by an agency, that employs actors, directors and writers that the agency represents. A “star package” is the same idea, except that there’s an A-list actor attached to the project.)

“Money is so tight everywhere,” one agent told Deadline, describing the grim environment.

That same agent added: “These are huge investments, massive packages, and a lot of them are not necessarily the best return on investment.”

Agencies are reportedly keeping track of these wayward and unwanted packages, and per Deadline, that figure now “exceeds 20.”

The outlet also added that these unclaimed packages “included Oscar and Emmy winners and nominees in front or behind the camera, stars of blockbuster movies and iconic TV series and, in a couple of instances, famous IP.”

That’s a lot of A-list talent left dangling in the wind.

“This has been such a head-scratcher,” a different and perhaps more perplexed agent told Deadline of the current landscape.

One potential issue with those star packages is that the A-list talent comes with A-list pricing and bidding.

A different representative told Deadline that “there is fear” among executives about overbidding and spending unnecessary money.

“They don’t want to be the first one to jump in and spend if they don’t need to,” that rep said.

“Packages used to come through, and it used to be Netflix will buy it or now it’s Apple will buy it,” one buyer told Deadline. “But we’re seeing things go out that don’t get any buyers, which is unusual. That hasn’t happened in a while.”

Indeed, even the film industry’s newfound interest in mid-sized movies still typically involves at least one big name actor attached to the project.

It’s certainly odd seeing Tinseltown pinching its pennies so tightly, but that appears to be the world everyone is currently occupying: Downsize, downsize, downsize.

Whether that’s downsizing via budget cuts, layoffs or overall stinginess, even the mighty entertainment industry and all that it encompasses appear to be entering a period of genuine modesty.