Already facing retrenchment and existential concerns about its business model , Hollywood is bracing for more potential volatility from the incoming Trump administration . While President-elect Donald Trump has not laid out specific plans for the entertainment industry, analysts said his proposed broader policies on global tariffs , as well as the threat of retaliation against companies, could put a chill on Los Angeles’ signature business. “If I were wealthy today, I would not be buying stock in the entertainment world,” said Stephen Galloway, dean of Chapman University’s Dodge College of Film and Media Arts.
“There’s going to be a lot of turbulence.” California Gov. Gavin Newsom recently proposed upping the annual cap on state film and TV tax credits to $750 million, from its current total of $330 million.
He and others have called for the federal government to step in and keep the U.S. competitive in global production.
But it’s unlikely that Trump would throw the film and TV business a lifeline, especially in any way that could help Newsom and deep-blue California. “Let’s face it, liberal Hollywood is the enemy,” Galloway said. “Even though this is a guy who made his name in entertainment, he’s not going to be a pro-entertainment-industry politician.
” Many Hollywood stars and executives were vocal backers of the Democratic nominee, Vice President Kamala Harris, lending her their endorsements and their pocketbooks after pushing for President Bide.