Entertainment industry loses $10 billion in one day because of writers' strike
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The entertainment industry has lost over $10 billion (£7.9b) in a single day due to the writers' strike.
Despite their pens being down for just 24 hours, the industrial action has caused major concerns in the stock market with the share value of companies like Paramount and AMC making major losses yesterday.
As the Writer’s Guild of America strike continues, many studios and shows have come to a standstill.
"Writing does not stop when filming begins,” they wrote, adding: “While we’re excited to start production with our amazing cast and crew, it is not possible during this strike. We hope a fair deal is reached soon so we can all get back to work.”
However, it’s unclear when that will be as the previous strike in 2007 lasted over three months.
The current strike began on May 2 after negotiations between the union and studios broke down over pay.
Many screenwriters have been frustrated with increasing studio profits, whilst writers' salaries have stalled or dropped in recent years.
Those companies that have been affected by the industrial action saw their shares tumble yesterday, as the stock market became increasingly concerned about the strike.
Paramount Global, Comcast, and AMC Networks all took a hit whilst other studios managed to stay stable throughout the chaos.
Viewers can also expect some lacklustre telly, as studios turned to reruns or segment fillers like Conan seeing how long he could spin his wedding ring on his desk (yes, really) during the 2007 strike.
You have been warned.