Talent agency CAA has instigated some downsizing, with about 60 employees - including agents, executives and support staff - reportedly affected. However, it is likely to be the acting side of the agency that is mainly impacted, with the ongoing strikes in Hollywood prompting the cut backs.
American performers union SAG-AFTRA last month joined the Writers Guild Of America in going on strike in a dispute over things like streaming royalties and the approach being take by the big studios to artificial intelligence. That has resulted in American movie and TV projects coming to a halt.
The Hollywood Reporter notes: "Several talent agencies have cut staff in the ensuing months as the guilds faced off with the Alliance Of Motion Picture And Television Producers, which bargains on behalf of studios”.
“For instance”, it adds, “Endeavor, the owner of fellow 'big three' agency WME and fashion-focused IMG, estimated on 8 Aug that the impact of the actors’ and writers’ strikes would be about $25 million per month in revenue".
The talent agencies - including the music divisions that work with artists on their live activity - were previously hit by the COVID-19 pandemic, of course, which stopped shows and tours, and also put TV and film productions on hold for a time.