THE FUTURE OF THE FILM INDUSTRY
November 20th 2019 at 9:37pm Published by firstdownadmin
The film business has been a glamorized dream for many and a booming industry for others. Movie studios had for many years a business model that was set on a series of protocols and rules that was tightly controlled by their executives. However, in the last 5 years, digital streaming has changed those rules and the industry is changing rapidly. Whether you are an actor, director, producer, or any participant on the financial business of this entertainment industry, you must be aware of some predictions from top experts, as a new normal is taking shape:
- The film industry will become leaner and more attention to streaming audience vs budget will become more important. Even the smallest audience will be relevant as distribution channels can be tailored to hit the targeted viewers.
- The theatre experience will not be the first viewing experience. Public venues will screen selected movies and we will primarily use it as a launching platform for marketing purposes. Cinemas have an important place in the “experience economy” but “cinemas cannot be responsible for the first run of all releases. With a more selective theatrical offering, Europe needs to produce more hits with high production values.
- Gender Parity: All over the world, women in the film industry are organising themselves to put pressure on decision makers. Audience groups are advocating online against sexism and racism in hiring decisions, casting and representation.
- Digital services – film and TV: Some TV channels will literally become joint ventures with the giant streamers, and Netflix will buy channels. Because Netflix are brilliant at colonizing the world, but they don’t have the marketing real estate to be able to shape the national conversation.
The challenges that the film industry faces have to do more with cost effectiveness and convenience for the viewer. The increase in access content and home theater devices compared to the increasing high prices of movie tickets has transformed movie goers habits. That being said, the theater experiences still command a captive audience that is becoming increasingly rare and more valuable in an age of multitasking and ad avoidance. Movie-going still holds a special place in our culture and arts.