Hollywood's "Boom to Bust": The Truth Behind the Strikes

The book "Boom to Bust: How Streaming Broke Hollywood Workers" by Miranda Banks and Kate Fortmueller examines the 2023 labor strikes, analyzing them in the context of Hollywood's shift from peak streaming to industry contraction. From a 2026 perspective, with a 40% drop in industry jobs, the authors detail how the strikes, occurring as the "boom" phase ended, were a response to disruptions caused by streaming's rise.

The authors identify the inciting incident as streamers beginning original programming, which forced traditional studios to follow suit. This led to a "perfect storm" of technological change, industry shifts, and a cultural/political moment that pushed workers to strike. The era promised new opportunities and appreciation for diverse voices, but the reality for many involved overwork, financial precarity, and unsustainable career paths.

The streaming model, driven by a land grab for subscribers rather than market demand, resulted in overproduction and a disrupted financial model. This, coupled with rising living costs in production hubs, created frustration among workers. Banks and Fortmueller argue that while the technology of streaming offered creative opportunities, its "greed-driven" implementation harmed workers.

While the strikes successfully negotiated key terms related to compensation and working conditions, they also accelerated an inevitable industry contraction. The authors suggest the industry couldn't sustainably support the number of workers drawn in during peak TV. This contraction has led to widespread job losses, with the crisis now spread across the country.