California has lost about $5 billion of economic value after the Alliance of Motion Picture and Television Producers and the unions for writers and actors have failed to come to work agreements with studios and streaming services, resulting in independent strikes, according to new estimates Kevin Klowden, chief global strategist at the Milken Institute, a nonprofit think tank.
“All these different people who provide support services that make productions happen – they’re getting nailed,” Klowden said. Warner Bros. Discovery WBD, -1.29%, one of the companies that is part of the AMPTP, said during its earnings call on Tuesday that the respective strikes have cost the company between $300 million and $500 million already, and admitted it was unsure when the strikes would end.
Throughout the strike, many members of those unions have taken to social media to share their thoughts on several issues, particularly paltry residual payments they receive from their work. Among those people is Kamil McFadden, an actor known for his roles in Grown Ups 2 and K.C. Undercover, who posted a video of his residual payments which routinely are for less than a dollar.
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