The entertainment industry was once thought to be recession proof. No longer. In fact, show business is experiencing extensive employment layoffs and salary cutbacks, much like every other industry. Because of the economic downturn, even movie stars are being forced to take less money for their film and television productions. There is a large push, overall, to reduce budget costs. There is a no order of financial scrutiny, and everyone must toe the line.
Mind you, this is not the world’s most draconian cost cutting situation. Belt tightening is relative, and when a movie star like Harrison ford is paid $8 Million for his latest movie instead of $16 Million or so, one doesn’t shed many tears. Same for his young co-star who will manage to get by on a mere $2 Million instead of the $4 Million she received for her previous outing. As the recent article in the Los Angeles Times relates there are additional trims to gross profit participation and, dare we think it, the perks.
The fact is the younger audience seems to be shying away from the big budget movies. Movie Stars who could once guarantee a heavy boxoffice revenue no longer have the drawing power. Smaller films are in to a certain extent. Films where you don’t have to blow up a whole lot of stuff. The recent Sundance Festival is an indicator of the times we live in when flavor of the festival films are bought for a couple million bucks. Cheap by movie standards. Marketing costs may still be high, but now that everyone is discussing alternate delivery systems, marketing may yet be streamlined as well.
Studio and network staffs are also being trimmed. The layoff slaughter is particularly profound in the media industry and show business is realizing its market share of pink slips. the economy is a kilelr, and in few places is it worse than in California. So with the layoffs and with younger people reassessing their career choices, some are considering a move out of tinsel Town to other parts of the country, if not the world.
One thing about Hollywood people, they surely know how to put on a show. For marketing and promotion, often they will add that little bit of edge to an event or campaign. You may give some thought to recruiting the recently unemployed Hollywood executives. There are good deal makers and some candidates who know how to pump up a product. Sure, some of their skill sets are not particularly transferable to conventional industries. but a great many are. Of course, be sure to run background checks and professional reference checks to ascertain whether they are a right fit for your company.
If nothing else, they may add a little pizzazz to your company. If they don’t ask you for their personal chef and an onsite trailer.
Check them out before you hire.
