Craig Knizek, a veteran of Hollywood and now a producer of real estate endeavors, highlights the stagnation in the entertainment industry and its effects on residential real estate. The influx of streaming platforms and changing production models have created challenges for established industry professionals, impacting local housing markets. Despite these challenges, Knizek notes a slight silver lining as the California film and TV sector sees some job growth, with recent reports indicating an increase in employment within the creative economy.
"There's a saying that you can make a killing, but you can't make a living in the entertainment business and that seems extraordinarily true today," Knizek said.
"People are getting work sporadically, so that has a real hallowing out," Knizek said.
"The whole business model shift is dramatically impacting where people live."
"If there's one bright spot, it may be that the state's film and TV industry was the only creative segment to see growth..."
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