WGAW Strikes Amidst Record Earnings Surge
Writers Guild of America West (WGAW) reported record earnings and dues payment from members in the year leading up to the union's ongoing strike. This data comes from the latest financial report released by the guild. Pertinently, the earnings and employment data usually included in the annual reports were left out in the recent statement, possibly due to the current strike situation. The report stated, “Because of the strike, we are omitting the state-of-the-industry data that normally accompanies the financial statement.”
However, membership dues collected by the guild in the fiscal year that ended on March 31, 2023, right before the strike began on May 2, were included in this report. This offers a snapshot into covered earnings as a vast majority of dues is based on earnings.
In the report dated June 29, the guild reported a record collection of $41,585,533 in membership dues and initiation fees. This total is 24.6% higher than the previous year’s $33,374,582, making it a record on its own, and 14.6% higher than the previous peak of $35,978,198 in the fiscal year concluding as the Covid pandemic began in March 2020. However, inflation may account for part of these percentage increases.
Data tables usually expected, such as “The Marketplace for Writers”, detailing employment and earnings from all income streams, were omitted. This year's annual report also excludes the password-protected marketplace data, which often finds its way into the press at around the same time each year.
The recent surge in earnings may not signify improved conditions but could be related to a pre-strike production speed-up, a trend witnessed prior to the last WGAW strike from November 5, 2007, to February 12, 2008.
In addition to the writers, Screen Actors Guild, SAG-AFTRA, is also on strike, now in its fourth day. This event marks the first strike against the film and TV industry since 1980, and it is also the first one concurrent with writers since 1960.
Concluding the fiscal year in a strong financial position, the guild recorded total net assets exceeding $99.7 million, along with an operating surplus of $7.5 million on revenues of just over $45.6 million. The guild had reserved a strike fund of $19,297,571 to assist members adversely affected by a work stoppage. This fund is more than double the $9.2 million set aside prior to the 100-day strike in 2007-2008.
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Now, let's opine a bit.
In the silver-screened city of dreams, a record-breaking payday has accompanied a rather tense standoff. The members of Writers Guild of America West enjoyed a dramatic increase in earnings and dues payments before the union called 'cut' and moved to the picket lines early this May.
This jump in earnings, akin to some silver screen twist, greets us with some ambiguity on its face. One could assume that our scribes were penning enough killer dialogue to induce Scrooge McDuck levels of money-diving. Yet, it's not all rainbows and Oscar gold - this surge hints more at a reaction to the impending strike than a sudden appreciation for their quill skills. It's a bit like cashing in on your chips before the casino decides to change the rules of the game.
As further plot twist, our guild’s meticulous accountants have chosen, for the first time, to roll credits on providing the usual employment, residuals, and earnings data. Consider it the Hollywood equivalent of the magician who, after executing the grandest illusion, refuses to reveal his trick: leaving us, the inquisitive audience, whirling in anticipation.
Add some popcorn-filled drama with the Screen Actors Guild - also currently adding picket lines to their repertoire - and we've got an industry plot on our hands with twists rivaling a Tarantino flick.
As the financials roll out, our guild is far from signaling distress, holding just below their “if all else fails” $100 million benchmark. Furthermore, they’ve built up a rather healthy strike fund. It seems that, much like in any Hitchcock thriller, our characters have prepared well for the lurking suspense.
But let's not forget the humble origin of dues - the members. Calculating dues at 1.5% of covered earnings plus “basic dues” of $25 per quarter, we can quickly gaze at the merry band of scribes. We see a democratically diverse spectrum of 25,120 dues-paying members, of whom 11,810 members are capable of swaying the guild's upcoming elections.
Like any good cliffhanger, we’re left wondering what the next act will bring. Artists and industry on the picket lines, negotiations in play, and resolved faces compose this tableau. And as always in showbiz, we keep our eyes peeled, anticipating the next twist, eternally eager for the curtain to lift on the next compelling scene.
