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I lived through 2008, and the writers strike back then too (which we are likely to repeat again this year). The industry will be fine, and has a way of pivoting and finding new revenue sources. It’s crazy to think YouTube was only 3 years old during the last recession. “Influencers” weren’t even a thing yet. Streaming was in its nascent period. With the pandemic, social audio like Clubhouse took off. Just wait for whatever comes next and jump on the bandwagon. The traditional studios are in for a rough patch though.
One school of thought is entertainment is a luxury and therefore the first to go when it comes to keeping money in your pocket. The second school of thought people want the distraction and need entertainment more than ever.
I also think it really depends on what aspect of entertainment you earn your living in. Some entrainment industries may scale down their staff to continue to operate in the economic crunch. I’m sorry I can’t really offer more insight, just keep your head and contacts up
I’m more junior in my career but have spent my entire career in this industry from a variety of angles, so take this for what it’s worth -
Broadly, consumer spending will be challenged but core entertainment services (e.g., top streaming, telecom) will stay insulated. Cable was resilient during the Great Recession and I’d expect streaming services to be as well (provided you’re not a lower tier streamer). I even expect cable to fare better than most people expect. I have nuanced takes on other sectors like music and performing arts, but largely the same story.
However, I do see investment in the category ramping down. Media cos are switching from penetration to profitability and so cost control from a production and labor stand point will be tighter. If you work in a Corp Strat role, you’re probably safe - but it’s going to get harder and harder to find these roles moving forward.
Kind of long and not too focused so feel free to DM if you wanna think through more
May be obvious but in my opinion it’s much easier to excel in Med School than it is to succeed in the entertainment industry
For some. Everyone has a unique set of skills. What may be easier for someone in med school is hard for an artist or creative. Also the entertainment industry requires skills that some academics just do not possess. Ie: security is not an option for the entertainment industry, and some can live from job to job, some can’t handle that.
It did in 2020 and my last company laid me off end of 2022 because of poor album sales, so I’d say yes? Take my POV with a grain of salt though, I wasn’t around during the 2008 recession!
If you work in TV or streaming in a non-office role (position of trade or specific skill) you’ll be fine. In you’re a manager mid-level desk employee, less so.