Patrick Adler is a co-founder of Westwood Economics & Planning Consultants in Los Angeles, which researches California’s creative economy, including film and television production. The entertainment industry in Hollywood is at a turning point, Adler says—but not because it's losing out to other industry hubs: In part, the decline in L.A. is a correction to the overproduction of movies and TV before and during the pandemic, when investors had access to historically low interest rates. And since, new factors are combining to drive a major shift in the industry: tighter money, changing consumer tastes, and new technologies.