Hollywood feeling pinch amid economic worries

 

When Paul Hodges lost his job as a newspaper librarian this summer, he cut back on junk food, canceled his Netflix subscription, went back to his old DVDs and tried to stop buying new ones.

"I had to scale back like everyone," said Hodges, a 35-year-old homeowner in Coral Springs, Fla. "It forced me to prioritize things."

In past downturns, Hollywood earned a reputation for being "recession-proof" as U.S. consumers' movie spending kept growing steadily. This time, the industry is coming off three years of nearly flat spending, and there are cracks in its armor: Home video sales slipped this month as consumer confidence fell again amid rising unemployment and a crashing stock market.

(Associated Press)

 


Film Business, Hollywood


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