{"id":11950,"date":"2023-11-10T01:04:41","date_gmt":"2023-11-10T01:04:41","guid":{"rendered":"https:\/\/infundpros.com\/business\/strikes-were-just-one-battle-hollywood-is-still-fighting-a-war-for-survival\/"},"modified":"2023-11-10T01:04:42","modified_gmt":"2023-11-10T01:04:42","slug":"strikes-were-just-one-battle-hollywood-is-still-fighting-a-war-for-survival","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11950","title":{"rendered":"Strikes were just one battle. Hollywood is still fighting a war for survival"},"content":{"rendered":"
\n

\n Editor\u2019s Note:\u00a0A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free,\u00a0<\/em>here<\/em>.\n<\/p>\n<\/p>\n

\n Hollywood writers and actors are going back to work after one of the longest strikes ever in the entertainment industry. Now the big question is: What does that work look like?\n <\/p>\n

\n Unions are celebrating their hard-won bumps in pay and protections from the encroachment of AI.\n <\/p>\n

\n Studio executives, meanwhile, may want to keep the champagne on ice.\n <\/p>\n

\n Hollywood is in a rebuilding era \u2014 a painful, awkward transition fueled by tectonic changes in technology and consumer behavior. Strikes, while disruptive, were only a blip compared with the many other existential quandaries weighing on media companies.\n <\/p>\n

\n A farewell to traditional TV<\/strong>\n <\/p>\n

\n For years, media giants like Disney, Paramount and Warner Bros. Discovery, CNN\u2019s parent company, could rely on so-called linear TV assets for a steady stream of cash. (The industry refers to traditional cable and satellite TV as \u201clinear\u201d because content flows on a one-way street from a studio to a network to your living room on a schedule that you, the viewer, have no control over.)\n <\/p>\n

\n That\u2019s all coming to an end. Cable TV sign-ups have been rapidly falling for a decade, and no one believes that trend is going to reverse. TV still makes money, of course, but far, far less than before.\n <\/p>\n

\n \u201cLinear TV and satellite is marching towards a great precipice and it will be pushed off,\u201d according to Bob Iger, who uttered that statement more than a year ago, before his reprisal as CEO of Disney began. \u201cI can\u2019t tell you when, but it goes away.\u201d\n <\/p>\n

\n What\u2019ll replace TV? Streaming, of course.\n <\/p>\n

\n How? We\u2019re not really sure yet.\n <\/p>\n

\n Streamers, streamers everywhere\u00a0<\/strong>\n <\/p>\n

\n Sometime in the late 2010s, you may have found yourself subscribed to a mind-boggling number of TV apps. You had your go-tos \u2014 Netflix, Hulu \u2014 and your assortment of sometimers and why-nots \u2014 Disney+, Apple TV+, Amazon Prime, Peacock, Paramount and various iterations of HBO (RIP, HBO Go, HBO Now, HBO Max \u2014 we\u2019re just Max now, for the record. [Max and CNN share Warner Bros. Discovery as a parent company]).\n <\/p>\n

\n That\u2019s the result of Netflix coming for everyone\u2019s lunch, wowing Wall Street with its global subscription growth that vaulted the company to the front of the streaming pack. All of a sudden, everyone had to have a streaming platform. Streaming is the future! All you had to do was whisper the buzzy acronym \u201cOTT\u201d \u2014 \u201cover the top,\u201d aka using the internet to bypass cable providers \u00a0 \u2014 and watch the fresh capital roll in.\n <\/p>\n

\n The trouble is, none of those apps, apart from Netflix, have\u00a0yet\u00a0figured out how to\u00a0sustain a meaningful profit\u00a0off those services.\n <\/p>\n

\n Warner Bros. Discovery last month said Max was \u201cgetting slightly profitable\u201d in the first half of 2023. Most others are burning through cash.\n <\/p>\n

\n On Disney\u2019s earnings call this week, Iger said he was \u201cconfident\u201d that its streaming services will achieve profitability by the end of 2024.\n <\/p>\n

\n We\u2019re bored.<\/strong>\n <\/p>\n

\n Even if the entertainment giants weren\u2019t so flummoxed by the economics of streaming, they\u2019d still be in trouble on a more fundamental, artistic level.\n <\/p>\n

\n For better or worse, TV and movie audiences aren\u2019t always buying what the studios are selling \u2014 spoiled, perhaps, by the overwhelming buffet of content that\u2019s been greenlit in the pivot-to-streaming frenzy. There was a time when you could simply put Harrison Ford in a fedora in the desert and rake in a tidy profit. But Disney learned the hard way this summer that\u2019s no longer the case.\n <\/p>\n

\n Audiences have more screens than ever vying for attention, and there are only so many hours in a day that we can devote to them. Netflix and Disney aren\u2019t just competing against each other, they\u2019re also competing with YouTube and TikTok and endless podcasts.\n <\/p>\n

\n Earlier this year, market researcher Insider Intelligence estimated that American adults who use TikTok would spend close to 56 minutes a day on the app in 2023. That\u2019s nearly an hour in which we are not watching TV or the ads that many of the platforms count on for revenue.\n <\/p>\n

\n The box office has been a mixed bag, too. \u201cBarbenheimer\u201d and the Taylor Swift concert movies were huge wins. But there were also notable misses in the realm of expensive sequels like \u201cIndiana Jones and the Dial of Destiny\u201d and the latest \u201cAnt Man\u201d movie.\n <\/p>\n

\n Audiences clearly aren\u2019t giving up on movies, they\u2019re just being more choosy. That could prompt studios to dial back their output, leaving fewer jobs for actors and writers just as they\u2019re locking in concessions.\n <\/p>\n

\n Enjoying Nightcap?\u00a0<\/em>Sign up<\/em>\u00a0and you\u2019ll get all of this, plus some other funny stuff we liked on the internet, in your inbox every night. (OK, most nights \u2014 we believe in a four-day work week around here.)<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Editor\u2019s Note:\u00a0A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free,\u00a0here….<\/p>\n","protected":false},"author":1,"featured_media":11951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-11950","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nStrikes were just one battle. Hollywood is still fighting a war for survival | inFundPros<\/title>\n<meta name=\"description\" content=\"Editor\u2019s Note:\u00a0A version of this story appeared in CNN Business\u2019 Nightcap newsletter. To get it in your inbox, sign up for free,\u00a0here. 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