More On: Bidenflation
In 2020, Hollywood was all in for Joe Biden. Now, they are literally paying the price because the cost of making movies and TV shows is going up so fast that it is giving people in the entertainment business sticker shock.
Industry leaders told The Hollywood Reporter that inflation has affected almost every part of making things, from fuel to electrical equipment to small things like gaffer tape.
Herb Gains, the executive vice president of physical production at Legendary, the studio behind Christopher Nolan's Batman movies, was quoted as saying that problems with the supply chain made steel and lumber harder to get, which drove up the cost of materials by at least 25 to 30 percent.
"Our costs are going up everywhere," said Brian Cooper, a partner at the company S2CO that makes soundstages. "Five years ago, I could build a $3 million stage for $8 million.
"We're asking, 'This scene is seven-eighths of a page. Do we need the set, which costs $500,000?'"— Erik Hayden (@Erik_Hayden) June 27, 2022
New from @winstonscho on how inflation is impacting studio production budget choices https://t.co/BiKXFdNC1r
The price of gas in California has reached unprecedented levels, well above the already inflated national average.
“For the first time, we’re asking how to reduce fuel expenditures,” a studio executive told the Reporter.
Hollywood's inflation is so bad that NBCUniversal is trying to save money by clustering filming locations and taking advantage of "volume discounts with key vendors," according to Mark Binke, executive vice president of production at the Comcast-owned studio.
According to Breitbart News, the inflation rate jumped to 8.6% in May, which was the highest in 41 years. This was a record high. Even more quickly, food prices are going up. For example, the price of meat and eggs has gone up by a shocking 14.6%.
Hollywood elites still treat President Joe Biden and Vice President Kamala Harris as if they were royalty. During their recent trips to Los Angeles for the Summit of the Americas this month, they both went out to parties with big names in the entertainment business.