Netflix. Photo: Chesnot/Getty Images

A collection of well-off TV studios and streaming services are competing with traditional media companies for a generous slice of the home entertainment space, and bringing glossy magazine writers along by buying the rights to develop their stories into hit shows, Bloomberg reports.

Why it matters: Big Tech's efforts to take over Hollywood stems from its poaching of talent and franchises. Over the past year, companies such as Netflix, Amazon and Hulu have hired top TV producers to create hit shows. It's no surprise then, that these same companies are paying or hiring big print writers to develop hit storylines.

By the numbers: The going rate for individual articles has skyrocketed to $20,000-$50,000, per Bloomberg, with some breaking the $100,000 barrier — more than double the amounts garnered 10 years ago. A writer’s fee if the studio produces his or her project often exceeds $350,000, even hitting the $1 million mark, industry interviews revealed.

Between the lines: Magazines — along with the rest of the print industry — have been struggling to grow. Revenues and circulations for most publications are down dramatically in the internet era. It makes sense then that writers are flocking to opportunities outside of print to leverage their talents.

Go deeper: Tech's TV talent trove

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U.S. economy added 4.8 million jobs in June

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 4.8 million jobs last month, while the unemployment rate dropped to 11.1% from 13.3% in May, according to government data released Thursday.

The state of play: While the labor market showed more signs of recovery when the government’s survey period ended in early June, the lag means that more recent developments, like the surge in coronavirus cases and resultant closures in some states, aren't captured in this data.

1.4 million Americans filed for unemployment last week

Photo: Wang Ying/Xinhua via Getty Images

Another 1.4 million Americans filed for unemployment last week, the Department of Labor announced Thursday.

Why it matters: New applications for unemployment remain historically high, suggesting layoffs are still widely prevalent. However, they remain well below the all-time record seen when the coronavirus pandemic first hit.

The crushing budget blow awaiting state and local government workers

Illustration: Eniola Odetunde/Axios

State and local government jobs are being gutted, even as the labor market shows signs of a slight recovery.

Why it matters: The coronavirus pandemic blew a hole in state and local government budgets. A slew of states cut spending and jobs — with more planned layoffs announced this week as states try to balance budgets.