New Delhi: The continuing strike by the Writers Guild of America is slowly but surely crippling Hollywood's film and television industry. The latest fallout of the strike is the cancellation of the 65th Golden Globe Awards, the annual gala awards night will now merely be a press conference to announce the winners. Faced with a threat by actors to boycott the red carpet show, the Hollywood Press Foreign Press Association and television network NBC had to scrap the Awards - and the economic impact would be huge. "The fallout for the Golden Globes being cancelled on such short notice is really enormous," said Cynthia Littleton, Variety Magazine, senior news editor. "It's approaching a $100 million dollars in terms of local economic impact to the local Southern California economy,” she said. The Golden Globe Awards show draws across 20 million viewers across the US and is known for championing small films, increasing box office numbers, and even helping DVD sales down the road. Fans are now worried about the fate of Hollywood's biggest night. "I'm really worried about the Oscars also. I love the Oscars every year. So if they don't settle by then, it's going to be really sad!" said Jackie Sternat, a movie buff. "It’s bad because a lot of people like watching that. It's kind of disappointing, because you like seeing everybody in their dresses and all the fashion and stuff,” said Gabby Grella, another movie buff. The Academy Awards are scheduled to be held on February 24, and if the deadlock over the writers’ strike continues till then, 2008 will be remembered as the year without the Oscars.