Hollywood executives from Disney, Netflix, Warner Bros and others amassed a staggering income compared to Hollywood writers, per CNBC.
Warner Bros. Discovery Inc. CEO David Zaslav emerged as the highest-paid Hollywood executive. He earned $498 million between 2018 and 2022, 384 times greater than the average Hollywood writer's pay.
In the last five years, Zaslav isn't the only one on the list. Alongside are Ari Emanuel, Reed Hastings, Bob Iger, Ted Sarandos, Rupert Murdoch, Lachlan Murdoch, Brian Roberts, Joseph Ianniello, and Patrick Whitesell.
Now, the analysis of their income encompassed various components such as stock options, base salaries, bonuses, and other perks. It revealed that average pay for Hollywood executives surged to $28 million in 2021. It's a 53% increase since 2018 and roughly 108 times more than the average writer's income.
In stark contrast, Hollywood writers have experienced stagnant pay. An average us about $260,000 in 2021.
The report noted that the stock market's volatility and pressure to make streaming services profitable led to a drop in executive pay in 2022. This financial strain has resulted in mass layoffs, with companies like Disney and Warner Bros. cutting thousands of jobs.
Hollywood writers went on strike on May 2, advocating for improved wages, streaming residuals, and other protections in their contracts. Eventually, WGA and AMPTP reached a deal. However, SAG-AFTRA deals are still in talks. But recent reports show that Hollywood executives will not seal the deal on their proposed 2% revenue share.
Unfortunately, this income gap is reflective of a broader trend where CEO pay has significantly outpaced wage growth for everyday workers in the United States over the years.
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