Kevin Hart has become CEO of his entertainment company, Hartbeat Productions. Two CEOs left the company within 15 months, while nearly 20 employees were dismissed during the same period.
The CEO’s exits were due to differences of opinion over the company’s strategic direction. However, they left the company on good terms, according to Bloomberg.
Layoffs in Hollywood
These layoffs speak to the challenges all independent production companies are experiencing during Hollywood’s time of austerity. Production companies struggle to sell many shows, forcing major studios and networks to limit their output and budgets. In 2022, Hartbreat raised $100 million from Abry Partners at a $650 million valuation. Though it isn’t a small production company, it isn’t large enough to be a studio.
Hartbeat struggling during Hollywood’s economic crisis
As a successful actor and comedian, Hart wanted to build something big. So, he created a separate company, Laugh Out Loud, to produce comedic videos for the internet. Hart also created an advertising business with clients like Lyft and Procter & Gamble. Additionally, he made YouTube videos and podcasts for SiriusXM.
When he built Hartbeat in 2022, he put all his ventures under the Hartbeat banner, placing Thai Randolph, leading Laugh Out Loud, as the CEO. “We’ve been very deliberate about diversifying our businesses,” Randolph told Bloomberg TV in 2023. However, the company struggled to thrive under Hollywood’s economic crisis.
Hart then got Jay Levine to take over the company, in early 2024 but now Levine and two other senior employees are leaving Hartbeat.
Image: Getty/Gareth Cattermole
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