The entertainment and media industries have seen better days, and 2024 has proven to be another bruising year. Nearly 15,000 jobs were lost across Hollywood, newsrooms, and streaming services—a grim sequel to 2023’s devastating layoffs. While the numbers are slightly better than the 21,000 jobs shed last year, the situation still reads like a bad script: corporate consolidation, declining revenues, and the ever-looming threat of artificial intelligence are turning two of America’s most iconic industries into shadows of their former selves.
For Hollywood, the problem is multifaceted. The industry is scrambling to make streaming profitable, having bet the farm on digital platforms while watching its reliable cable revenues dry up. Companies like Disney, Paramount, and Warner Bros. Discovery slashed thousands of jobs to save costs and, in some cases, prepare for mergers. Paramount, for example, trimmed 15% of its U.S. workforce while courting a potential buyout by Skydance Media. Meanwhile, productions are fleeing California for cheaper pastures in the U.K., taking jobs with them. Who needs Hollywood when London is handing out tax incentives like candy?
And let’s not forget the aftermath of the 2023 double strike. While unions claimed victory, the long-term impact has been brutal for below-the-line workers—those dolly grips, lighting techs, and craftspeople who don’t make headlines but keep the machine running. Thousands of independent contractors lost gigs as studios scaled back projects and refocused on profitability.
On the media side, the picture is even bleaker. Traditional news outlets are collapsing under the weight of cratering ad revenue. Once-mighty organizations like Vice, BuzzFeed, and Hearst have resorted to mass layoffs as Google, Facebook, and TikTok siphon off advertising dollars. Local journalism, the backbone of American democracy, has been gutted—only 15% of Americans pay for local news, compared to the 85% shelling out for streaming services.
Adding insult to injury, artificial intelligence is muscling its way into newsrooms and studios. AI-driven content creation promises efficiency but threatens to erase jobs entirely. Some warn this could dismantle entire departments, from marketing to on-set crew positions. And let’s be real: Do we trust Hollywood or legacy media to handle this responsibly, given their track records?
Then there’s the issue of trust—or lack thereof. Americans’ faith in mainstream media has plunged to historic lows. Only 31% believe the press can deliver news “fully, accurately, and fairly.” That distrust is driving audiences to alternative platforms like Substack, Joe Rogan’s podcast, and social media influencers. Bari Weiss’ The Free Press alone boasts 136,000 paying subscribers and a $100 million valuation. Meanwhile, traditional outlets are hemorrhaging relevance, caught between declining audiences and rising competitors.
BREAKING: Hollywood has gone fully woke. pic.twitter.com/FmxVMaCh6c
— DogeDesigner (@cb_doge) November 2, 2024
And here’s the kicker: Donald Trump’s return to the White House may inadvertently provide a lifeline to some outlets. Love him or hate him, Trump is ratings gold. During his first term, The New York Times’ stock price quadrupled, and cable news networks thrived on 24/7 Trump coverage. But Trump’s hostility toward the press could escalate, with promises of lawsuits and calls for accountability. For a handful of brave outlets, his presidency may offer a path to profitability—but most won’t have the guts to capitalize on it.
In the end, 2024’s pain is just the latest chapter in a long story of decline. Until these industries figure out how to adapt—or until audiences rediscover the value of real journalism and quality storytelling—the layoffs will keep coming. For now, the future looks more like a dystopian Netflix series than the American Dream.
