In 1988, a 22-week walkout by the WGA delayed the start of that year's fall television season and cost the entertainment industry an estimated $500 million. This time, around $2.5 billion were lost for the city of Los Angeles and its surrounding areas, according to estimates published in Los Angeles economist Jack Kyser's annual Economic Forecast Report.

The 71-page study has found that the three-month strike has cost the Hollywood Foreign Press Association's annual Golden Globes Award ceremony, alone, around $60 million.

The WGA strike began at one minute after midnight on Nov. 5, marking the first strike in 20 years, after representatives for the 12,000 members of the WGA failed to reach an agreement with TV and film producers on a new contract. It ended last week, finally, putting a stop to re-runs of old shows.

Since the strike began, the WGA stated several times that they would only sign an agreement that gives TV and film writers a percentage of the residuals from DVD sales and Internet downloads of programs, a market that has been raking in billions of dollars and that producers, studio heads and actors already receive.

Kyser said another strike wasn't out of the question in the movie industry, as SAG leaders are still "talking tough" about their negotiations.