Actors on strike demanding higher wages for workers in the Hollywood industry have now reached a temporary settlement. The union officially ended the 118-day strike in an announcement on Wednesday, according to Reuters. As part of the strike that rocked the entertainment industry, Hollywood actors were demanding higher wages for workers in the age of TV streaming. According to reports, the SAG-AFTRA union reached a tentative agreement with Hollywood studios to end their nearly four-month strike. After this agreement, around 160,000 artists who have been on strike since July 14 are expected to return to work. During this time, George Clooney and other A-listed stars showed solidarity with other actors and urged them to reach a solution.
what’s the deal
To address the issue, the Alliance of Motion Picture and Television Producers (AMPTP) negotiated on behalf of Walt Disney ( DIS.N ), Netflix ( NFLX.O ) and other media companies. The new three-year contract, valued at more than $1 billion, includes a minimum wage increase and a new “streaming participation” bonus, according to the union. The deal will also provide protection against unauthorized use of images generated with the help of artificial intelligence (AI). AI has emerged as a major challenge for the entertainment industry in recent times.
Work stopped for four months
The actors’ strike halted production for nearly four months, raising questions about the future of the entertainment industry. But after the agreement, the actors will now be able to return to the sets of the film. During this time, the production of films like ‘Deadpool 3’, ‘Gladiator 2’ and ‘Wicked’ were also stalled. However, the shooting of other films and shows is also likely to start soon. According to Milken Institute estimates, the strike is expected to cost the Hollywood industry more than $6 billion.