What I don't understand is why the VFX industry doesn't follow market dynamics and pay the artists what they are worth given the talent shortage. Or maybe they are and that story isn't getting told?
Sadly, people who work in video games and movies are some of the most overworked and underpaid professionals relative to the value they provide because they have been socialized to see themselves as artists who are "doing what they love" so it's about "more than the money". Which allows studios to exploit them, because for the studios it is very much about the money.
If game developers were just as willing to work for FAANG then conditions would improve for them overnight. Same as if VFX artists were willing to do mobile app UX design. But as long as they stick to only their passion, they fail to exert any financial pressure to improve wages or working conditions.
Market dynamics is just a model, as with any model it doesn't fit reality perfectly, it breaks down at the edges.
That comparison may coldly boil down something people feel very deeply about, but I'd also argue the market is already doing that.
I your examples of the video game programmers being paid less, it is because their compensation is in two parts: the money and the pleasure, astisfaction of passion, & the prestige of working on video games. In contrast, working on a CRM project has no other pleasures nor prestige, so those companies must may more dollars.
Seems the difference in [pleasure, passion, & prestige] could even be quantifiable by measuring the paycheck differences?
Hammer hits nail on head, bulls eye. I've been a graphics programmer for 45 years, from research in the early 80's, through 3D video games, and years of Academy Award VFX studio work. It is the passion: making the media that captivates imaginations, and an ever visible stream of new applicants whose work looks really appealing - so you better shine or you'll be replaced.
This is an example of proper “market dynamics”.
> A clause in Angell’s contract reportedly required him to pay a £30,000 penalty should he quit in the middle of a project.
I can't imagine anyone signing that kind of contract in tech.
Employees probably have less bargaining power than in tech, since the skills aren't as transferrable. The employers are just contractors being squeezed by the studios both on cost and on extra work, and pass that squeeze onto the employees. And since the VFX houses aren't the ones making the profits on the final movie, running a VFX studio and trying to get the best people (and best product) by promising better conditions doesn't actually work.
It's like game devs and pilots - a cool job lots of kids wanted to do growing up, so there's a glut of new talent eager to be used up and burned out for pennies.