The American media, film, and arts industries have lost more than 200,000 jobs in the past four years, with Hollywood suffering the heaviest losses, losing over 100,000 jobs, equivalent to nearly one-third of its total workforce.
The media, film, and arts industries in the U.S. have lost more than 200,000 jobs in the past four years, including approximately 50,000 job cuts in the most recent year, amid profound changes in the digital content market, corporate restructuring, and the rapid development of artificial intelligence (AI).
According to a report by analyst Joseph Politano published on Apricitas, the scale and duration of the current job decline are similar to the difficult periods the industry experienced during the economic recessions of 2001 and 2008, even though the US economy is not currently experiencing a widespread recession.
The report suggests that AI generation is increasing pressure on media companies due to its ability to create text, images, music , and various other types of digital content at low cost and in a short amount of time.
However, it is not yet possible to determine the exact percentage of jobs directly lost due to this technology, as businesses do not fully disclose their AI usage levels.
Additionally, the industry is also impacted by mergers and acquisitions in Hollywood, the relocation of production overseas, and competition from social media content creators.
Hollywood suffered heavy losses.
Over the past four years, the American film and television industry has lost more than 100,000 jobs, equivalent to nearly one-third of its total workforce.
According to the report, the number of jobs in this sector this past summer fell to its lowest level since the 2008 recession and is nearing its lowest level in 30 years.
The film and recording industries accounted for nearly half of all jobs lost in the media sector during that period. The publishing industry also lost more than 70,000 jobs.
The cuts have spread across many sectors, including live television, streaming, and graphic design.
The rise of streaming services has transformed the film and television business model. Traditional studios must compete with user-generated content on YouTube, Twitch, TikTok, and other platforms, with an increasing number of products powered by or created using AI.
According to data cited by Politano, movie ticket sales in the US by the end of 2025 will still be about 25% lower than their 2019 peak, before adjusting for inflation.
Cable TV revenue also fell by about 18% from its previous peak, while revenue from streaming services was not enough to offset the decline in traditional models.
Newspapers and publishing continue to decline.
The American newspaper industry has experienced decades of shrinking due to the rise of the internet and changes in the advertising market.
According to the report, the number of employees at newspaper offices has decreased by nearly 85%; magazine publishing staff has decreased by about 66% since the 1990s, while book publishing has decreased by about 40%.
Previously, newspapers attracted readers with everyday content such as sports news, stock market information, and weather forecasts. However, this content is increasingly being offered for free on the internet, while the majority of advertising revenue has shifted to technology platforms like Google.
Social media also makes news spread faster, increasing the difficulties for news organizations that rely on advertising revenue and subscriptions.
AI is putting more pressure on jobs.
According to reported figures, approximately 32% of workers in the arts, entertainment, and leisure sectors have used AI generation to some degree, lower than the 62% average across all professions.
Nevertheless, this technology is appearing in many stages of content production, from idea development and scriptwriting to visual design.
AI tools enable independent creators to produce content at a lower cost, creating additional competitive pressure on traditional media outlets.
However, the report notes that it is difficult to separate the impact of AI from other factors such as corporate restructuring, changing consumer habits, and shifts in business models.
Music and books show different paths of transformation.
The report compares current changes to the transformation of the music industry after the internet became widespread in the early 2000s.
The rise of online music file-sharing systems has undermined the traditional physical disc sales model, while subscription music services like Spotify and Apple Music have created new business models.
Artists are increasingly relying on live performances and merchandise sales, although this revenue doesn’t always compensate for lost income.
Conversely, the book market is showing signs of recovery. According to Politano, book sales have increased by approximately 70% in the last six years, partly thanks to BookTok – a community for introducing and discussing books on TikTok – which helps bring works to new readers and boosts the consumption of print books.
Job losses in the technology industry.
Beyond the media sector, the US technology industry is also experiencing a decline in employment after a period of strong growth.
According to the report, the industry created nearly 300,000 jobs in 2022, but the number of jobs decreased in subsequent years. AI tools capable of writing code are taking over some of the work previously done by programmers.
However, the impact of AI on the US labor market as a whole remains concentrated in a few areas.
The report indicated that the unemployment rate was higher than four years ago, but still lower than the average for the 2010s; the rate of personnel change across the labor market was also low.
Some office-based professions, including legal services and technical expertise, continue to see hiring growth.
Overall, the report suggests that the decline in employment in the US media and entertainment industry is the result of multiple factors simultaneously, with AI being an emerging factor whose full extent of influence is yet to be determined.
In the coming period, the ability to adapt to new technologies, shifts in advertising revenue, and content consumption habits will continue to shape the industry’s job prospects.
(VNA/Vietnam+)
Original article
https://www.vietnamplus.vn/nganh-truyen-thong-va-giai-tri-my-mat-hon-200000-viec-lam-trong-4-nam-post1144188.vnp
Tag:film industry#Joseph PolitanoJobstaff reductionpublishing industryAmerican mediaAmericaAI generationHollywood
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