Which two industries do you think will undergo the most change in the next 10 years? How will media professionals and users/consumers be impacted by those changes?
*Note: For the final blog posting, you must use at least one
reading posted for this week in the “Tu 4/19” folder. Your other two sources can
be assigned readings from any point in the semester. No additional outside
article/source is required this week. Limit: 15 responses
Erin Fennell PT 1
ReplyDeleteThe shift to streaming has caused a change in many industries. In my opinion, I believe the two industries that will be altered the most in the next 10 years are the movie theater industry, and the film industry, specifically the Oscars. When looking at the movie theater industry, the box office has not rebuilt as quickly as the industry hoped since the pandemic has halted. An article from Indiewire discusses how “we’re going the wrong way. Fourth-quarter 2021 box office was 72 percent of 2019; the 2022 box office to date is 58 percent of the same period in 2019…Achieving $8 billion would make 2022 the worst non-Covid box-office year since 2001” (Brueggemann, 2022). People have become accustomed to watching new releases from the comfort of their own home. Going to the movies has become less of an enjoyable experience, and more of a hassle. An article by The New York Times explains how “Netflix is revolutionizing the way people watch films, while major new streaming services from Apple, Disney, Warner Bros. and other deep-pocketed studios are coming soon” (Buchanan, 2019).
The other industry that I mentioned that would experience many changes in the next 10 years is the film industry, specifically award shows. As I just discussed, the way films are made and valued has changed already over time. Award shows like the Oscars used to be exclusive to only full releases in theaters, but now allow short theater releases that then go right to streaming platforms. This gives audiences favored movies a shot at winning awards. Going off of that, award shows do not reflect the popular opinion of films, so a change may do some good for shows like the Oscars whose viewership is shrinking each year. An article by The Hollywood Reporter says, “there is a widespread perception that the Oscars ceremony is stiff and staid. Many Academy members are angry because they are not able to attend the ceremony. And the public has no presence at the ceremony, which it used to” (Feinberg, 2022). The ceremony is too selective and has lost touch with those who watch the event. The way Oscars are awarded is something that needs to change, and is something that over the next 10 years, I think, will have to happen for the show to succeed. The Oscars are unappealing to many because “In this day and age, a ceremony at which rich and famous movie stars give each other gold trophies does not have the same appeal that it did before the advent of the Internet and social media, when it was much rarer to see movie stars out in the wild” (Feinberg, 2022). This old-school image needs to be revamped and regenerate public involvement, or else people will stop caring about movie awards in general. If people stop going to physically see movies in theaters, they need some shows like the Oscars to keep the film industry relevant to different audiences.
Erin Fennell PT 2
ReplyDeleteWork cited
Brueggemann, T. (2022, April 8). Beyond 'doctor strange,' here's what the summer box office needs to succeed. IndieWire. Retrieved April 12, 2022, from https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/
Buchanan, K. (2019, June 20). How Will Movies Survive the Next 10 Years? The New York Times. Retrieved April 12, 2022, from https://www.nytimes.com/interactive/2019/06/20/movies/movie-industry-future.html
Feinberg, S. (2022, April 7). Feinberg's manifesto: How to save the film academy and the Oscars. The Hollywood Reporter. Retrieved April 12, 2022, from https://www.hollywoodreporter.com/movies/movie-news/feinberg-manifesto-how-to-save-film-academy-oscars-1235125499/
Vera Helein
ReplyDeleteI think the two industries that will undergo the most change are the television and film industries. In recent years, we’ve already seen a lot of change in these two industries. In the television industry, we’ve seen reliance on streaming, leaving linear to wonder where it fits in this new era of television. In the film industry, we’ve seen a similar trend; movies heading straight to streaming instead of theatrical releases, box office sales dropping, and interest in theaters in general declining. I think these two industries will continue to change and attempt to adapt to the current era.
One of the ways television has continued to stay relevant on linear is with sports seasons. The one part of television that hasn’t completely flipped to streaming is sports. More recently, we’ve seen this start to change as more and more streaming services are looking to get their hands on sporting rights. Peacock, Paramount+, Hulu, and ESPN+ have all begun the process of gaining sports rights to their apps. This is a huge change and we will have to keep an eye out to see what the future holds for sports on linear and on streaming.
While it seems a lot of people love streaming and most seem to prefer it to linear, there is still a lot of room for growth. Many streamers haven’t touched the international market and their subscriber growth has stalled (Shaw). This will be another interesting thing to watch develop in the coming years, as this is the future for streaming.
In terms of film, there has been what seems to be an extreme decline in interest in both attending theaters (unless it's a new Marvel movie) and the award shows associated with the film. Covid certainly put a damper on sales, but it still hasn’t seemed to recover as the world begins to return to normal. This past year the box office was down 60 percent from 2019, a shocking blow (McClintock). However, the trends of Marvel and superhero movies dominating the box office prevail. I think this will be the focus in the coming years. It will be interesting to see if the box office can bounce back as we adjust to life with Covid. I, personally, am doubtful, but we’ll see.
Vera Helein (part 2)
DeleteThe other aspect of the film industry that seems to be struggling is the award shows associated with the film industry. For years we’ve seen a decline in interest, in my opinion rightfully so, in award shows in general. Most recently, with the Will Smith incident, the Oscars have continued to receive a lot of backlash, whether it be rigged awards or lack of diversity. A lot of the criticism is in the fact that it seems to be “an inside game” between producers, directors, and actors and the Academy (Cieply). It seems the Academy knows who will be nominated before the release of the films as directors will lobby for their films to get nominated and win. I think it will be interesting to see if viewership continues to decline. I think it will as more people begin to realize the unfairness within the Academy.
I think we will see a huge change in consumers in these industries in the coming years. I think we may see a switch to even more reliance on streaming, putting a damper on both linear television and box office sales. I think there will be a lot of reliance on media professionals to continue to change the landscape and adapt to more on-demand options for television and films. As for award shows, I’m sure they will never cease to exist, but I predict there will continue to be a decline in viewership. I’m interested to see just how much continues to change in these industries.
Works Cited
Cieply, Michael. “Film Awards Face Day Of Reckoning: Is The Game Over?” Deadline, 3 January 2022, https://deadline.com/2022/01/inevitably-film-awards-reckoning-arrived-1234903542/. Accessed 14 April 2022.
McClintock, Pamela. “Box Office Ends Year 60 Percent Behind 2019 With $4.5B Domestically.” The Hollywood Reporter, 1 January 2022, https://www.hollywoodreporter.com/business/business-news/2021-box-office-revenue-stormy-year-1235067966/. Accessed 14 April 2022.
Shaw, Lucas. “A Few Predictions - and Questions - for Hollywood in 2022.” Bloomberg Newsletter, 2 January 2022.
Matthew Miller
ReplyDeleteI believe that the movie industry and the television industry will change the most in the next ten years. We are already seeing a shift with all the streaming services that are currently available. Prior to the Covid pandemic, movie theatres gradually declined as streaming services started to rise. During the pandemic, theatres were forced to shut down, so there was a lot of revenue lost for films. At least that was before they started to have movies be released on streaming services. Warner Media had sane day releases on their streaming platform, HBO Max. In the summer of 2021, Space Jam: A New Legacy was released in theatres and on HBO Max the same day. This allowed those who love to go to the theatre the ability to watch the movie and gave those who did not want to leave their house because of the pandemic the ability to watch the film at the same time. There were over 37 films in the summer of 2021, while there are “only 20 wide-release films in the rest of this summer’s (2022) Lineup. A proportionally reduced gross equivalent to 2019 would be $972 million; to achieve that, each of those 20 films would need to average about $50 million.” (Brueggemann 2022). No matter how good these movies may be, I think it will be hard to reach the desired number due to streaming services because people are willing to wait until it is on a streaming service rather than going to the theatre to watch the film. While the film industry struggled in 2021, there was some success, but “Sony was the supreme winner at year’s end, thanks to fanboys flocking to see Venom: Let There Be Carnage and Christmas blockbuster Spider-Man: No Way Home, which has grossed nearly $1.4 billion and is the first film to do pre-pandemic level business.” (Mcclintock 2022). Marvel films have always tended to do well, so it is no surprise that these movies were the first to do pre-pandemic levels of business.
When talking about the television industry, we have already seen a change, especially with sports. This year, the NHL partnered with streaming service ESPN+, which will stream over 1000 NHL games this season. Major League Baseball started a deal in the 2022 season with Apple TV+ streaming MLB games on Friday nights. However, the streaming service with the best chance to succeed is Amazon. Sunday Night Football has been the most-watched program for years, with Thursday Night Football not far behind. Amazon recently signed an exclusive deal with the NFL that will give them exclusive rights to Thursday Night Football. Amazon is essentially strong-arming people into paying for Amazon Prime to watch Thursday Night Football when previously it could be watched on linear TV. The NFL knows where it can make money, but “In the streaming world, everything is flipped. Where the networks have enormous reach through broadcast and cable. In streaming, Amazon is king. Amazon has over 100 million U.S. subscribers to Amazon Prime, all of whom will have access to Thursday Night Football.” (Weprin 2021). Amazon will only see more and more people subscribe to their service as many people love watching football and will do whatever it takes to watch a game. Media professionals and users/consumers will be impacted because they will have to adjust to these changes. Although they may be reluctant to change, they will soon realize that they will have to adapt if they want to have the same experience. With the world becoming more technology-based and streaming services on the rise, people will have to adjust to the times or be left behind.
Works Cited
DeleteBrueggemann, T. (2022, April 8). Beyond 'doctor strange,' here's what the summer box office needs to succeed. IndieWire. Retrieved April 16, 2022, from https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/
McClintock, P. (2022, January 12). "it's a leaner, meaner business": Hollywood braces for volatile 2022 box office. The Hollywood Reporter. Retrieved April 16, 2022, from https://www.hollywoodreporter.com/business/business-news/box-office-2022-1235070014/
Weprin, A. (2021, March 19). With $100B NFL deal, TV networks keep one foot in the bundle and another in streaming. The Hollywood Reporter. Retrieved April 16, 2022, from https://www.hollywoodreporter.com/business/business-news/nfl-tv-streaming-analysis-4153564/
Katie Mone
ReplyDeleteMedia industries across the board are constantly changing, but today’s era looks especially different. We often point fingers directly at the global pandemic as the main reason for these changes. But could it be that media industries were headed in that direction all along, and the pandemic simply sped up the process? I believe the two industries that will undergo the most change in the next decade are the film industry and the television industry. They are both going through similar changes and trends. Thanks to the streaming service takeover in these industries and others, media professionals and consumers alike have been affected and will continue to be affected by these new developments.
The film industry has undoubtedly been one of the most impacted industries. Movie theaters were hit hard by COVID, and even though they are up and running again, theaters still don’t look the same as pre-pandemic. Devout movie-lovers and theater-goers have since returned as they’ve opened back up. But with the pandemic speeding up the already imminent shift, we’re seeing how streaming is “decreasing the length of the theatrical window and increasing viewing at home” (Lauzen 1). As more consumers have become accustomed to at-home viewing, it’s only fitting that they’ll continue to take advantage of the comfort and convenience that streaming brings. While there will always be people who enjoy going to the movies, it’s hard to say whether the theater market will last long-term. Now, most consumers prefer to watch the latest movies in sweats on their couches. And many streaming services have made this possible by making newly released movies available for an additional cost, limited time, holiday specials, etc. As professionals in the film industry have learned to overcome the obstacles that come with these changes, the industry as a whole has “accelerated the need to reimagine and redefine the measurement of the commercial success of movies” (Lauzen 1).
When it comes to television, we’ve seen similar recurring themes. Even before COVID rained on the world’s parade, thousands of households were already cutting ties with cable. The pandemic only boosted this cord-cutting process and paved the way for streaming TV shows. A December Deadline article about cable news alludes that their viewership will continue to drop, as “all of the networks saw a significant drop in viewers” (Johnson) in the last year. While streaming has continued to soar with success, linear television is continuing to struggle in turn. Despite their efforts to maintain viewers, professionals in the traditional TV industry may not succeed simply because of the prominence of VOD viewing. In a world of decreasing attention spans and increasing demand for instantaneous gratification, not many consumers want regular TV anymore. Now more than ever, people want what they want, when they want it. Once the older generations are no longer consuming traditional television, it’s hard to see much of a future for cable. But while it’s greatly changed media consumption, many sources suggest that streaming is mimicking traditional viewing with live viewing and bundles. Variety even shared that Discovery Plus and HBO Max will merge into “one service, rather than offer the two platforms as a bundle” (Maas). I see a happy medium between old and new media consumption.
DeleteAll in all, streaming is the culprit for these revamping industries. But I believe that there is hope for their survival through the years as they continue to change. Both media professionals and consumers will continue to adapt to new developments and, while it may look drastically different, I do see a future for film and TV in the next 10 years.
Works Cited
Johnson, T. (2022, January 3). A look back at 2021: Cable News viewership dropped - and there may be more disruption to come (analysis). Deadline. Retrieved April 16, 2022, from https://deadline.com/2021/12/cable-news-ratings-2021-fox-cnn-1234899789/
Lauzen, M. M. (2022). (rep.). The Celluloid Ceiling in a Pandemic Year: Employment of Women on the Top U.S. Films of 2021. Retrieved April 16, 2022, from https://womenintvfilm.sdsu.edu/the-celluloid-ceiling-in-a-pandemic-year-employment-of-women-on-the-top-u-s-films-of-2021/.
Maas, J. (2022, March 15). HBO Max and Discovery Plus will be combined into one platform. Variety. Retrieved April 16, 2022, from https://variety.com/2022/tv/news/hbo-max-discovery-plus-combined-streaming-service-bundle-1235204060/#recipient_hashed=62dfc0b27ad1de67d64a0c44fb55f17fe8a7cd610e9d3f50edf2cced899812f7
Kylie Jenkins
ReplyDeletePart 1
I think that the two industries that will undergo the most change in the next 10 years are the film industry and the television industry. It is very apparent that in the past few years, the way that people consume television and film is completely different. The introduction and success of streaming services is to blame for the changes, although not all of these changes are inherently bad changes.
The pandemic changed the film industry as we knew it forever. Movie theaters closed globally, production of films halted, and people resorted to streaming services. That being said, according to The Hollywood Reporter, “according to Comscore, revenue for 2021 was nearly 60 percent behind 2019 ($11.4 billion). And the last time domestic revenue came in at $4.5 billion was 29 years ago — in 1992.”(McClintock). Because of the pandemic, the revenue for the film industry took a huge hit, and it is still struggling to get back to what it once was. During the pandemic, many streaming services offered options for new releases of movies to be available on their platform, which allowed people to watch brand new movies from the comfort of their home. While this was more convenient, and often cheaper, for the consumer to do, movie theaters suffered the consequences. Because this option now exists, for people to watch new movies at home, many consumers will expect this to remain an option indefinitely, and they may never return to an actual movie theater.
Kylie Jenkins
DeletePart 2
The other industry I think will undergo the most significant change is the television industry. Children are a group of people that are big consumers of live television. Many parents just turn on their televisions to a children’s television network, and let it play in the background, and historically, this has brought in a lot of viewers. However, streaming services appear to be changing that. According to Vanity Fair, “With big media leaning into kids TV libraries as key for their SVODs—Disney+, HBO Max and Paramount+—and the likes of Netflix, Amazon and Apple also having kids content as a commitment, we’re likely to keep seeing kids cable TV viewership decline annually.”(Bridge). With streaming services catering towards children, it is likely that parents will end their cable subscriptions, and start subscribing to streaming services instead. Although many people are switching to streaming, it is very interesting to look at the statistics of streaming. According to the Los Angeles Times, “The video subscription business has gone through rapid growth in recent years, accelerated by the COVID-19 pandemic and new services coming onto the market. Because there are so many options for consumers, and canceling streaming subscriptions is so easy, media companies don’t just have to worry about acquiring enough subscribers. They increasingly have to fret about losing them too and about what causes them to bail.”(Faughnder”. While people are flocking to streaming for certain programs, many people cancel their subscriptions shortly after watching said certain program. I still don’t think these consumers will go back to cable, but it will be interesting to see what streaming services end up having the best retention rate.
Bridge, Gavin. “Fading Ratings: Viewership Declines in Key Cable Genres.” Variety, Variety, 30 Dec. 2021, https://variety.com/vip/fading-ratings-viewership-declines-in-key-cable-genres-1235144463/.
Faughnder, Ryan. “Want to Understand the State of Streaming Churn? Here Are Four Charts to Help.” Los Angeles Times, Los Angeles Times, 5 Apr. 2022, https://www.latimes.com/entertainment-arts/business/newsletter/2022-04-05/here-are-four-charts-that-explain-future-of-streaming-the-wide-shot#:~:text=Data%20analytics%20firm%20Antenna%20found,in%20the%20last%20six%20months.
McClintock, Pamela. “Box Office Ends Year 60 Percent behind 2019 with $4.5B Domestically.” The Hollywood Reporter, The Hollywood Reporter, 4 Jan. 2022, https://www.hollywoodreporter.com/business/business-news/2021-box-office-revenue-stormy-year-1235067966/.
Corinna Caimi (1/2)
ReplyDeleteI see the award show industry and the music industry undergoing the most changes to stay afloat in the next ten years.
Starting with award shows in general, we know we have seen a decrease in interest and viewership over the last few years. People aren’t interested in watching award shows that are too long, not representative of what the public thinks by a landslide, boring, and at their very worst, racist and sexist. As a result, the Grammys, Oscars, Emmys, and Tony’s will have to dramatically change their way of doing things to continue being an industry standard and something performers of all types aspire to. Scott Feinberg from The Hollywood Reporter gave the Oscars multiple suggestions on how to keep (or really gain) audiences that can be applied to all award shows. For example, making the board of governors and the people deciding the winners transparent and representative of the industry itself. Doing so will win back those that resent the current committees and bring new audiences who want a better system. Another good suggestion is to show the public that you don’t look down on them and their tastes. Too often, award shows become very elitist and end up snubbing many artists the public thinks should be nominated. Specifically, regarding the Oscars, Feinberg suggests the board of governors “be tasked with bestowing a special achievement Oscar each year — to be presented on the Oscars telecast — to a commercially-successful film which also displays artistic merit and is a credit to the industry,” as not to devalue the Oscar, but also give audiences something to look forward to.
In terms of the music industry, things will have to change to keep up with the film and television industries. As it stands now, music is heavily shifting to streaming, with revenue also increasing for older forms of consumption like records. However, as it stands now, “For each dollar of revenue Spotify earns, 58.5 cents go to the owner of a song’s sound recording (usually a record label), Spotify keeps 29.38 cents, 6.12 cents go to whoever owns publishing rights (usually the songwriter) and 6 cents goes to mechanical rights (often, but not always, owned by the songwriter)” meaning revenue and rights are hard to come by for any up-and-coming professional in the industry (Andrews). When we discussed it in class, I said the music industry would have to adjust to make streaming profitable and available for artists everywhere. Then, they would begin to find something else to turn to, and I still stand by that.
Award shows don’t want any more shows “that could have been put in an email,” and the music industry has to keep up with the changing needs of both consumers and artists to remain on the path they are currently on (Davis).
Corinna (2/2)
ReplyDeleteAndrews, Travis M. “Spotify Backlash Offers Rare Insight into Reeling Music Industry - and Struggles of Working Musicians.” The Washington Post, WP Company, 23 Feb. 2022, https://www.washingtonpost.com/arts-entertainment/2022/02/14/spotify-young-rogan-music-industry/.
Davis, Clayton. “Golden Globes Put on an Event That Could Have Been Put in an Email.” Variety, Variety, 10 Jan. 2022, https://variety.com/2022/awards/news/golden-globes-twitter-show-netflix-oscars-1235149983/.
Feinberg, Scott. “Feinberg's Manifesto: How to Save the Film Academy and the Oscars.” The Hollywood Reporter, The Hollywood Reporter, 7 Apr. 2022, https://www.hollywoodreporter.com/movies/movie-news/feinberg-manifesto-how-to-save-film-academy-oscars-1235125499/.
Paul Logue
ReplyDeleteBlog 9
While almost every industry is constantly changing, I believe the two that will encounter the most change over the next couple of years are the film/ movie theater industry as well as the linear television industry. To start with film, our habits as viewers have changed drastically over the past couple of years. We like to watch movies from the comforts of home now. Going out to the movies for many has become a thing of the past. We don’t need to go to the movies unless it’s a big blockbuster. We actually have become more patient. We would rather wait the 90 days, or sometimes now 45 days for the movie to hit streamers. It has become far more convenient for us to stream movies, but even streaming services have changed. Take HBO Max and Discovery Plus, now combining into one platform. It is much cheaper for the consumer to purchase these streaming services. HBO max has 73.8 million global subscribers and only costs $9.99 per month with ads and $14.99 per month without, (Maas). It’s hard to beat those prices, especially when movie ticket prices are creeping up. Box office revenue is nowhere near where it was years ago. This year the box office brought in 4.5 billion dollars, which was 60 percent behind 2019 revenue, (McClintock). The film industry has been left with no choice but to get creative. For many, this has been a call to streaming services. Some films have been released same day as theaters for an up charge, which consumers seem to prefer. Streamers are only going to get more and more popular and film makers and movie theaters are going to keep trying everything in their power to stay afloat. This is going to lead to plenty of changes.
Paul Logue
DeletePart 2
The other industry I see changing a lot in the next couple years is the television industry. Again, this is due to the rise of streaming services. The only thing keeping linear TV afloat is sports, mainly football. 8 of the top 10 broadcasts of 2021 were football games, (Schneider & Zorrilla). Mainly people are keeping cable strictly for live sports. It has just become far easier to watch television on our own time, similar to films. We can watch whatever we want, whenever we want, and wherever we want. We don’t have to watch commercials. All of these changes are due to consumer habits. We as consumers have driven these changes and will continue to drive these changes. I think eventually we will see networks go totally to streaming. Once the advertisers decide it isn’t worth it for them to be on linear TV then we will see these networks either go under or get creative. The advertisers have all the power.
Works Cited
Maas, Jennifer. “HBO Max and Discovery Plus Will Be Combined into One Platform.” Variety, Variety, 15 Mar. 2022, https://variety.com/2022/tv/news/hbo-max-discovery-plus-combined-streaming-service-bundle-1235204060/#recipient_hashed=62dfc0b27ad1de67d64a0c44fb55f17fe8a7cd610e9d3f50edf2cced899812f7.
McClintock, Pamela. “Box Office Ends Year 60 Percent behind 2019 with $4.5B Domestically.” The Hollywood Reporter, The Hollywood Reporter, 4 Jan. 2022, https://www.hollywoodreporter.com/business/business-news/2021-box-office-revenue-stormy-year-1235067966/.
Schneider, Michael, and Monica Marie Zorrilla. “Top 100 Telecasts of 2021: 'NCIS,' 'Yellowstone,' NFL Dominate, as Oscars Fail to Make the Cut.” Variety, Variety, 4 Feb. 2022, https://variety.com/2021/tv/news/top-rated-shows-2021-ncis-yellowstone-squid-game-1235143671/.
Ten years ago technology looked very different than it does today, just as it will continue to rapidly evolve and improve over the next decade. I think the two industries that will undergo the most change in the next 10 years are the movie theater industry and the television industry. We have already experienced a cultural shift in how people get their favorite TV shows and movies in regards to streaming, especially ever since the pandemic in 2020. Movie theaters have taken a hit since the pandemic temporarily put them out of business and are struggling to maintain a standing in the industry today. According to comscore, “revenue for 2021 was nearly 60 percent behind 2019 ($11.4 billion)” (McClintock). The most recent Marvel movie to come to the box office was “Spiderman: No way Home” and has already shattered numerous records, including becoming the first release of the pandemic era to earn more than $1 billion worldwide (McClintock). Superhero movies, specifically Marvel, have earned five out of the ten top spots on the domestic charts this year and the new Marvel movies, Dr. Strange and Thor need to succeed to help the 8 billion mark be met this summer. Tom Brueggemann discusses in his article how “we are going the wrong way” in regards to revenue being brought in. He states, “Fourth-quarter 2021 box office was 72 percent of 2019; the 2022 box office to date is 58 percent of the same period in 2019. If we’re to meet hoped-for 2022 projections, improvement is critical” (Brueggemann). When analyzing the movies in the top 40, it is clear that the main demographic showing a willingness to make a trip to the movie theaters is those who fall in the 18-24 age range ( McClintock). The movie theater industry is facing many challenges in terms of success and meeting their projected numbers, and I think over time it will continue to decline at the rate they are going.
ReplyDeleteDue to this shift in how people are seeing movies and more and more emphasis being put on streaming platforms. I believe that platforms like Netflix, and Hbo will continue to grow over the next 10 years and cable will become nearly irrelevant. In Forbes’ article “Post Pandemic Media Consumption”, Anjali Lai discusses how “The intense online media consumption is resetting consumer expectations and reshaping the content consumption experience”. Even before the pandemic people have been making the shift to popular streaming platforms to stream their favorite TV shows and movies, but the pandemic escalated these numbers by 48% (Lai). Lai shares 3 predictions that the future holds regarding streaming including: heavy TV/video consumption will continue, offline content consumption will dwindle as online dominates, and movie theaters will become a niche pastime in the face of streaming services (Lai). This shift will benefit those in the entertainment and streaming industry because they will continue to be the main source that users are getting their media content from.
DeleteLai, Anjali. “Post-Pandemic Media Consumption: Online Streaming Accelerates a New Content Experience.” Forbes, Forbes Magazine, 10 Dec. 2021, https://www.forbes.com/sites/forrester/2021/06/28/post-pandemic-media-consumption-online-streaming-accelerates-a-new-content-experience/?sh=2d17715d18cf.
McClintock, Pamela. “Box Office Ends Year 60 Percent behind 2019 with $4.5B Domestically.” The Hollywood Reporter, The Hollywood Reporter, 4 Jan. 2022, https://www.hollywoodreporter.com/business/business-news/2021-box-office-revenue-stormy-year-1235067966/.
Brueggemann, Tom. “Beyond 'Doctor Strange,' Here's What the Summer Box Office Needs to Succeed.” IndieWire, IndieWire, 8 Apr. 2022, https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/.
Kyra Moos
ReplyDeleteI think that the two industries that will undergo the most change in the next 10 years will be the television industry and the social media influencer industry. The television industry had recently undergone dramatic changes with the rise of streaming services. Over the past few years, media conglomerates have all begun to come out with their own streaming service. As people were provided with more and more options, many Americans began to cancel their cable television plans and switch over to streaming subscriptions. I personally have only streaming services in my house, no cable or satellite television. Due to the fact that there is an increase in options and freedom to watch whatever you want, whenever you want, streaming services are currently in a race to push out more content than its competitors. Faughnder explains how the high levels of competition within the industry means that companies fear losing subscribers. Therefore each streaming service tries to widen their categories of content and appeal to the widest audiences (2022). Streaming services are working to develop new ways of personalizing their user experience. Unlike traditional television, advertising on streaming services can be unique to each viewer making for higher engagement levels and overall enjoyment of the platform.
Kyra Moos
DeletePart 2
Another industry that I believe will continue to develop is the social media influencer industry. Social media has proved itself to be one of the most powerful tools in influencing masses. Influencers on social media can gain up to millions of followers for posting their opinions or talents online. Influencers are trusted more than companies on social media because they appear more credible. For this reason, companies began to utilize influencer marketing to promote their goods or services. Today, celebrities make most of their money off of brand endorsements versus movie or music revenue (Srivastava, 2022). Both companies and influencers are becoming increasingly creative with the ways they promote things on social media. Companies want influencers to be authentic when promoting them because authenticity gains trust. This is also the reason why influencers with less followers have higher engagement levels (Wallach,2021). People may be less likely to believe that a celebrity with millions of followers is being transparent on social media. However, sometimes paid promotions can be so confused with unpaid, genuine reviews of products. This is a sign of a potential problem occurring on social media. People can easily be deceived on social media.
Ultimately I think that streaming services, influencers, social media platforms and advertisers will all continue to increase the personability of their services in order to gain more interest from users and maintain their attention. I think that this could potentially aid in the spread of a false reality online where users may not be sure what can be trusted and what cannot. I am curious to see how these industries grow and change within the next ten years.
Works Cited
Faughnder, R. (2022, April 5). Want to understand the state of streaming churn? here are four charts to help. Los Angeles Times. Retrieved April 19, 2022, from https://www.latimes.com/entertainment-arts/business/newsletter/2022-04-05/here-are-four-charts-that-explain-future-of-streaming-the-wide-shot#:~:text=Data%20analytics%20firm%20Antenna%20found,in%20the%20last%20six%20months
Srivastava, P. (2022, April 15). Top 10 highest paid celebrity endorsement deals. StartupTalky. Retrieved April 19, 2022, from https://startuptalky.com/highest-paid-celebrity-endorsers/
Wallach, O. (2021, May 17). The world's top 50 influencers across social media platforms. Visual Capitalist. Retrieved April 19, 2022, from https://www.visualcapitalist.com/worlds-top-50-influencers-across-social-media-platforms/
Annie Morrison
ReplyDeleteI believe that streaming is an industry that will undergo immense change over the next 10 years. There has been a foundation started for streaming, but many will not be willing to subscribe to multiple services. HBO Max and Discovery Plus is an example of that change. By merging they are offering content for a broader audience without subscribers having to pay for multiple streaming services or paying for it as a bundle. Although the price might go up by a few dollars, it is not enough to turn people away, especially because the platform is offering more. (Feinberg, 2022). With this step towards merging, it is likely that other platforms will follow with bundle deals, or merging together to create a cheaper and more streamline experience for subscribers. HBO and Discovery argue that merging for them is a better deal than a bundle and will offer “phenomenal consumer value.” (Feinberg, 2022) It will take time, but the ultimate goal is to create a next level user experience, which “takes time” (source). There will be ad free, and ad light subscriptions, which will allow people who do not want to spend the extra money the same services but with ads. (Feinberg, 2022). This is not a change that any streaming service can take lightly, between the two, merging will affect up to 100 million people, so if it is not executed properly it could be catastrophic for both parties.
Another industry that will see drastic change is the film industry. The pandemic has made a big impact on the film industry with audiences dwindling due to the risk of getting sick. Many average movie goers still have not made it back to theaters and many people do not feel the need to go to theaters to watch a film, but rather wait until the movie is released and choose to watch from the comfort of their home. The award industry is not helping with this. The cult like organization that deems films fit or unfit for society has 54 members, each with a vote. This creates a cloudy message and un-unified direction, it is difficult to make this programming beneficial for films. The last two years have offered the lowest engagement ratings in history, so if there aren’t being changes made, awards shows will no longer be around and this will drastically affect the film industry. (Maas, 2022)
Annie Morrison
ReplyDeleteTogether, streaming and film will undergo immense change in the next decade. It has a new audience that it has to cater to in order to maintain and keep consumers happy. Without adapting, the film and streaming industry will struggle with retention and engagement. Already, film is struggling, so if they do not choose to change, the film industry will flop and only cater to incredibly niche audiences. However, streaming has to continue to adapt in what is becoming an oversaturated industry. Additionally, both could potentially benefit by partnering together. This would help film because they would be able to reach a wider audience and streaming would benefit through the ability to display high-end cinematic experiences at home for those that do not like going to the theater or possibly cannot afford to. Only time will tell how each adapts, and if they choose to rely on one another or if they try to stay as separate as possible moving forward. Moreover, there will be changes in the industry but if they are not calculated and well executed it could be detrimental in both industries.
Feinberg, S. (2022, April 7). Feinberg's manifesto: How to save the film academy and the Oscars. The Hollywood Reporter. Retrieved April 19, 2022, from https://www.hollywoodreporter.com/movies/movie-news/feinberg-manifesto-how-to-save-film-academy-oscars-1235125499/
Maas, J. (2022, March 15). HBO Max and Discovery Plus will be combined into one platform. Variety. Retrieved April 19, 2022, from https://variety.com/2022/tv/news/hbo-max-discovery-plus-combined-streaming-service-bundle-1235204060/#recipient_hashed=62dfc0b27ad1de67d64a0c44fb55f17fe8a7cd610e9d3f50edf2cced899812f7
Fleur Cordier,
ReplyDeleteI think that the television and film industry will undergo the most changes in the next 10 years. We have already seen a lot of changes in these industries, especially the two COVID years. Some of these changes are that movies don’t get theatrical releases, but go straight on streaming platforms. For example, Mulan went straight on Disney+. Box office numbers went down. Of course, it is understandable that box office numbers went down because we were physically not able to go to the movie theater. However, an article from the Hollywood reporter states that “revenue at the North American box office jumped 101 percent over 2020 but still lagged far behind pre-pandemic levels” (McClintock). I think this is because people’s behavior changed. The way people consume movies now are different. We all know that subscription on streaming services spiked during COVID. I think a lot of people were positive surprised by the convenience and the content on streaming services. I do not think movie theaters will all go bankrupt. However, for the smaller ones it will get really hard to compete. In my opinion, the nice big movie theaters will still exist in 10 years because going to the movie is a night out, and you can’t compare that with streaming services. However, movie theaters need to keep investing, so it stays an unique experience. That is also why I think the smaller movie theaters are going to face a hard time. Furthermore, I think that the only thing that makes cable television still going is live sports. Cable television is going to face a hard time too. If streaming services will ever live sports rights, I think cable television will not survive. Furthermore, there are changes nowadays in the streaming services world. According to an article from the Hollywood reporter “Disney’s reveal March 4 that it would launch a less expensive, advertising-supported tier of Disney+ spurred consternation from some Wall Street analysts, with firms like MoffettNathanson lowering their price targets for the entertainment giant” (Weprin). I think this is an extremely smart move from Disney. I think this will help them to get even more subscribers. Lastly, I read in an article from Variety that “Discovery within the next month, when its merger with AT&T’s WarnerMedia closes — has confirmed its plans to combine its current streaming service Discovery Plus and WarnerMedia’s HBO Max into one service, rather than offer the two platforms as a bundle” (Maas). For me, this emphasized that the streaming services world gets more and more power. I do think streaming services are the future.
Works Cited
Maas, Jennifer. “HBO Max and Discovery Plus Will Be Combined into One Platform.” Variety, Variety, 15 Mar. 2022, https://variety.com/2022/tv/news/hbo-max-discovery-plus-combined-streaming-service-bundle-1235204060/#recipient_hashed=62dfc0b27ad1de67d64a0c44fb55f17fe8a7cd610e9d3f50edf2cced899812f7.
McClintock, Pamela. “Box Office Ends Year 60 Percent behind 2019 with $4.5B Domestically.” The Hollywood Reporter, The Hollywood Reporter, 4 Jan. 2022, https://www.hollywoodreporter.com/business/business-news/2021-box-office-revenue-stormy-year-1235067966/.
Weprin, Alex. “Behind Disney+'s Ad Pivot: A Drive for Streaming Profits.” The Hollywood Reporter, The Hollywood Reporter, 9 Mar. 2022, https://www.hollywoodreporter.com/business/digital/disney-advertising-pivot-a-drive-for-streaming-profits-1235107252/.
I think that the two industries that will undergo the most change in the next 10 years are the television and film industries. We have already seen a major shift among these worlds as streaming has become more and more popular, but I think that it is only going to increase in popularity and it will change what is considered “the norm” when it comes to watching television or movies. One example that we talked about in class is whether award shows will be able to tough it out through the storm, and frankly, I do not see this happening. The main point that was concluded was that, “ABC expects the Academy to put on a show that the general public wants to watch. And the primary obstacle is that the taste of the general public and the taste of the Acadamey’s membership, in terms of which kind of films are appealing, and the taste of the Academy’s membership and the taste of ABC, in terms of what sort of an awards ceremony is appealing have never been further apart,” (Feinberg). Another issue is that the box office is struggling to stay afloat. Because streaming is so much more accessible than attending a physical movie theater, the future of movie theaters is not looking too good. While this is also in part because of covid, the numbers were already beginning to drop before the pandemic happened. According to Indiewire, “Achieving $8 billion would make 2022 the worst non-Covid box-office year since 2001. Calculating by attendance, it would represent the fewest tickets sold in many decades — perhaps since silent days. However many billions this summer bring, that reality can’t be ignored,” (Brueggemann). Additionally, as long as streaming services continue to offer multiple subscription plans and options, it will be difficult for live television to bounce back to what it used to be. One example of this is that “Discovery — which is about to become Warner Bros. Discovery within the next month, when its merger with AT&T’s WarnerMedia closes — has confirmed its plans to combine its current streaming service Discovery Plus and WarnerMedia’s HBO Max into one service, rather than offer the two platforms as a bundle,” (Maas). The combining of multiple platforms is a strategic business deal as you would be combining two different target audiences who may have only subscribed to one of the networks before the partnership. As long as streaming services continue to evolve to offer better deals, it will be difficult to bring back the audience that there once was for cable television and movie theaters, especially if services continue to provide an ad-free subscription option. I definitely think that these are the two industries that will continue to change, even after streaming becomes “the norm.” I do not see the evolution of our consumer society stopping any time soon.
ReplyDeleteSources:
Brueggemann, Tom. “Beyond 'Doctor Strange,' Here's What the Summer Box Office Needs to Succeed.” IndieWire, IndieWire, 8 Apr. 2022, https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/.
Feinberg, Scott. “Feinberg's Manifesto: How to Save the Film Academy and the Oscars.” The Hollywood Reporter, The Hollywood Reporter, 7 Apr. 2022, https://www.hollywoodreporter.com/movies/movie-news/feinberg-manifesto-how-to-save-film-academy-oscars-1235125499/.
Maas, Jennifer. “HBO Max and Discovery Plus Will Be Combined into One Platform.” Variety, Variety, 15 Mar. 2022, https://variety.com/2022/tv/news/hbo-max-discovery-plus-combined-streaming-service-bundle-1235204060/#recipient_hashed=62dfc0b27ad1de67d64a0c44fb55f17fe8a7cd610e9d3f50edf2cced899812f7.