✏️ ✅Cracking the Code: The WGA Strike Resolution ⚡🙌💥💰

Hi,

Welcome to the 43rd edition of Leeds1888. Whether you are a seasoned follower of the newsletter or a newcomer embarking on this enlightening journey with us, I am thrilled to offer you a curated collection of insights, up-to-the-minute breaking news, and comprehensive analyses drawn from the constantly evolving landscape of media and entertainment.

This newsletter will cover the following sections:-

• Top OTT Shows & Movies (don’t miss the new entrants)

• WGA Strike Ends with a Landmark Deal

• Weekly Box Office figures.

• News Buzz

Top watched OTT Shows this week

Top Releases this week

The WGA Strike has come to an end with a Historic Deal. Let’s Analyse.

After an arduous 148-day battle that sent shockwaves through Hollywood, disrupted TV production schedules, and left streaming content in limbo, the curtain has finally fallen on the Writers Guild of America (WGA) strike. This momentous development was not without its fair share of drama and star-studded support, with over 11,400 members standing in solidarity, joined by renowned actors and directors such as Christopher Nolan, Margot Robbie, Billy Porter, and Cillian Murphy.

The resolution of this strike comes as a tremendous relief to studios and TV production houses in the United States, who were haemorrhaging money during the extended ordeal. And for viewers worldwide, it's a cause for celebration.

While I delved into the intricate details of the WGA strike in my previous newsletters, specifically in Issue-30 and Issue-32, I'll quickly recap the primary reasons behind this historic strike once more.

The Points of the Deal

1. There will be a compulsory assignment of a specific number of writers to projects, contingent on their scale and scope.

2. The objective is to devise a formula for residual payments in cases where shows are repeatedly viewed on online streaming platforms.

3. There will be limitations imposed on the usage of artificial intelligence (AI) in the conceptualisation and creation of scripts.

Breakup of the main points of the deal

Compensation & Residuals

• For feature-length streaming projects with a budget of $30 million or more, the minimum initial compensation for a story or teleplay will be fixed at USD $100,000. It’s an 18% increase from the current rate and a substantial 26% increase from the residual base.

• Streaming residuals are to be determined based on the number of foreign subscribers to the streaming platform for globally accessible services. This translates to a significant 76% increase, inclusive of a 2.5% base increase, for foreign residuals within the services boasting the largest global subscriber bases over a span of three years.

• When combined with the enhancements in foreign residuals, this is expected to yield a three-year residual of $216,000 for projects featured on the most prominent streaming platforms. This marks a substantial 49% increase compared to the $144,993 figure outlined in the 2020 mutual bargaining agreement.

• Commencing in 2024, streaming titles with budgets surpassing $30 million, viewed by 20% or more of the service's domestic subscribers within the initial 90 days of release, will receive a bonus equivalent to 50% of the fixed domestic and foreign residual.

• The computation of views will be based on hours streamed domestically relative to the runtime of the season or film.

 Restrictions on the use of AI in script development

The WGA has also successfully incorporated important contract language concerning the utilisation of its members' work in datasets for training AI programs. According to the contract terms, "the WGA retains the authority to assert that the utilisation of writers' content for AI training purposes is restricted by the MBA or other applicable laws."

Minimum Staffing on projects to project the writer’s interests.

1. Studios are mandated to engage three writers for the development phase, along with a minimum of three writer-producers, including a showrunner, who are guaranteed a 10-week work commitment.

2. Following the approval of a series, studios commit to hiring writers based on the number of episodes commissioned: for six or fewer episodes, three writers and three writer-producers; for seven to 12 episodes, five writers and three writer-producers; and for 13 episodes or more, a total of six writers and three writer-producers, for a minimum of 20 weeks or the duration of the post-greenlight writers' room, whichever is shorter.

3. Throughout the production phase, there will be a mandatory presence of at least the show-runner and two writer-producers for a duration of 20 weeks or the production's total duration, whichever is briefer.

Viewpoint

This marks a significant advancement in safeguarding the financial and professional interests of writers in the USA, potentially paving the way for similar agreements between producers and writers globally, including in India. Improved compensation for writers promises to enhance the quality and depth of content, delivering positive news for audiences.

Although the deal may appear demanding on the part of AMPTP, their agreement is likely to result in superior content, consequently boosting viewership and revenue. Additionally, this agreement creates opportunities for negotiations with the SAG-AFTRA Actors union, which has expressed support for WGA and is engaged in discussions with AMPTP regarding their own set of demands.

Box Office Collection Report

News Buzz

• As the WTA striked comes to an end, streaming platforms still have a long way to go before hitting profitability. Watch Here

• Amazon is bringing ads to Prime Video in US from the year 2024 — the ad-free option will cost an extra $2.99 a month. Read here

And with that, it's a wrap on this edition of Leeds1888. Please share this newsletter within your network and let's grow our community !

Vipul