For the past century, anyone who’s aspired to write, act, direct or simply be famous has moved to Hollywood. This steady trickle of strivers turned into a flood in the 2010s as the streaming boom led to an unprecedented output of films and TV shows. Yet Los Angeles, city of dreams, is now a locus of despair.
The entertainment business has suffered one setback after another, including a pandemic that shuttered movie theaters and halted production, two prolonged labor stoppages and the near-total collapse of cable television. Studios responded to falling stock prices by slashing billions of dollars from their budgets and firing tens of thousands of workers. Executives who had their hearts set on making the next Mad Men or Bridesmaids are being told to go work for a YouTube star—or design video games. But even video game studios are shedding staff. Talented people in every corner, and at every level, are unemployed.