After a 2023 full of drama, Hollywood faces an uncertain 2024.
Traditional media companies are struggling to find a sustainable structure for the industry as the linear TV business declines and profits from streaming remain elusive.
Getting the attention of viewers is more complicated than ever, because the excess of viewing options streaming We must add forms of entertainment that range from podcasts to TikTok. The invasion of artificial intelligence into content creation and other parts of the entertainment creation chain is only beginning to be discerned.
On the front line in addressing these obstacles are the new promises that are taking the industry to its next phase.
Business Insider has created a profile of 25 emerging stars in the entertainment sector: Talented producers, marketers, and dealmakers for top Hollywood companies including Netflix, Disney, and Amazon.
We have asked these future industry leaders to identify the industry’s biggest challenges in 2024, as well as the opportunities they face. From navigating the post-primetime television era to the potential of AI. This is what they have predicted.
The world after television
The era of massive limited series and exorbitant spending has come to an end as streamers and television networks opt for continuous series of lower cost and greater appeal.
But title buyers will still need new content to keep people subscribed and renewing. Working with these new limitations will be one of the greatest demands that creators and creative executives who develop their work for the streamers and other platforms.
“There are fewer buyers of fiction, and those who exist are less inclined to hit the table hard.” says documentary producer Trevor Smith, co-founder of This Machine Filmworks. “So it’s about finding new ways to make high-quality storytelling that fits that ever-narrowing lens.”
“We have to be more creative when it comes to closing deals; today, buyers don’t buy just anything,” says Zita Brack, director of business and legal affairs at MRC, the production company behind shows like Poker Faceof Peacock, y The Greatde Hulu.
Emerald Wright-Collie, director of creative content at Sony Pictures Television’s children’s division, foresees difficulties for animation, where the contraction has led to layoffs at companies such as Dreamworks and Pixar.
“Everyone is looking for a way. And in recent years, the compass has pointed towards already known intellectual property, original content or coviewing“, he explains. “This has caused a small pause in the buyers of productions that has caused stagnation in the industry, but I hope that in 2024 this will open a little more and there is a little more enthusiasm when considering new content.
In a tougher sales environment, independent studio executives like Maxfield Elins, SVP of scripted television at Lionsgate TV, are hopeful they will have an advantage.
“As we are an independent studio, we can be agile in our agreements,” says Elins, whose company credits him with the sale of more than 20 programs in streaming and on cable in just a year and a half. “We’ve sold and developed pretty much everywhere.”
Win the war of attention
Winning the war of attention was the other challenge most cited by experts. Television’s big time may have passed, but audiences still have an overwhelming amount of options to choose from when it comes to streaming.
This is a multiple problem. Traditional companies in the audiovisual industry continue to need programs that serve both their linear and cable broadcast audiences and those of streaming. If they want to attract and maintain subscribers, the streaming They have to find current programs and continually promote them in new and unexpected ways. Film producers have to get people back into theaters, who have not yet regained the health they had before the pandemic despite phenomena like Barbenheimer.
“With all the box office successes this year, I think the challenge, also the great opportunity, is for us to continue creating content that brings audiences back to theaters,” says Jacqueline Garell, creative executive at Universal Pictures. “I think we’ve reminded them that going to the movies is a fun, communal experience, especially in a post-coronavirus world. And our job at the studio is to really keep the creative flowing.”
Diego Nájera, director of narrative film at Participant, points out that after this year’s screenwriter and actor strikes, which have paralyzed most production, there will be fewer films in the pipeline for 2024, as many of the big blockbusters from the Studies have been delayed until 2025.
“It’s going to be very interesting to see how people respond when there is less competition for attention and to see if people somehow rethink their habits and end up finding films that previously went unnoticed,” he says. “But at the same time, the challenge will be trying to maintain confidence that we will continue to be able to entertain you with impactful and culturally relevant stories.”
Maintain industry momentum on diversity
While some creatives are concerned about the demise of risk-taking in storytelling, others question Hollywood’s commitment to righting past mistakes. In the wake of the Black Lives Matter movement, people of color have benefited from entertainment companies’ efforts to improve diversity on screen and behind the camera. But optimism has turned to concern, as some young leaders worry that those nascent gains will be lost as the industry’s tired focus shifts to other challenges.
After George Floyd’s murder, there were improvements in representation, but only to a point, says Prince Baggett, head of film at Confluential Films, which focuses on projects created by and starring people of color.
“It’s been one of the things that people have thought about for just a second and then moved on to something else,” Baggett explains. “Ultimately, we are dealing with so many problems in the industry that it seems like this issue has been put on the back burner.”
Nájera cites significant progress for Latino-focused stories in 2023, and gives example Blue Beetle from DC Studios, among other projects “that are allowing Latinos to be seen and play roles that go beyond what was conventional,” he says.
“But at the same time, what we need are more executives and more decision makers from diverse backgrounds,” he adds.
The impact of AI
The implications of generative AI for business They loom over Hollywood, as they do over almost every industry.
Until now, much of the generative AI work in the entertainment sector has focused on removing signs of age from the faces of some actors, among other special effects, as well as dubbing, recreating voices of yesteryear actors and the restoration of old films and television series, helping the streamers to keep pace with the demand for content.
But there are fears that technology can undermine the creative essence of the industry using artists’ content without compensation or replacing screenwriters (AI was a key issue in the Hollywood strikes, as both screenwriters and actors sought limits on its use). He also worries that technology is being used to mislead viewers and exploit actors.
These feelings are noticeable among the leaders of the new generation of Business Insiderwho have expressed fear and uncertainty about the potential of technology, but also acceptance and optimism.
“It’s kind of a scary world, imagining the loss of creative voices to machines,” says Nick Graves, creative executive at SMAC Entertainment. “PBut I think there are many positive or potentially positive things that could come out of it.“.
There is a recognition that generative AI is here to stay and that creators and producers should use it, but this comes alongside a certain awareness that there have to be limits to its use.
“We want our employees to know: use it, use it now. It can make you more efficient at your job and, in fact, someone who doesn’t use it can be left behind a little bit,” says Baggett.
“It would be great to use it in marketing, but once you do, you could lose consumer trust,” says Nick Walsh, media director for original productions at Hulu. “Technology is great, but consumers are wary,” he adds.
2024-01-07 09:01:49
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