COVID-19, mergers and executives exiting for other careers.
That's the new Hollywood story, reports The Wrap.
In addition, as Variety hammers, the business model is shifting from the studios being in charge to personalization. The viewer is now at the center of the marketing and distribution processes. Massive layoffs are at all levels.
The hopes for a comeback in the Hollywood loop have been blown up. As the pandemic goes on and on, folks have gotten out of the habit of leaving home and ponying up about 15 bucks to take in a movie at the mall. They'll continue nesting. There they will consume DVDs, streaming and even old-line broadcast television. New players providing such entertainment provide fresh competition for Hollywood as we have known it.
Obviously, this industry joins editorial, hospitality, theme parks and myriad others in being disrupted. The result for all - and there will be more - is this: The workforce will have to find another way to make a living.
An option is, of course, career transition.
But career transition has two distinct drawbacks. Both financial, notes Forbes.
One is that money usually is not coming in while learning a new skill. And, two, the training involves an outlay of funds. For instance, becoming licensed as a long-distance truck driver can run between $1,500 and $10,000, documents the Bureau of Labor Statistics. A law degree, calculates Nerd Wallet, can represent an investment of $130,000.
In addition, once the training is completed, demand in the new field might have dried up. There had been a forecast of a shortage of truck drivers. Then, the recession overtook the industry. The new entries were stranded in unemployment and with loans from truck-driving schools.
Given the financials and risks of career change, there are some in Hollywood who will struggle to stay put. They might entertain magic thinking that they can hold on in a job or through assignments.
What could play out is the dynamic overtaking the collapsed field of editorial. Typically on digital job board ProBlogger, there are gig assignments (forget full-time jobs) for 2-cents a word. Here is a typical example from We Write Blog Posts. At one time, such an assignment might have been billed at 75-cents a word.
Given the extreme deflation in compensation, many content-providers in that niche would make a better living delivering pizzas for Marco's.
One middle-aged man in Toledo, Ohio, burnt out from being a troubleshooter in IT, is doing just that. He not only had been able to buy a new car. He is getting estimates for extensive dental work. To his surprise and everyone else's, he is okay without a clear professional identity.
And, that's the third option for those in Hollywood and others whose industry has been disrupted. That state of being might be called "Floating."
Its advantages are clear:
- Money is coming in. Some declare the new game is about ensuring a steady stream of income.
- No investment is being made in some possible Next.
- There is no compensation deflation. Many temporary gigs are in demand.
- The opportunities are there to test out other lines of work. The former IT expert is having an inside look in fields such as food, delivery and customer service. Regarding the latter, the tips provide much insight.
- Anyone in that loop can develop multiple sources of income. Conventional career paths, for many, may be going kaput.
In the early 21st century, the lucrative executive communications industry tanked. After the Enron scandal, executives went low-profile. Then the post-9/11 recession cut budgets for any remaining demand for vendors providing ghostwriting and speechwriting.
A coach recommended I "float." That included gigs in loss prevention, manning the front desk in a hotel chain and syndicated blogging. From those vantage points I could pick up on how the labor market was changing. I had enough information and insight to create a new startup. On that platform I have developed a career coaching service. Its special expertise is the displaced professional, along with new entries to the workforce.
You may be able to pivot from your current unemployment or underemployment on your own - DIY. But if you discover you cannot, I am here for you.
The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)
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