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.
“Hollywood is in trouble.” It is a phrase that has been echoed through the decades—from the scandals of the 1920s to the advent of television in the 1950s, the rise of cable and videocassette recorders in the 1970s and ‘80s, and now, in the...
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.
“The Milken Institute commends the creation of Trump Accounts, previously known as Invest America Accounts, and the expansion of Opportunity Zones included in the final passage of the reconciliation package. These key provisions will...
Executive Vice President, Milken Institute Finance
Michael S. Piwowar, PhD, is the executive vice president of Milken Institute Finance. Piwowar served as a commissioner at the US Securities and Exchange Commission (SEC) from August 15, 2013, to July 6, 2018.
“As Congress continues to finalize the reconciliation package, the Milken Institute supports the key provisions for Trump Accounts and Opportunity Zones that will advance economic mobility for all Americans,” said Michael Piwowar, EVP of...
Executive Vice President, Milken Institute Finance
Michael S. Piwowar, PhD, is the executive vice president of Milken Institute Finance. Piwowar served as a commissioner at the US Securities and Exchange Commission (SEC) from August 15, 2013, to July 6, 2018.
Redlining was a legally sanctioned practice of denying various services, including access to credit, for people living in specific neighborhoods, usually identified on the basis of race or ethnicity, and primarily in urban communities.
Blair Smith is senior director at Milken Institute Finance, with more than 20 years of financial services and capital markets experience. He leads the Access to Capital and strategic innovative financing initiatives to enhance economic and social impact.
It’s difficult to pinpoint numbers in a population that is constantly on the move. But on a single night in 2024, when US state and local authorities nationwide counted their populations and reported the results to the US Department of...
Blair Smith is senior director at Milken Institute Finance, with more than 20 years of financial services and capital markets experience. He leads the Access to Capital and strategic innovative financing initiatives to enhance economic and social impact.
WASHINGTON, DC (June 4, 2025) — Today, Michael Piwowar, Executive Vice President of Finance at the Milken Institute, provided testimony before the US House Committee on Agriculture hearing on American Innovation and the Future of Digital...
Executive Vice President, Milken Institute Finance
Michael S. Piwowar, PhD, is the executive vice president of Milken Institute Finance. Piwowar served as a commissioner at the US Securities and Exchange Commission (SEC) from August 15, 2013, to July 6, 2018.
Washington, DC (June 4)—Today, Michael Piwowar, Executive Vice President of Finance at the Milken Institute, provided testimony before the US House Committee on Agriculture hearing on American Innovation and the Future of Digital Assets...
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.