US president insists that Hollywood is on the verge of ‘rapid demise’ despite generating $30bn in revenue in 2024.
United States President Donald Trump has declared his intention to levy a 100 percent tariff on international films, arguing that Hollywood faces an imminent demise owing to fierce foreign competition.
In his recent social media update, Trump instructed the US Department of Commerce and US Trade Representative to swiftly begin the tariff imposition process on films originating from foreign territories.
“Various countries are providing attractive incentives to lure our filmmakers and studios away from the United States, resulting in Hollywood and other sectors within the US experiencing a devastating impact,” Trump articulated on his Truth Social platform.
“This constitutes a concerted effort by other nations, thereby presenting a national security threat. Additionally, it is, as with everything else, a form of messaging and propaganda!”
Trump neglected to provide specifics on the practicalities of such tariff implementation, including its applicability to Hollywood productions engaging in multinational shooting and production.
Following this declaration, Trump appointed actors Sylvester Stallone, Mel Gibson, and Jon Voight as “special ambassadors” in January, aimed at recovering the business Hollywood has lost to international markets.
At that juncture, Trump positioned these actors as his “eyes and ears” in the pursuit of ushering in a “Golden Age of Hollywood.”
Over recent years, Hollywood has grappled with challenging market conditions, compounded by the aftermath of the COVID-19 pandemic and the 2023 actors’ and writers’ strike.
According to Gower Street Analytics, Hollywood studios worldwide collected approximately $30bn in 2024, marking a decline of about 7 percent from 2023.
Despite 2024’s revenue being an improvement over the years 2020, 2021, and 2022, it was still roughly 20 percent below the pre-pandemic average, as per Gower Street Analytics.
In his recent social media update, Trump instructed the US Department of Commerce and US Trade Representative to swiftly begin the tariff imposition process on films originating from foreign territories.
“Various countries are providing attractive incentives to lure our filmmakers and studios away from the United States, resulting in Hollywood and other sectors within the US experiencing a devastating impact,” Trump articulated on his Truth Social platform.
“This constitutes a concerted effort by other nations, thereby presenting a national security threat. Additionally, it is, as with everything else, a form of messaging and propaganda!”
Trump neglected to provide specifics on the practicalities of such tariff implementation, including its applicability to Hollywood productions engaging in multinational shooting and production.
Following this declaration, Trump appointed actors Sylvester Stallone, Mel Gibson, and Jon Voight as “special ambassadors” in January, aimed at recovering the business Hollywood has lost to international markets.
At that juncture, Trump positioned these actors as his “eyes and ears” in the pursuit of ushering in a “Golden Age of Hollywood.”
Over recent years, Hollywood has grappled with challenging market conditions, compounded by the aftermath of the COVID-19 pandemic and the 2023 actors’ and writers’ strike.
According to Gower Street Analytics, Hollywood studios worldwide collected approximately $30bn in 2024, marking a decline of about 7 percent from 2023.
Despite 2024’s revenue being an improvement over the years 2020, 2021, and 2022, it was still roughly 20 percent below the pre-pandemic average, as per Gower Street Analytics.
