Double Strike In Hollywood: Actors And Writers Unite In Work Stoppage - Apple (NASDAQ:AAPL), Walt Disney (NYSE:DIS)

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In an unprecedented move, Hollywood is witnessing a double strike from both actors and writers for the first time in over six decades. The Screen Actors Guild - American Federation of Television and Radio Artists (SAG-AFTRA) and the Writers Guild of America (WGA) have both decided to down tools, causing a significant disruption to the industry, CNBC reports. Unions Demand Fair Compensation and Express AI Concerns During a press conference on Thursday, Fran Drescher, president of the actors union, expressed her outrage at the situation. "We are the victims here," she said. "We are being victimized by a very greedy entity. I am shocked by the way the people that we have been in business with are treating us." The two unions are demanding compensation throughout all stages of production, and have expressed concerns over the use of artificial intelligence in scriptwriting. In response to the strike, the Alliance of Motion Picture and Television Producers (AMPTP) stated that a deal has been offered with significant pay increases and protections for actors' digital likenesses. However, SAG-AFTRA's National Executive Director, Duncan Crabtree-Ireland, criticized the AMPTP's proposal on AI, and Drescher called the producers' response "insulting." Disney CEO Expresses Concern Over Strikes Bob Iger, the CEO of Walt Disney Co. DIS, expressed his concerns about the strikes during an interview on CNBC's "Squawk Box". He stated that the unions' expectations were unrealistic, and their actions were adding to the challenges the industry is already facing, Variety reports. The strikes come at a time when the industry is still recovering from the effects of the COVID-19 pandemic. Iger described the situation as "very disturbing" and warned of the potential damage to the industry and the wider economy. He also expressed his disappointment that the unions were not considering the current business environment and what the industry could realistically deliver. Also Read: DeSantis's 'Lasting Harm' To Disney In Florida Pushes Mouse House To Boost California Investments It is expected that the actors' union will join the writers' strike, effectively halting all scripted film and TV production. This is the first time in over four decades that SAG-AFTRA has gone on strike, and the first time since 1960 that both unions have been on strike at the same time. Streaming Platforms Dominate Amid Industry Turmoil Meanwhile, streaming platforms are dominating the Emmy Award nominations, indicating a shift in the television landscape. Platforms like Netflix Inc. NFLX, Apple TV+ from Apple Inc. AAPL, HBO/HBO Max from Warner Bros. Discovery WBD, and Hulu from Disney had a combined 280 nominations. This dominance of streaming platforms in the nominations could be indicative of the future of television. Despite the ongoing strikes, Iger confirmed that he would remain as Disney's CEO until 2026, extending his tenure beyond the original end date of next year. He also addressed the recent attacks on Disney by Florida Gov. Ron DeSantis over the company's opposition to Florida's "Don't Say Gay" bill, describing the notion that Disney was in any way sexualizing children as "preposterous and inaccurate". Now Read: Paul Krugman Asks If June Inflation Print Is Just 'Another Head Fake' Or Real: 'History Makes Me Nervous' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock