The rippling effects from the 100-day Hollywood writers' strike took an estimated $2.5 billion toll on the Los Angeles County and surrounding areas.
Los Angeles economist Jack Kyser's annual Economic Forecast Report indicates that the three-month writers' strike, which finally ended last week, also noted that a hefty $60 shortfall from the canceled Golden Globes ceremony this year.
The $2.5 billion loss takes into account wages lost by writers and other entertainment workers, from TV shows which were canceled and films or put on hold. A variety of Hollywood-dependent services, ranging from limo drivers, florists, hotel operators, valets and caterers, were also left affected from the strike.
The Writers Guild of America strike began on November 5 and ended on February 12 after union members reviewed a tentative contract deal and voted to return to work.
The 71-page report, which includes data on many non-entertainment business issues including the housing crisis and tourism, will be released today.
Kyser pegged the cost of the walkout at $2 billion last week. The revised final number reflects a reassessment of data and the fact that entertainment is a difficult industry to track.
The Writers Guild and Directors Guild were both able to strike deals with the Alliance of Motion Picture & Television Producers. However, Kyser noted that the Screen Actors Guild's are talking tough, ahead of its negotiations with the AMPTP, causing concern over whether the strike will officially end now or continue until July.
Economists estimate the last writers strike, a 153-day walkout in 1988, cost Los Angeles $500 million, though Kyser cautions that data back then is sketchy since it lacks detail, especially where collateral damage is concerned.