Hollywood actors might join writers on the picket lines if a deal with production studios is not reached by midnight on Friday.
SAG-AFTRA — the union that represents approximately 160,000 actors, announcers, recording artists, and other media professionals around the world — is currently in negotiations with the Alliance of Motion Picture and Television Producers (AMPTP), which bargains on behalf of studios including Netflix (NLFX), Amazon (AMZN), Apple (AAPL), Disney (DIS), and NBCUniversal (CMCSA).
According to Deadline, it's possible negotiations could extend into next week and run until July 7 or later.
On Thursday, SAG-AFTRA President Fran Drescher told Good Morning America the guild is making progress in "some areas" but not in others.
"In earnest, it would be great if we can walk away with a deal that we want," she said, noting the current media landscape is very different today compared to the last few decades when the foundation of the contract was forged. "It’s the digital age now and the age of streaming, and it’s a whole different business model. So it really begs that we stand firm and hold strong and do right by the members in this industry and honor the massive contribution that they make. So I’m really in it to win it."
Possible 'double whammy' strikes would have 'long-term effects'
Drescher, along with the guild's national executive director Duncan Crabtree-Ireland, told members in a video posted on Saturday that ongoing talks have been "extremely productive."
However, later reports suggested that wasn't necessarily the case with more than 1,000 actors including Drescher penning a letter to the guild that said they're "prepared to strike" if SAG doesn’t "get all the way there" in its talks with studios.
"If SAG-AFTRA joins the WGA picket line, audiences should prepare for re-runs and extended delays for their favorite TV shows and movies," KPMG’s US National Media Leader Scott Purdy told Yahoo Finance in an email. "Undoubtedly, this potential double whammy could have long-term effects on the film and television industry. Like the WGA strike, compensation and artificial intelligence are at the heart of this."
"While the writers are fighting for protections for the intellectual property they produce, the AI component could be just as significant for talent if AI can regenerate their image, likeness, and voice in TV, shows, [and] movies," he continued.
"Bottom line: The production engine requires both writers and actors. Even if the WGA strike comes to an end, we’ll still be waiting for actors to come back before productions can begin again."
It's been 58 days since the WGA strike first began with no end in sight as talks stall.
The last strike, which lasted 100 days from November 2007 to February 2008, cost the Los Angeles County economy a whopping $2.5 billion, according to estimates from the Los Angeles County Economic Development Corp.
Paul Dergarabedian, senior media analyst at Comscore, warned the box office, which remains in post-pandemic recovery mode, could suffer the longer the strike continues
"The movies do not write themselves and this is really a situation [where] it's not impacting [the pipeline] now. The movies that are in theaters now were written well before the strike, but eventually that pipeline is going to dry up," he told Yahoo Finance Live on Thursday. "You've got to have new scripts, so hopefully that gets resolved sooner than later, because the box office right now is definitely on a roll."
There has been some good news in Hollywood after the Directors Guild of America (DGA) reached a deal on a new three-year contract earlier this month.
The agreement included gains in wages and benefits, a 76% increase in foreign streaming residuals (a type of royalty payment), a "groundbreaking agreement" confirming that AI is not a person and therefore cannot perform the duties of DGA members, and the banning of live ammunition on sets after the October 2021 shooting death on the set of "Rust."
Alexandra is a Senior Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com
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June 30, 2023 at 10:11PM
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Hollywood actors could join writers in 'double whammy' strike as deal deadline looms - Yahoo Finance
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