Unprecedented time Hollywood slowdown brings peril for talent agencies managers











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The Hollywood industry has experienced a significant slowdown, with studios suspending many productions during writer's and actors' strikes, and work in film and TV not rebounding. This has created a difficult environment for talent agents and managers, whose income depends on whether their clients land jobs. Revenue at Newmation, a talent management and production firm, is down 50% from 2022. The industry has faced economic pressures, with the largest agencies forced to change their business practices after a fierce battle with the Writers Guild of America over collecting packaging fees on projects. Talent firms have also taken on private equity funding and merged businesses to increase their leverage. Some agencies have even closed, with A3 Artists Agency shutting down due to financial losses from last summer's strikes. Talent representatives blame layoffs caused by mergers and budget cuts at entertainment companies for creating a situation where executives who once took their pitches were losing their jobs. This has resulted in fewer shows getting green lit, which means fewer opportunities for showrunners, and it goes down the line. A3 declined to renew Lattaker-Johnson's contract last fall before the company closed, and the firm is engulfed in a heated legal battle. • #americanidol2024 #americanIdol #MSNBC #NBCNews #FoxNews #CNN#2024TonyAwards • american idol • american idol 2024 • american idol tonight • idol • entertainment • tv show • tv programs • awards • celebrity • model • hot actress • top 10 2024 • top 5 idol • top 10 idol • idon 2024 • American Idol • Singing Competition • singers • ABC • best idols • singing competition • sing • abc • auditions • The Voice

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