The Writers Guild of America (WGA) strike has come to an end, bringing relief to the entertainment industry as a whole, and hope that the Screen Actors Guild (SAG) will soon reach a similar resolution. The concurrent strikes have not only placed a number of television shows and film productions on hold but have also led to the cancellation of some projects, resulting in substantial disruptions throughout the industry. This has had a profound impact on individuals whose livelihoods depend on production work, with some of them spending the last five months picketing outside of major studios. The conclusion of these negotiations and the reaching of a mutually beneficial deal represents a significant milestone in the ongoing conversation surrounding workers’ rights within the industry.
With the shift in entertainment towards streaming platforms and with the lack of information around artificial intelligence (AI), the WGA sought to safeguard and further the rights of writers. Some of these concerns were around compensation, including residuals and streaming royalties. Other concerns included minimum staffing for writers’ rooms and the threat of AI generated material. With this resolution, there is an acknowledgement that writers are the backbone of any story, they are responsible for all the shows and films that captivate audiences worldwide, and these stories cannot be artificially generated.
The entertainment world celebrates the conclusion of the WGA strike and looks forward to a potential resolution of the SAG strike. With a more equitable contract in place, writers and studios can resume work on beloved shows and bring fresh ideas to the big screen. This resolution not only establishes a precedent for future negotiations but also reinforces the indispensable role that writers play in the filmmaking process.
Clocktower Tax Credits is thrilled for both the writers and the broader entertainment industry on this resolution. Our network of buyers is eager to acquire tax credits generated from the expected surge in productions as people return to work. If you are working on a production and are interested in selling its tax credit, don’t hesitate to call us. Clocktower works with producers/filmmakers all across the country and we’d love to work with you as well. For inquiries, please contact Haley Ricker at (978) 793-6694 or HRicker@ClockTowerTC.com.