This is a full-scale depression for the entertainment industry.
The more senior executives turn to headhunters.
Based on his observations, legal and marketing executives have been heavily impacted, followed closely by development execs.
Hollywood contraction also is hitting the executive ranks.Getty Images
There is no doubt a contraction, Waldron added.
It just makes it tough in the short term I feel like, with a lot of good executives.
And some are honest, No, Im scared, he said.
The upper upper-level executives will be fine, the former top TV executive said.
Middle-level executives were making $250,000-$750,000.
All will now be reduced.
With fewer jobs and more demand, the companies can get away with that.
Thats what the contraction is doing.
The morale is low, another former TV executive said.
Things bounced back then.
People are divided whether the same would happen this time.
Its not even remotely coming back, a veteran TV executive said.
Another seasoned TV exec is a little more optimistic, but with a big caveat.
After larger layoffs and austerity measures, it always goes back.
That may no longer be the case.
The year 2022 was pivotal, with the industry shifting gears to kick off the current contraction.
Light at the end of the tunnel?
Waldron tries to stay upbeat.
Good talent does get hired.
Waldron believes we would see the first signs of improvement in the entertainment executive job market soon.
I think it will be this year, he said.
I think by Q3 and Q4, well start to see a more aggressive approach into hiring execs again.
There is an asterisk with that projection: potential mergers.
Private equity spending cooled in Q3 and Q4 of 2023, but Waldron expects it to pick up.
I honestly think entertainment is one of the greatest industries to work in, a former TV executive said.
For those trying to go back, Waldron has advice.
Out of the 20%, I would think 15% would.
I think youre going to lose 5% who are going to call it a day, Waldron said.
I think at a certain point they do feel like, Im not going to get that next job.
One such development executive with 25 years of experience lost his job about a decade ago.
There are others like him from various areas of entertainment and demographics.
Some have left Los Angeles for a lower cost of living and better quality of life.
Some have pursued a longtime passion, like becoming a therapist, life coach or meditation business owner.
This will likely happen to a number of the entertainment executives currently out of work.
