The Business Megabanter 2025: Hollywood’s unraveling year of crises, consolidation, and AI
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Dec 26, 2025 
Join Lucas Shaw, a Bloomberg media reporter, and Matt Belloni, co-founder of Puck, as they dissect a tumultuous 2025 in Hollywood. They cover the devastating Los Angeles fires impacting the industry and analyze production incentives competing with international markets. The duo dives into the shocking James Bond sale to Amazon and discusses Disney's controversial alliance with OpenAI amidst shifting DEI priorities. Expect insights on corporate maneuvering, strategic pivots, and the ongoing clash between creative control and AI technology.
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Fires Trigger Industry Exodus Fears
- The 2025 Los Angeles fires shifted the conversation from infrastructure loss to human toll and displacement in the industry.
- Matt Belloni and Lucas Shaw say production began fleeing, threatening Hollywood's long-term status as a production hub.
Tax Incentives Lag Behind Competitors
- Tax incentives in California fell short of competing with places like the UK that allow above-the-line deductions.
- Studios will follow the money, pushing below- and above-the-line talent to relocate to cheaper production hubs.
Talent Density Is Dissipating
- The density of below-the-line talent in Los Angeles is thinning as crews follow productions to other states and countries.
- Kim Masters warns that losing that critical mass could change what Hollywood is in five years.