Unionized, wage earning, labour costs are not high. Look any large production. Compare the headliner (stars, directors etc) takehome to the union workers. The rise in production costs has far more to do with on-camera talent than cameramen.
"Hollywood" is dieing, but only if you are one of the old guard, the handful of old production studios that make up the mpaa. Netflix, youtube and amazon show us that there is plenty of money out there should you produce something people actually want to watch, delivered in a way people actually want.
Ditch the commercials. Stand up to your a-list talent during negotiations. Actually pay the writers (see the Goodfella fiasco). Cut the focus groups. And make something worth my time to watch.