Hollywood Faces Production Shift as Creators Build Supersized Studios and California Proposes $750M Tax Credit Amid Extinction Warning

Hollywood is experiencing a notable shift as creators develop their own large-scale studio systems amid cutbacks in traditional Hollywood production. Work is increasingly moving out of California due to factors such as advances in technology, union contract changes, and global incentives, impacting jobs and the state's economy. Industry observers warn of a potential 'cinematic extinction event' and emphasize the need for Hollywood to stage a comeback. In response, California has proposed a $750 million expansion of its film and television tax credit program aimed at revitalizing production within the state. Discussions around these developments highlight the urgency of efforts to sustain and rejuvenate the entertainment industry in California.