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The Hollywood sign on Mount Lee on September 9, 2024, in Los Angeles (Kirby Lee/Getty Images)

Hollywood’s production levels this summer were even worse than last year, when workers were on strike

The labor contraction in Los Angeles continues.

Last summer, Hollywood productions were shuttered as tens of thousands of writers and actors went on strike.

This summer, Hollywood production levels were even worse.

The third quarter was film and TV’s worst of the year in Los Angeles, with total shoot days falling 5% from last year’s levels according to the city and county film-permitting office FilmLA. The region’s 5,048 total shoot days across film, television, and commercials were 36% below the five-year average.

Reality TV continued its free fall, down 56% from last year, when studios relied on the largely nonunion format to fill their libraries. Film and commercial shoot days both rose from last summer, but each category came in double-digits below their medium-term averages. Film shoots were down 48% from their five-year average and commercials down 33%.

The numbers are bleak, but they fit a trend of Hollywood’s contraction that saw original US scripted shows plunge 14% last year (and they’re projected to fall further). Coming in below last year’s third quarter is only further proof for the argument that the pullback’s cause is more deeply rooted than strike or pandemic aftershocks.

“Only a few months ago, the industry hoped we’d see an overall on-paper gain in the third quarter, due to the strike effect,” FilmLA President Paul Audley said in a statement. “Instead, we saw a pullback and loss of forward momentum, heading into the fall season that will make or break the year.”

Writers, actors, producers, and execs have told Sherwood that there are fewer buyers, shorter windows for buying, and a prevalent overall message from studios and streamers that “we aren’t interested.”

For LA specifically, some of the decline likely has to do with productions moving elsewhere to capitalize on tax breaks. Earlier this month, FilmLA called for a “vast expansion” to California’s tax-credit program. California spends $330 million per year to subsidize films and television created in-state, less than half of New York’s budget. Georgia, meanwhile, has no upper cap on its subsidy.

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Lucid climbs after Uber revealed to be its second-largest shareholder following recent investment

Shares of luxury EV maker Lucid are up more than 7% in premarket trading on Tuesday, following the release of a regulatory filing that revealed Uber is now its second-largest shareholder, trailing only Saudi Arabia’s PIF sovereign wealth fund.

The news follows an announcement earlier this month that Uber and Lucid would expand their robotaxi partnership from 20,000 planned vehicles to 35,000. Along with the expansion, Uber also said it would invest an additional $200 million into the EV maker.

Per Monday afternoon’s filing, it seems that investment pushed Uber’s ownership stake in Lucid to 11.52%.

Lucid’s stock is down 29% in April. It hit an all-time low of $6.75 on Monday ahead of the regulatory filing becoming public.

In a mark of just how painful the slide has been for Lucid shareholders, as of Monday, the company’s market cap had dropped to a quarter of the approximately $9.5 billion that Saudi Arabia’s PIF has sunk into it.

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Justice Department accuses telehealth Zealthy of fraud, says remedy may bankrupt it

The feds say they don’t think Zealthy has the liquidity to pay what it owes customers.

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