In the years post-COVID, Hollywood has been trying to figure out how to operate at peak performance. However, the inevitable economic downturn and the burden of streaming have forced studios to recalibrate. We've entered a period people are calling "The Great Contraction," and it marks a shift in the way Hollywood will continue to do business. Today, we're going to go over that contraction and talk about how it may affect your job. Let's dive in. The Great ContractionIs Hollywood shrinking? We're about to have a period of less TV shows, less movies, and studios consolidating. What is happening? The rise of streaming services like Netflix, Hulu, and Disney+ has changed how people watch movies and TV shows. People are subscribing to multiple services, but there's only so much content they can consume. This means less reliance on traditional cable and movie theaters, hurting revenue for Hollywood studios. These studios have tried to get into the streaming game, but many have found it to be a money-suck that takes a long time to develop. Plus, they have a lot of competition. With so many streaming services, there's pressure to constantly produce new content. Studios were spending a lot on big-budget shows, but now investors are demanding profitability, leading to a shift away from "at any cost" content creation.And the issues ripple through traditional formats as well. The decline of traditional TV advertising and movie theater attendance is another blow. Streaming services are trying to bring advertising to them, but they...
Published By: NoFilmSchool - Wednesday, 13 March, 2024