Heading into 2023, Hollywood was in a precarious state. TV production was on the downturn, with linear TV revenue falling and streaming reeling from 2022's so-called 'Great Netflix Correction', when a quarterly subscriber loss sent Netflix's stock price tumbling and changed the economics of streaming. Wall Street no longer overlooked high spending in favor of subscriber growth, but valued streaming services by their profitability. The movie business was still hurting from the pandemic, which simultaneously inflated budgets and diminished the theatergoing audience. Cutting costs became imperative.