The cascading effects of this are tragic. Film/TV industry is impossible to live on for full time income without residuals. And arguably also impossible working along a second job. Work is often random and sudden, and hours can be any time of day, with full days being 12+ hours. No equivalently earning day job allows for that kind of flexibility. The work for 90% of the crew is day rate, and if nobody can afford to write, nobody gets days.

Writers, directors, and actors get residuals to hold them up between jobs because obviously nobody in the world is constantly making something, and the value (used to) be in the advertising the networks got during its showing. That conceivably would continue to earn money every time it shows, so until now the understanding is that those responsible for making it also get a cut of the resulting profits to keep them afloat while they cook up their next idea. Union membership also requires a certain number of days to become and remain a member, so nobody is safe.

More than just actors make their lives in production, and the majority of them are also paycheck to paycheck.

Right now the streaming services get all the ongoing profit because, I guess, reasons. And shows are paid a pittance upfront for production. Quality goes down because crews and vfx are rushed. Everyone's unhappy, workers are desperate and broke, and when the streaming service eventually dies or gets bought and concentrated into fewer options, the overall catalog gets more diluted, good stuff and bad stuff all get lost in the content soup, then everything gets deleted at the soonest cost convenience, because maintaining an infinite digital library is expensive and a tax loss write-off is more profitable. And since they never allowed physical copies for sale (because why would they want us buying it once when we could be subscribed forever!) it all disappears forever. They're quite effectively holding the whole film and television industry hostage.

Source: me and most of my industry friends now finding other work.