issue 205
Hello! Gladly passing over the reins today to my good friend Michael Healy. This is the second guest (the first named!) in the four-year run of this thing. Michael has a brilliant mind and most recently worked for the directors on the Pirates and Maleficent franchises for Disney. He’s now making big strides toward his feature debut.
Michael did us all a good favor by distilling the film/tv salary numbers from last week to make them more comprehensive (for fun.. on his own accord, like a psycho). He began his career as an Excel monkey, so I trust we’re in good hands that know the hot-key shortcuts by muscle memory.
Without further ado, let’s get to Michael’s insights:
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Hiya. Long time listener, first time caller here who was transfixed by the survey data that Devon shared about salaries in entertainment. I worked in finance before I answered the call of Hollywood, and as much as I love my new career, old habits do die hard.
Salary figures are for base pay only. That was the cleanest way to compare apples to apples.
Headline numbers below, scroll down for my observations.
SALARY DATA FOR A GIVEN JOB TITLE
ASSISTANT || (n=41)
Mean: $46,765
Median: $45,000
Lowest: $20,000
Highest: $70,000
EXECUTIVE ASSISTANT || (n=26)
Mean: $52,054
Median: $54,000
Lowest: $19,000
Highest: $75,000
COORDINATOR || (n=83)
Mean: $59,531
Median: $60,000
Lowest: $25,000
Highest: $90,000
CREATIVE EXECUTIVE || (n=114)
Mean: $67,818
Median: $65,000
Lowest: $38,000
Highest: $125,000
DIRECTOR OF DEVELOPMENT || (n=101)
Mean: $91,565
Median: $87,000
Lowest: $35,000
Highest: $200,000
VP || (n=72)
Mean: $156,143
Median: $150,000
Lowest: $30,000*
Highest: $310,000
*Outlier, next lowest is 75k
SVP || (n=23)
Mean: $192,348
Median: $165,000
Lowest: $100,000
Highest: $385,000
EVP || (n=6 *Small sample size)
Mean: $287,500
Median: $275,000
Lowest: $75,000
Highest: $600,000
PRESIDENT or PRODUCER || (n=8 *Small sample size)
Mean: $696,875
Median: $250,000
Lowest: $150,000
Highest: $4,000,000
Headline Observations:
On every level, more women responded than men. We can all recognize the historical gender wage gap across every industry, so shout out to the ladies for being ultra transparent here.
On the low end, big red flags to the respondents who reported a base of under $30k per year, which is basically minimum wage in California. Unless they’re getting serious bonuses, their employer is most likely breaking the law. Note -- the survey started in August 2020 and a few agencies have materially increased their starting wages since.
The MIT living wage calculator gives a figure of $40k per year (single, no kids) to live in Los Angeles County; shame on the 15 employers in this survey reportedly paying less than this.
Average rent in Los Angeles is $2,000 to $2,500 per month depending on your source. Housing is generally considered affordable if you spend less than 1/3rd of your income on it -- Zillow dreaming as Devon calls it.
So a base salary of $72k to $90k is needed -- you pretty much have to be a higher level DoD or above to live in Los Angeles in an affordable manner. Assuming you start as an intern, that’s 3-5 promotions (or what, 6-8 years??) into a career!
(Devon: Also to note, most early career filmmakers make peanuts from their first show/movie, many go into debt to actually make them.)
Not a lot to say about VPs on up. I hope the data below helps you negotiate more $$$ at your next review. Have a good base and fight for as much equity/points/credits as you can!
It was difficult to run analysis on bonuses, a lot of them were arbitrary or completely discretionary. Bonuses based on actual performance metrics, like selling a show or film, were few and far between. Hard to hit a target that’s not defined.
Analysis was done on 84% of the total respondents (n=564); some of the data was too hard to clean up, had obvious errors/duplicates, or didn’t neatly fit in a box. Most respondents were likely on the creative side of the business.
Survey responses were collected from August 2020 to September 2021. Dollar amounts are in USD and we’re assuming the majority of respondents are in Los Angeles. I was not involved in the creation of the survey, nor collecting the responses (nor was Devon). Data is taken at face value.
What can you do with this information?
Talk about it, share it!
The big takeaway from this data is how it quantifies affordability (housing / cost of living) in our industry. To zoom out and look at human history, high income inequality is the norm. However we are still living in a post-war 1950s economic/cultural legacy of low income inequality (for some). It’s not your fault you’re probably getting squeezed. Economic gaslighting?
To the bosses - If you’re looking to make world class entertainment then you need a world class team. Treat your people as such, not just by throwing a pizza party twice a year but by making sure their pay and hours are such that they can thrive in an affordable way. This guy raised the minimum wage at his company to $70k and business is booming. Invest in your people, it’s not just the humane thing but also the profitable thing to do.
A $10m pay cut from any of these high earning CEOs can mean a $5k raise to 2,000 employees; on the lower levels that’s game changing! Call it late-stage philanthropic capitalism? It'd surely bring good publicity and improve employee morale. Positivity is profitability.
The tides of human history are against you, and yes it might have been tough when you were coming up the ranks, but ask yourself this -- Is your legacy one of building a better world or perpetuating the problems of the past? Just because you had to crawl through the mud, don’t make the next person.
I moved to Hollywood with more savings than most and strong family support. My past work experience in finance didn’t mean much and I had to start all over again (unpaid internship). Yet, after my first 3 years I was mostly tapped out, skipping meals (pride stopped me calling home for help) and very unsure if I was on a sustainable path.
I say all this to highlight that if I found it hard, I fully believe how it can be near impossible for many others. Diversity isn’t just about making the hire, it’s about ensuring everyone can have a sustainable career.
To the employees - The single most powerful thing you can do is talk about your pay and conditions. So thank you for those that did. There are strong federal laws that protect this, look them up! I’m staggered by how many people don’t know this. A rising tide really does lift all boats, read more on this here, here, here and here.
If you find out a colleague is getting more, it’s not their fault. Direct those energies to management and see if your colleague can offer their support. You are not defined by your income, though it can feel like that.
America is so divided on almost every issue; if there was a vote between free ice cream and a poke in the eye with a sharp stick it’d still be 51/49. That being said, I really hope that paying more, especially for more junior employees, is something that the industry can rally around. It brings more and diverse voices into the room, it’s profitable for companies, and most importantly it ensures the creative future of our industry.
Let’s all see if we can nudge the needle towards a more righteous future.
Cheers,
Michael
Tech
Audius, decentralized music streamer, raised $5m RS
Curastory, helps athletes with social video output and monetization, raised $2m Sportico
Elodie Games, game dev, raised $32m Med
Colossal, hopes to bring back wooly mammoth with crispr, raised $15m (led by Thomas Tull - you think he’d have read Jurassic Park) TC
Discord, chat app, raised $500m val at $15b Bberg
1047 Games, makers of Splitgate, raised $100m TC
Millions, social commerce for semi-pro and pro athletes to monetize, raised $10m TC
Immutable, NFT games, raised $60m VB
DeepHow, b2b videos for manufacturers, raised $9m Cision
Paradiso Media, french podcaster focused on film/tv, raised $6m Var
Sleeper, fantasy sports app, raised $40m from strategics Bberg
Cipher is a new digital pub focused on climate changed backed by Gates Axios
Payload, digital pub focused on the biz of space, raised $650k Axios
Statespace, esports training facility, raised $50m VB
Genius, music lyrics, sold for $80m (less than raised so investors must’ve just gotten their money back) Bberg
Omaze, non-profit fundraising platform, raised $85m Axios
The Org, publicly viewable database of org charts, raised $20m (Information does this) TC
The future of speech synthesis, voice cloning (v bullish on this space) Verge
Woz starts Privateer Space to clean up space debris Space
Dubber acq Notiv for $5m for machine translation and more Dubblog
Rebellion Defense, AI solutions for US defense, raised $150m Axios
Sudowrite, AI (gpt3) for writers encountering writer’s block, raised seed (funny, they didn’t let a few actual writers I work with try their tools..) JYtwtr
LinkedIn sets aside $25m “creator” fund on its platform (I barfed) TC
Party Round building new fundraising tools for founders (with NFTs and more) PRtwtr
Smart News, news aggregator based in Japan, raised $230m TC
SeedTag, contextual advertising, raised $40m Cision
Ampled is a new musician focused co-op to learn about web3.0 Mirror
Find Your Grind, future readiness and career platform for gen-z, raised $1m (helps when dad is Bill Gross) FYG
Cameo now allows for calls w/ celebs (soon meetups, watch this space) Verge
Shaan Puri sold an NFT that represented ad time on his podcast (pretty neat idea) SPtwtr
Cohere, democratized NLP models, raised $40m Fastco
Nahoft is a new private encryption app for Iranians Wired
Flippa, marketplace to buy/sell SMBs, raised $11m TC
Avalanche, blockchain focused on speed and low transaction costs, raised $230m TC
Delegate Connect, virtual events platform, raised $10m (use Hovercast) SD
OpenSea exec guilty of insider NFT trading TC
Intuit acq bootstrapped Mailchimp for $12b NYT
Spire acq ExactEarth for maritime geospatial positioning SN
Media
Facebook knows Instagram is toxic for mental health, especially for teen girls WSJ
NFL experimenting with sports betting ads (the space is flush) NYT
Red Bird Cap might invest in Lebron’s SpringHill (also stakes in Wasserman and Skydance) THR
YouTube TV expands with more Spanish language channels (globalization thru localization) TC
Barcelona and Madrid to challenge LaLiga $2b PE deal Bberg
Lego launches first content partnership with Amazon, Lego Monkie Kid LG
Late night hosts team to tackle climate change NYT
PointsBest inks deal with Austin FC to inch into MLS, US soccer Sportico
Sacramento Kings valued at $1.8b with Arctos investment SP
Trip Advisor and Audible team on travel entertainment Cision
K-Pop firm SM Ent puts up 20% stake for sale (who’s in on a SPV?) Var
SpaceX successful with Inspiration4, civilian mission QZ
Netflix filmed the launch live on YouTube (hmmm) IW
Quibi and Eko end lawsuit about turn-style tech (who really won tho) Dead
China restricts TikTok usage to 40mins for <14 year olds (cool to brainwash everyone else..) WSJ
Piers Morgan signs sweeping deal with Fox THR
Peacock and other streamers bidding ($2b) on US English Premiere League rights Bberg
In-game advertising set to expand (I have a shortlist of startups here) Digiday
S4 Cap acq Zemoga, tech consultancy for advertisers Reut
Radiohead and Epic team on Kid A Mnesia interactive exhibition Verge
All the stuff from the Apple event Mash
A look at the new digital media startup Puck Bberg
France working through windowing reform with streamers Var
TV industry grappling with new metrics (most reported are unreliable) Var
Nexstar hungry for smaller acquisitions to expand content and sports offerings Axios
Entertainment
Emmy winners (Queen’s Gambit, The Crown, Mare, Lasso) Var
TIFF winners (Belfast took home People’s Choice) IW
Universal won Nolan’s next film Var
ViacomCBS launches BET Studios Dead
Anton takes stake in Cumberbatch’s SunnyMarch Var
Nflx orders heist series Jigsaw about loss of $70b bonds during Hurricane Sandy Var
Clintons option the Maisie Dobbs novels, first foray into fiction THR
Steph Curry’s prod co signs expansive partnership with Comcast NBCU THR
Tony Bennett and Lady Gaga partner w/ ViacomCBS for three specials (sold) Var
Procession, doc about childhood sexual assault by priests, acq by Nflx THR
Sugar23 takes stake in experiential firm, Blue Revolver Dead
Dan Levy (Schitt’s Creek) overall at Nflx Var
Odeon Theatrical brings AR and personalized experiences to theater (a lot of good friends behind this one, write me [just reply] if you want an intro) VB
Helen Mirren to host Harry Potter quiz show for WarnerMedia (sold) THR
The Bodyguard remake in the works at Warner Bros, Matthew Lopez penning Var
Clubhouse ordering audio content from Lebron’s SpringHill THR
Uni picks up action comedy Stranded Asset with Pratt Var
Mackie attached to Twisted Metal tv series at SP TV based on games Var
Dan Mace gets a Discovery+ show all to be shot on film DMig
Where the Fore Are We musical set at Amzn from Brownstone Var
Lost Boys movie in the works at Warner Bros THR
Top ent attorneys launch a new firm Dead
Fmr Sky drama head launching new prod co in UK THR
Nflx signs long-term lease w/ UK’s Longcross Studios THR
Newen Group acq German producer Flare Film Var
Video on Apple shows being great for… Apple product placement WSJ
Broadway plays reopening now and in the fall Vulture
Collaborative
Andy Jassy, Amazon CEO, says it’s still early days re Amazon’s media ambitions CNBC
Reid Hoffman interviews JJ Abrams on how the future follows fiction (the thesis for my whole being) Spot
100 year study on AI report Stanford
Zhao Wei, famous Chinese actress, censored in China, borderline unsearchable (extreme cancellation culture) WSJ
Top entertainment litigators on profit participation and stars suing studios (wrote about this in issue 198) THR
Kara Swisher interviews Katzenberg and co about Quibi NYT
Profile on Onno Faber, champion of rare disease cures Neolife
Nightmare Alley teaser trailer YT
Podcast with Stacey Snider about growing Sister Var Spotify
Netflix as the new commute time WSJ
AI to monitor brain electrical signals IEEE
Metaverse market map CBI
Business breakdown on Axie games PDF
Mike Dempsey on speculative bubbles in the 21st century MDss
Interview with Jon Stewart THR
José Gonzalez new album Local Valley (v pleasant) Spot
The Humans trailer (ppl liked at TIFF) YT
Profile on LJ Ross, self-published writer (watch this space) BBC
1000 Dreams profiles 1000 refugees and their stories 1000
Met Gala through Kendall’s camera Vogue
And outfits critiqued by Mel Ottenberg Interview
Succession season 3 trailer YT
Finch trailer YT
A guide for using Ord, interactive story software Steam
The tragedy of America’s public education in rural areas NYT
Profile on Ingrid Daubechies, the godmother of the digital image NYT
Andrew Ryce on the future of DAOs and more, a look at FWB Raco
Patrick O’shag interviews Spotify’s Daniel Ek Spot
Interview w/ UMG’s Lucian Grainge FT
West Side Story official trailer YT
Todd Feathers on neighbor surveillance Markup
Helen Li on what Spotify and Apple can learn from Chinese podcasting ROW
Jon Lai thread on play to earn games JLtwtr
Kevin Merida hopes to reinvent the LAT VF
The ‘inevitability’ of Marvel video games Ringer
Jim Cumming’s Beta Test trailer JCtwtr
LA seed deal report H1’21 Amp
Kia Kokalitcheva on ISAs and coding bootcamps Axios
Profiles on a group of wildly impressive diverse scientists MassSci
Crowdunded DAO to learn more about crypto & culture (that term used v loosely) Mirror
Chernin’s crypto team expanding with Gaby Goldberg hire Mirror
Jack Poulson on monitoring the sale of surveillance tech TAP
Researchers develop a room that charges your phone when you walk in Fastco
MG Siegler on Apple and Amazon tv set battle Med
Profile on Paul Pierce SI
Frontier tech you need to know according to a BofA report (6g, holograms, BCI, etc) SA
Needle in a Timestack teaser trailer YT
Joe Lonsdale profile Puck
Photogrammetry for a VR puzzle game (neat) Info
Detoxifying language models PDF
The revolving door public/private tax specialists in US gov NYT
Jake Abramowitz on the state of VC as an asset class NVV
White Star Cap’s perspectives on DAOs, and new $50m fund for web3 Med
Saving the Sequoias after the fires NPR