What is B-list actor?

An actor/actress who was popular for a brief period of time but stooped staring in major works.

They are essestially the opposite of an "A-list actor" which is somebody at the hight of their popularity in Hollywood

Person 1- Hey look it's Matthew Perry!
Person 2- Who the hell is he?
Person 1- He was the guy that played Chandler on "Friends"
Person 2- Oh right
Person 1- He's kind of a B-list actor now.

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B-list actor - video