No, cutbacks are in this industry too, just not to the extent it is in other industries.
Our company recently laid off a lot of people. We got rid of 2 of our crews, a lot of our editing department, and we're considering closing our CGI department so we can outsource the work. It would be cheaper than constantly updating the equipment and having a bunch of overpaid primadonnas sitting around on their asses milking the clock all the time. We're getting leaner and meaner.
We're in no danger of closing, and as IT director, my job is secure. In fact now that we have more room, I'm moving into a bigger office today. No window though.