The sudden decline in Netflix’s share price and the growing fear of a recession have forced Hollywood into a new period of fiscal austerity. This manifests in ways big and small. A TV director who made $4 million a year is now getting $750,000. Mid-budget movies are being shelved. Broadcast TV budgets have dropped more than 30%.
In the latest new trend, networks are canceling shows that they already agreed to make. Peacock shelved plans for a “Field of Dreams” TV series from the co-creator of “Parks and Recreation,” while HBO Max canceled “Demimonde” from “Lost” co-creator J.J. Abrams.