The cultural relevance of movies, and American made movies isn't going anywhere anytime soon, but I think the economics of streaming is finally playing out in the loss of the geographical concentration of power in Hollywood and California. This is the endgame of the feedback loop of streamers causing industry consolidation... the direct connection of dollars people spend to sit in a theatre seat was slowly declining,…
As much as I support unions and labour rights, the last SAG-AFTRA strike mostly just helped the big studios realize they could do more with less. Hollywood is a factory town at the end of the day, and we all know what happened to most factory towns in America. This one is just getting there a few decades after the others.
It’s not even Los Angeles’ biggest industry. Everything from China enters through the Port of Los Angeles, which is the biggest in the United States. In fact, the top two busiest ports in the USA are both Los Angeles and Long Beach (which directly borders Los Angeles).
This is just one example, but Los Angeles, despite its own external projections and self-mythology to the contrary, is much more than just a one industry town. Aside from shipping and logistics, it’s also a center for auto+aerospace manufacturing, and a major healthcare hub. Downtown Los Angeles, which actually serves as a glorified rail freight hub, is still far and away the nation’s capital of garment manufacturing, with over 80%(!) of the nation’s made-in-USA clothing produced here (this is downstream of being the biggest port in the US). Los Angeles has always existed as a center of industry and agriculture before Hollywood, and while the decline of Hollywood certainly hurts the city, it will not kill it.
SF, ironically, is actually moreso a factory town: if one day its tech champions decided to up and leave, there wouldn’t be much left relative to its current GDP. But one thing that may protect both SF and Los Angeles from ever becoming Detroit are their beautiful weather and geography. People will always want to live here, despite the costs. See Santa Barbara, a real city with no major industry to claim as its own, yet it still boasts some of the highest real estate prices in the world.