The WGA writer’s strike has been going on for a little more than a month now, and even exchange traded funds (ETFs) aren’t safe from the ripple effect that’s already being felt across the country.
Since the strike began on November 5, PowerShares Dynamic Leisure & Entertainment (PEJ) has dropped 5.3% and PowerShares Dynamic Media (PBS) lost 8.2%. And if you really haven’t been paying attention, you may have already noticed that most networks have stopped airing new episodes of some of your favorite shows, including "The Office," "The Daily Show" and more. Somehow, Carson Daly’s return to late night is of no comfort.
What’s already happened so far is just the beginning — the impact will be felt even more next year if the strike isn’t resolved soon.
Staffers at various late-night shows have been laid off. Pilot season could be in jeopardy, as could the "upfront" sales period — the time when networks sell the bulk of their commercial time for the next season. It’s kind of hard to do when you don’t have any new, scripted shows to air. You’ll also begin to notice more reality programming to fill in the gaps. And in 2009, the effect could be felt in movie theaters if nothing is in production next year.
Now what are we supposed to do? Read a book or something?
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.