Kevin Klowden is the executive director of Milken Institute Finance. He specializes in the study of key factors that underlie the development of competitive regional economies (clusters of innovation, patterns of trade and investment, and concentration of skilled labor) and how these are influenced by public policy and, in turn, affect regional economies both globally and nationally.
Filmed entertainment itself has seen many highs and lows in California over the past century or more, but it has not faced as significant and wide-ranging a threat as has impacted Hollywood production in the wake of reaching “peak television” in 2021. While previous disruptions to Hollywood have involved technological disruption, such as the advent of television (in the late 1940s), a strong dollar (in the 1990s), and competitive film incentives (in the early 2010s), never has Hollywood faced all of these issues at the same time. Combined with high levels of financial strain facing the studios in the wake of the 2023 strikes, driven by stagnating streaming growth and the loss of prior revenue streams in DVDs and broadcast television, the need to find less expensive locations has never been stronger. And the consequent impact on California’s workers and businesses, both inside and supporting production, has never been felt more quickly and more severely.
California suffered a $4.14 billion loss in total output and 17,234 job losses due to a declining share of the US entertainment industry between 2019 and 2023. From the second quarter of 2019 to the second quarter of 2024, entertainment jobs decreased by 15 percent in California.
Actions must be taken now to address the lack of work before the loss of talented workers, prop houses, costume shops, catering firms, camera rentals, and others becomes irrecoverable.
The Honorable French Hill Chair, Committee on Financial Services US House of Representatives Washington, DC 20515 The Honorable G.T. Thompson Chair, Committee on Agriculture US House of Representatives Washington, DC 20515 The Honorable...
An upcoming report from the Milken Institute Inclusive Capitalism Program, in collaboration with the Research team at Milken Institute Finance, analyzes the impact of female emerging venture funds on the greater financial landscape.
The number of Americans aged 65 and older, known as elders or older adults, will increase to 82 million by 2050 (a 47 percent increase from 2022), accounting for nearly a quarter of the US population.1 Many, however, will be financially...
Private equity (PE) and venture capital (VC) are engines of US economic growth, innovation, and global competitiveness. Seven of the ten largest publicly traded US companies originated as start-ups backed by early venture or angel...
In Frank Capra’s It’s a Wonderful Life, as George Bailey tries to prevent a run on the Bailey Brothers Building and Loan, the audience receives a lesson in community banking and the economic multiplier effect. Customers deposit their...
Associate Director, Small Business Policy and Innovation
Kristen Fanarakis is an associate director at MI Finance, leading the small business policy and innovation initiative. The Milken Institute Small Business Policy and Innovation Initiative analyzes the macroeconomic trends and policies affecting small businesses and offers policy recommendations and solutions aimed at fostering an environment of inclusive prosperity. Her work engages and educates policy stakeholders to address the challenges small businesses face.
In my travels around the world since the last Global Conference, I’ve seen the mood pendulum swing from tentative optimism to trepidation about what comes next. The geopolitical, economic, and emotional headwinds that confront each of us...
Richard Ditizio is the CEO of the Milken Institute, responsible for all pillars and departments across the organization's global footprint. Under his leadership, the Institute expanded its staff and programmatic work to Asia, Europe, the Middle East, and Latin America.
“Keep calm and carry on” was a slogan coined in Britain in 1939 in the face of the oncoming war. As the world grapples with paradigm-shifting policies, technological advancements, and economic divergence, now feels an appropriate moment to...
The American Dream—the idea that every person has the freedom and opportunity to attain a better life—has been a cornerstone of the American ethos for over a century. This dream encompasses affordable housing and health care, accessible...
The US corporate landscape is facing a difficult period, likely characterized by financial distress and a wave of corporate restructurings. Many companies are struggling with persistent cash flow problems, mounting debt, and dwindling...