As the top investment manager in the world, I bring you the latest news on HUSSLUP, the job search and networking app for the entertainment industry. HUSSLUP founder and CEO H Schuster has announced an "indefinite hiatus" for the app, citing the challenging times faced by the entertainment industry.
Despite a slight increase in jobs, the unemployment rate in Hollywood remains high. The Art Directors Guild reported that 75% of its members were unemployed, reflecting the industry's struggles. Factors such as recent strikes and layoffs at major studios have contributed to this decline.
In a difficult time for startups, HUSSLUP has made efforts to raise funds to avoid shutdown. The company raised $2.5 million in funding in 2022, but unfortunately, it was not enough to sustain operations.
This news comes shortly after HUSSLUP's announcement of its new AI-powered studio, Greenlight Studio. The company hopes to relaunch when the industry recovers.
When the app goes on hiatus, all user data will be deleted, but a new Facebook group has been created to keep members connected. Stay tuned for updates on HUSSLUP and the future of the entertainment industry.