Streaming quickly hit Hollywood. Following this, the industry is struggling to find a new way of doing business, rethinking who is responsible, how contracts are established and how celebrities are paid.
The studios overturn their leadership ranks, empowering executives with experience in business development, technology and strategy. Producers, directors and actors such as Will Smith and Tom Hanks are trying to protect their interests in new contracts that are not built around ticket sales in cinemas.
With most US theaters closed and studios sitting on billions of dollars of unreleased movies, corporate parents believe streaming is the best growth opportunity. Last year’s cashier’s revenue was just $ 2.28 billion, down from $ 11.4 billion in 2019, according to Comscore.
Now we talk about the city centers around the number of subscriptions that Disney +, HBO Max and Peacock have compared to Netflix. Managers are wondering how much technology companies like Apple Inc. spend. and Amazon.com Inc. on films and shows and how long films should appear exclusively in cinemas – if applicable.
In a sign of how dramatic change is returning to Hollywood, Warner Bros., owned by WarnerMedia at AT&T Inc., for the first time in its nearly 100-year history, doesn’t have a single executive whose only thing is to oversee the production and distribution of big screen movies.