It is no secret that Biden’s economic policies are hurting nearly every corner of the country. But the one industry that cannot survive an economic dip is one that, in the past, seemed immune to recessions.
Hollywood has been in decline for many years. This has only been made worse by rising inflation, which is cutting into Americans’ entertainment budgets.
Worse still, is how major Hollywood studios have prioritized political messages over traditional, entertaining content. The result has been a bloodbath for one of America’s biggest industries. And now, another major player is announcing some bad news.
Paramount Global — the parent company off CBS, Paramount Pictures, Showtime, and numerous other media properties — is reportedly set to lay off “hundreds” of employees across nearly all of its divisions…
Hollywood is feeling the squeeze on multiple fronts. Households continue to cut the cord by the millions while the advertising market is still in the doldrums due to poor consumer sentiment tied to President Joe Biden’s economic policies.
Paramount Global is set to make “hundreds” of layoffs across all of its divisions. The company owns many studios and networks, including CBS, Paramount Pictures, Showtime, and others.
The layoffs are coming next month. Some employees will only have three days before they are shown the door. Many are blaming Biden’s poor handling of the economy for much of Hollywood’s problems.
The costs of necessities like food, electricity, and insurance have continued to climb since 2021. Inflation has hammered working Americans, who have cut back on vacations, electronics, and simple luxuries like entertainment.
Cord-cutters are getting rid of expensive cable packages and are not going to the movies—which could cost a family of four over $50 to see one movie.
On top of this, Hollywood has come off as tone-deaf and belligerent in its mad dash to promote progressive ideology. Children’s entertainment has been a particularly large target, with kid shows celebrating everything from homosexuality to transgenderism.
Americans are simply tuning out. And these once unkillable companies are losing billions. Disney has laid off thousands of employees and still loses money. Netflix has had to cut many of its projects, effectively shutting down its animation department.
Some might wonder how long it will take before Hollywood wakes up and ends its political agenda. But they might not learn this lesson until it’s too late.
- Paramount Global, the massive Hollywood conglomerate, is set to lay off hundreds of employees.
- The company is the latest in Hollywood to announce large cuts, as the industry loses billions.
- This is due in part to Biden’s flagging economy and aggressive political messaging in movies and TV.