The WGA and SAG-AFTRA strikes are holding back Warner Bros. Discovery‘s annual profits. The company is about to be hit by a massive loss that will potentially cause it to lose millions of dollars.
Studios conforming to despicable strategies to repress writers, workers, and other behind-the-scenes artists are now going down with major annual earnings at stake. Right after the beginning of the WGA strikes, AMPTP had multiple opportunities to compensate those who are the heart and soul of the entertainment industry. Billions of dollars generated from these projects were going straight to the bank accounts of these businessmen and no questions were asked. However, it seems rather ludicrous that the studios couldn’t foresee the tumultuous financial wave ahead of them.
SAG-AFTRA strikes then joined WGA on July 14, prolonging the duration of this perilous swirl. In a recently held media giant, David Zaslav revealed that the expected yearly earnings of Warner Bros. Discovery will be around $10.5-$11 billion. A huge loss ranging from $300-$500 million is being observed. This also echoes the negative impact of these strikes on the several halted films and television shows in the industry.
Warner Bros. Discovery is now convinced that it will suffer from the setbacks of the ongoing strikes. It wrote:
“While WBD is hopeful that these strikes will be resolved soon, it cannot predict when the strikes will ultimately end. With both guilds still on strike today, the Company now assumes the financial impact to WBD of these strikes will persist through the end of 2023.”
In retrospect, these losses could’ve been avoided most gracefully if the logical demands of the protestors had been met on time. Studios need to drop their selfish agendas and practice inclusivity to benefit the driving forces behind the content that brings extra millions to the house by becoming trendy and impactful. At this time, depriving audiences of their favorite TV shows and shoving developed companies into the pits, seems the opposite of ‘professional’.
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Source: Variety
