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 still use three
readings to support your responses. They can be from any point in the semester
and they must be assigned readings for the class (no additional outside
article/source required). Limit: 11 responses
Gina Auletta
ReplyDeletePart 1
I believe that the music and film industries will undergo the most change in the next 10 years. Due to the pandemic, the two industries have already had to make changes due to concert cancellations, movie theater closures, film production halts, etc. and I predict that they will continue doing so. Although people around the U.S. are excited to get back out to movie theaters and live music events, the digital environment within these two industries seems to be growing and changing alongside new technology and consumer needs. Streaming services, for example, are revolutionizing the way that people consume media – especially films. With all of the new streaming services being developed, there are so many options for watching content. That being said, film studios have to decide whether they want to focus on driving people to leave their homes to go to the theater or play into the rise of streaming. The traditional theatrical experience seems to be dying out and there are only a few films each year that people feel are worth leaving the house for. In fact, the U.S. box office fell to $2.2 billion in 2020 which was an 80 percent decline from the previous year. The home/mobile entertainment market surpassed the global theatrical market significantly during the pandemic (McClintock). However, I feel that with so many large media companies releasing streaming services, the home/mobile entertainment market will continue to outrun all others going forward. Over the next 10 years, there will likely be an increase in the number of streaming services as well as an increase in the quality of content. Media companies will surely grow to make their digital environments more interactive and innovative, especially with the rise of technologies like virtual reality. With that, I believe the film industry will change as production companies start to focus more on their home/mobile consumers rather than trying to force people out of their homes. In fact, I think companies will start to release more at-home movie products like professional sound systems and bigger screens to support these changes. Movie theaters will begin to die out as films are released either on streaming services and in theaters or only on streaming services. I think the biggest change will be the continuous fall of the box office and a steady increase in streaming services, subscribers, and the quality of content.
Gina Auletta
ReplyDeletePart 2
As for the music industry, the pandemic has caused many big artists to cancel tours and find new ways to connect with their fans. I think that over the next 10 years people will feel comfortable going to concerts and live music events again and there is clearly mass excitement to do so. However, like the film industry, there has been a huge increase in streaming music in 2020 which will likely continue to grow. Major streaming platforms like Spotify and Apple Music were able to generate $7 billion in revenue between the two while gaining millions of more subscribers during 2020 (Bonifacic). With the evident rise of streaming and innovative technology, major companies have been launching new products like Google Home and Alexa which have allowed consumers to revamp their music listening experience. Apple even released its own streaming radio service called Apple Music 1 which offers artist interviews, global exclusives and premieres, and other breaking music news (Perez). On top of this, social media platforms – specifically TikTok, have changed the music industry immensely and will likely continue to do so. Artists and music companies will probably get more interactive with fans on social media and through paid services like Apple Music 1, in order to keep their digital presence afloat. Between the increase in streaming, the rise of social media platforms like TikTok, and the ever-changing technology in the U.S., I feel that the music industry will become more focused on their digital environment much like the film industry.
Works Cited
Bonifacic, I. "Streaming Music Made Up 83 Percent of the Record Industry's Revenue In 2020," Engadget 26 Feb. 2021.
McClintock, Pamela. "U.S. Box Office Fell 80 Percent in 2020 as Streaming Boomed." The Hollywood Reporter 18 March 2021.
Perez, Sarah. "Apple Launches Apple Music Radio with a Rebranded Beats 1, Plus Two More Stations." Tech Crunch 18 Aug. 2020.
Alexander Hazarian
ReplyDeleteThe rapid development of computer, telecommunication, and cloud computing technologies has significantly changed many industries. The current COVID-19 pandemic has accelerated these changes, compromising some traditional industries and businesses and contributing to the emergence and development of new niches such as streaming services, online gaming, and food delivery. These changes impact all stakeholders, including businesses, media professionals, and users/consumers. The analysis of current trends and tendencies shows that the sports and entertainment industries will undergo the most change in the upcoming ten years.
The sports industry already faces many challenges and transformations caused by new trends, changing consumer behavior and preferences, and introducing new technologies. The major effect is the change in the preferences and needs of the new generation of consumers. The article published on Morning Consult reflects the relevant tendencies in consumer behavior. Namely, it reports that the percentage of sports fans decreases among new generations. The survey shows that 53% of Gen Zers identify as sports fans than 63% of all adults and 69% of millennials (Silverman). This generation is also less likely to watch live sports and to refuse to do it at all. The author claims that only NBA and UFC retain their popularity among this group of the target audience. Esports is a completely new segment of the sports industry, gaining popularity among the younger generation. 35% of all Gen Z respondents identify themselves as esports fans than only 19% of all adults (Silverman). Therefore, esports can become one of the leading segments of the sports industry in the upcoming ten years. Another peculiarity is that esports are available on streaming platforms and services. These are updated channels of sports broadcasting having high popularity among young adults and teenagers.
The altered consumer behavior is not the only factor determining the sports industry's future. Other trends that will significantly impact its development in the next ten years are increasing female sports investment, athlete activism over race, new college sports regulations, sports media layoffs, technologies in sports, and equity in youth sports (Solomon). All these changes will influence the customers and media professionals. For instance, sports reporters' demand will drop due to the increasing prevalence of streaming services and future trends of how fans want to watch games and other sports events. Customers will see more female athletes. Professional sports will also be ethnically diversified following the current trends.
Part 2
ReplyDeleteTraditional entertainment sectors such as theaters and cinemas are already stagnating because of the imposed quarantine restrictions, social distancing, and regular lockdowns in different countries globally. The increased popularity of streaming services and platforms providing licensed movies at high quality with subtitles and dubbing in different languages has decreased the demand for conventional places where people used to watch films and other entertainment events. Furthermore, gaming and streaming sub-industries have gained significant popularity during the pandemic substituting cinemas and theaters. Peter Debruge claims that the continuous pressure of these external and internal factors may result in many bankruptcies in the traditional entertainment industry (Lang et al.). Therefore, media professionals will need to adjust to these changes and employ marketing techniques to new entertainment industry segments to cover a greater audience. Customers will face the closure of many cinemas and theaters. The rapid drop in supply may increase the demand for traditional entertainments facilitating their recovery. More research should be conducted to study this hypothesis.
In conclusion, the sports and entertainment industries will face the most change in the next ten years. Sports broadcasting will shift to streaming services and face a drop in demand among new generations. The entertainment industry will have more of its traditional segments going into bankruptcy because of the prevailing demand for gaming and streaming platforms. Media professionals will need to adjust to these changes focusing their activities on future trends and improving digital literacy. Customers will see more female and ethnically diverse athletes and a decreasing number of cinemas and theaters.
Works Cited
Lang, Brent, et al. “The Future of Movie Theaters In the Age of Coronavirus: A Dialogue.” Variety, 8 Oct. 2020, variety.com/2020/film/news/movie-theaters-cinemas-coronavirus-no-time-to-die-covid-1234796779/.
Silverman, Alex. “The Sports Industry’s Gen Z Problem.” Morning Consult, 28 Sept. 2020, morningconsult.com/2020/09/28/gen-z-poll-sports-fandom/.
Solomon, Jon. “How COVID-19 in 2020 Could Impact the Future of Sports.” Asperinstitute, 22 Dec. 2020, www.aspeninstitute.org/blog-posts/how-covid-19-in-2020-could-impact-the-future-of-sports/.
Part 2
DeleteWith the increase of streaming platforms and big companies duel releasing their big hits, the film industry has suffered greatly. Streaming sites like Netflix and HBO Max offer exclusive content to users for a monthly fee equivalent to the price of a trip to the movies in current day. I believe that the strain of the pandemic will forever damage the movie theaters, especially with the increased popularity of streaming. Owen Gleiberman of Variety also agrees that the pandemic may be the end for all theaters, never being able to recover from the combination of shutdowns and increase of streaming platforms. The end of the box office would be an economical and cultural catastrophe, leaving behind billions of dollars in debt to studios who rely on that money to produce the huge blockbusters (Lang). Selling them on streaming sites will not bring in that much revenue. The movie theaters and the film industry could be in a lot of trouble if the box office does not see a rise soon. I would not be surprised if less anticipated films are released exclusively on platforms while only blockbuster movies are released in theaters. I’m not sure if the film industry will be able to be as big of a success without blockbuster movies making hundreds of millions of dollars in opening weekend alone, especially if movie theaters never recover after this year.
Works Cited
Belson, Ken, and Kevin Draper. “N.F.L. Signs Media Deals Worth Over $100 Billion.” The New York Times, The New York Times, 18 Mar. 2021, www.nytimes.com/2021/03/18/sports/football/nfl-tv-contracts.html.
Lang, Brent. “The Future of Movie Theaters in the Age of Coronavirus: A Dialogue.” Variety, Variety, 9 Oct. 2020, variety.com/2020/film/news/movie-theaters-cinemas-coronavirus-no-time-to-die-covid-1234796779/.
Thompson, Rodney. “The Trends Changing Broadcasting: The Future of Broadcast TV: The Weather Company, an IBM Business.” The Trends Changing Broadcasting | The Future of Broadcast TV | The Weather Company, an IBM Business, 2020, www.ibm.com/weather/industries/broadcast-media/trends-that-will-change-broadcasting.
Morgan Tencza
ReplyDeletePart 1
Throughout this class, we have discussed so much about the various media industries. We have analyzed trends before and after the pandemic, which will forever have a lasting effect on these industries in addition to all of our lives, and discussed what could come in the future regarding media industries. I have come to the conclusion that the TV and film industries will undergo the most change within the next 10 years.
I believe the TV and film industries will almost go hand in hand when talking about change. We have already seen a huge shift to streaming platforms for both of these media types, hurting the traditional avenues of cable television and the box office. As far as the television industry, more and more people are cutting the cord. According to IBM, “In 2020 alone, it was estimated that over 6 million U.S. households cut the cord with pay-TV. eMarketer has also estimated that by 2024, the number of these households will grow even further, reaching 46.6 million resulting in more than a third of all U.S. households no longer having pay-TV,” (Thompson). With the increase of cord-cutters, broadcast companies will have to make the transition to offer streaming in order to stay relevant in the industry. The industry could change drastically within the next 10 years if the broadcast companies join the cable companies in offering streaming services. Another reason the TV industry could change drastically in the next years is if sports make the full transition on to streaming. We have already seen sports be broadcasting exclusively on streaming platforms, like Premier League on Peacock, but NFL recently has signed deals with platforms like Amazon, that only have streaming services. According to the New York Times, the new broadcast deals with partners, “include agreements for their respective streaming platforms, while Amazon will show Thursday night games on its Amazon Prime Video service,” (Belson & Draper). NFL is the last major sport to not be offered on streaming platforms, and that has now changed. For the sports lovers who were only keeping their cable packages to watch sports, the industry has now shifted towards the streaming world as well.
Part 2
DeleteWith the increase of streaming platforms and big companies duel releasing their big hits, the film industry has suffered greatly. Streaming sites like Netflix and HBO Max offer exclusive content to users for a monthly fee equivalent to the price of a trip to the movies in current day. I believe that the strain of the pandemic will forever damage the movie theaters, especially with the increased popularity of streaming. Owen Gleiberman of Variety also agrees that the pandemic may be the end for all theaters, never being able to recover from the combination of shutdowns and increase of streaming platforms. The end of the box office would be an economical and cultural catastrophe, leaving behind billions of dollars in debt to studios who rely on that money to produce the huge blockbusters (Lang). Selling them on streaming sites will not bring in that much revenue. The movie theaters and the film industry could be in a lot of trouble if the box office does not see a rise soon. I would not be surprised if less anticipated films are released exclusively on platforms while only blockbuster movies are released in theaters. I’m not sure if the film industry will be able to be as big of a success without blockbuster movies making hundreds of millions of dollars in opening weekend alone, especially if movie theaters never recover after this year.
Works Cited
Belson, Ken, and Kevin Draper. “N.F.L. Signs Media Deals Worth Over $100 Billion.” The New York Times, The New York Times, 18 Mar. 2021, www.nytimes.com/2021/03/18/sports/football/nfl-tv-contracts.html.
Lang, Brent. “The Future of Movie Theaters in the Age of Coronavirus: A Dialogue.” Variety, Variety, 9 Oct. 2020, variety.com/2020/film/news/movie-theaters-cinemas-coronavirus-no-time-to-die-covid-1234796779/.
Thompson, Rodney. “The Trends Changing Broadcasting: The Future of Broadcast TV: The Weather Company, an IBM Business.” The Trends Changing Broadcasting | The Future of Broadcast TV | The Weather Company, an IBM Business, 2020, www.ibm.com/weather/industries/broadcast-media/trends-that-will-change-broadcasting.
Emma Frisbie
ReplyDeletePart 1
Over the next ten years, I expect to see big changes to many media industries. But, more specifically, I believe we will see the biggest changes in the Television and Film industries. The pandemic has drastically changed our everyday lives and almost all industries, media or not. But, I think the changes to these two industries would’ve occurred anyway, only being sped up by the pandemic.
Throughout the pandemic, the television industry has seen huge shifts due to streaming. Streaming platforms such as Netflix and Disney+, among many others give viewers the option to watch shows whenever they want, wherever they want, and however many times they want. This is killing cable right now, as many people completely switch to streaming services. In “Tops of 2020: Nielsen Streaming Unwrapped” it states, “unsurprisingly, streaming platforms have become video wellsprings for content-hungry consumers, with well-advertised originals like Ozark, The Boys and The Mandalorian grabbing much of the spotlight… consumers binged nearly 30.5 billion minutes of Ozark… Similarly, consumers watched more than 57 billion minutes of The Office”(Tops of 2020). This goes to show that people are dedicating large amounts of time to these streaming platforms and I think it’s something that we will continue to see through the next decade.
In addition, many traditional television networks are hopping on the streaming bandwagon. NBCUniversal has Peacock, CBS has Paramount+ (previously CBS All Access), WarnerMedia has HBO Max, among others. I think these networks all have the right idea. While I don’t believe we will see a complete disappearance of cable and live TV in the next ten years, I do believe that streaming will control a good portion of the television industry.
Emma Frisbie
DeletePart 2
Similar to the TV industry, the film industry will also see huge changes. One of the biggest changes within the next ten years, like TV, is the use of streaming platforms. Right now we are seeing the birth of the hybrid release, where advertising is pushed for a theatrical release as well as a digital one. For a while now, we have seen theater numbers fall. The article “WarnerMedia Chief Jason Kilar says Movie Biz still in ‘Experimentation Mode’ on Theatrical Windows” states, “the decision to put films simultaneously in theaters and on HBO Max was about giving consumers choice, according to Kilar. He noted that “Tom and Jerry” topped the box office this weekend, even as it premiered on HBO Max at the same time” (Spangler). I believe that HBO Max is on the right track to be one of the firsts to master the hybrid release, with a jumpstart on other streamers. Giving people options and getting used to advertising theatrical and streaming is beneficial for them. But, I don’t know if theaters will ever live up to their former glory as the theatrical window gets shorter.
In terms of media consumers, I feel that they have already begun to adapt to these changes. People already spend lots of time in the streaming world. The article “U.S. Box Office Fell 80 Percent in 2020 as Streaming Boomed” states, “for the first time, subscribers of online services crossed 1 billion to top out at 1.1 billion, a 26 percent gain over 2019” (McClintock). This goes for both the Television and Film industries. I believe that working in these industries will remain mostly the same. With the pandemic, many productions were halted or shut down and many involved in the process were laid off. I believe that once the public is mostly vaccinated we will see a return to normal productions, an abundance of production positions, and a plethora of new content for consumers, driving the streaming world even more.
Works Cited
McClintock, Pamela. "U.S. Box Office Fell 80 Percent in 2020 as Streaming Boomed." The Hollywood Reporter 18 March 2021, https://www.hollywoodreporter.com/news/official-tally-u-s-box-office-fell-80-percent-in-2020-as-streaming-booms
Spangler, Todd. "WarnerMedia Chief Jason Kilar Says Movie Biz Still in ‘Experimentation Mode’ on Theatrical Windows." Variety https://variety.com/2021/digital/news/warnermedia-jason-kilar-movie-windows-hbo-max-avod-1234921633/
"Tops of 2020: Nielsen Streaming Unwrapped," Nielsen.com 12 Jan. 2021, HTTPS://WWW.NIELSEN.COM/US/EN/INSIGHTS/ARTICLE/2021/TOPS-OF-2020-NIELSEN-STREAMING-UNWRAPPED/
The two industries that will look the most different in 10 years, will be the Film and TV industry. These industries have arguably gone through the most change during the pandemic and things seem to have normalized to a point where Americans are used to the differences. For example, take a look at what HBO Max did this year “it would put all of its 2021 movies — a 17-title list that includes such highly awaited films as “Dune,” “In the Heights” and “The Matrix 4” — on HBO Max at the same time they play in theaters…” (Zeitchik) This is a change we have never seen before and it will be interesting to see if this hybrid release schedule works at the end of the year. Of course, during the pandemic, there were a lot of movies that had to be moved back and stopped production on for a couple of months. I think we can see the effect of that most vividly in the Marvel universe, where they had to move back all of their movies because of having to move just one. I also think another change is having movies in theater for a lot shorter of a time. Universal for example “a Universal movie opening to $50 million or more at the domestic box office can be made available in the home via premium VOD beginning 31 days after it opens on the big screen.” (McClintock) This is a big change and one that I think we will start to see a lot more of, especially since in the article the deal keeps going years after this pandemic should be over. The TV industry will also look different in 10 years. I don’t think that there will be any loved cable shows that people are tuning in to watch at 8 pm on a wednesday in 10 years. Streaming seems like it’s the future and it seemed like that even before the pandemic. There are so many streaming services out now and I expect there to be even more in the future making it hard to escape the streaming wars. I also think old shows and movies will start to have even more spin offs like Star Wars and Game of Thrones. Star Wars actually has a deal with Disney Plus to make 10 new Star Wars series on the streaming service (Gemmil) I think that the pandemic previewed what it’s going to be like watching film and television in the next ten years, and honestly, I’m pretty excited. I would rather watch a brand new movie in the comfort of my home then a theater since now, it’s become a sort of pastime for me.
ReplyDeleteMcClintock, Pamela. “Universal, Cinemark Strike Historic Deal Shrinking Theatrical Window for Event Pics to 31 Days.” The Hollywood Reporter, 17 Nov. 2020, www.hollywoodreporter.com/news/universal-cinemark-strike-historic-deal-shrinking-theatrical-window-for-event-pics-to-31-days.
Zeitchik, Steven. “In Major Break from Tradition, Warner Bros. Moves to Debut All Its 2021 Movies Simultaneously on HBO Max and in Theaters.” The Washington Post, WP Company, 4 Dec. 2020, www.washingtonpost.com/business/2020/12/03/warner-media-movies-hbo/?utm_campaign=wp_evening_edition&%3Butm_medium=email&%3Butm_source=newsletter&%3Bwpisrc=nl_evening.
Gemmill, Allie, and Allie Gemmill (1529 Articles Published) . “Disney+ Says 10 New Star Wars Series and 10 New Marvel Shows Are Coming Soon.” Collider, 10 Dec. 2020, collider.com/disney-plus-new-star-wars-shows-marvel-shows/.
Gianna Petruccelli
ReplyDeletePT. 1
Throughout this class, we have covered many different trends and topics. Especially due to the covid-19 pandemic, there have been many recent changes to the media industry that I project will have a very long-lasting effect. Out of everything, I think the television and music industry have been the most changed during this time and will change the most in the next 10 years. The first and most obvious reason for this is the changes that these two industries went through as a result of covid-19 and quarantine. To begin, the television industry saw a huge change in viewership for linear cable television shows, because everyone was constantly home and able to watch their shows at whatever time they needed. Obviously, this will probably be being that the pandemic is seeing its way out (hopefully), but the fact that in just one year the linear television universe saw a huge boost in viewership. I believe that having so many people tune into linear television will keep these people hooked on whatever show they started. Although they may not be able to catch the show at its certain time, they will be able to find it on a streaming service, which makes me believe that the industry will once again move away from linear television. Also, so many people are starting to “cut the cord” in terms of cable television. Because of this, they will be turning to streaming services such as HBO max or Disney Plus. In an article called “Golden Globe Nominations: Disney Plus, HBO Max Break in as Streaming Wars Heat Up” by Variety, they explain that there are now 6 main streaming services (Netflix, Hulu, Amazon, Apple, HBO Max and Disney Plus). These 6 streaming services are constantly competing with each other. Some of these services are even adding new additions to their subscriptions to make sure they stay on top. Because of this, I feel that these 6 streaming services are going to be in heavy competition and will be vigorously changing and conforming to what the consumer wants. With this being said this type of competition will greatly change the television industry because all these services are constantly trying to one-up each other.
PT 2.
DeleteFurthermore, I believe the music industry will greatly change as well. For starters, it is to no surprise that the music industry took a bit of a hit because of the pandemic. There has not been live music or concerts, and many artists had to cancel their tours. With that being said, music streaming has never been so high. In an article called “The Trends That Shaped Streaming in 2020”, it is stated that “We also saw changes in how people were streaming. We noticed an uptick in people streaming from home (by way of the playlists they created), as well as the amount of people streaming from gaming consoles”. I feel that the music industry made a huge shift in the streaming direction and now that people have the opportunity to watch from the comfort of their own homes. Furthermore, in an article called "Streaming music made up to 83% of the record industries revenue in 2020" it is stated that "According to the Recording Industry Association of America’s annual year-end report, overall recorded music revenue increased by 9.2 percent to $12.2 billion in 2020. That growth was primarily sustained by more money coming from streaming services, with the format generating $10.1 billion in revenue in 2020, up from $8.9 billion in 2019" (Bonifacic). This proves to me that clearly the industry is benefitting from streaming, and I feel that this will change the industry. I do believe consumers will be effected by these changes for sure, but I believe it will be positive. Both industries are constantly moving and trying to keep up with what the consumer wants and needs, and I think the TV and music industry are going to do what they can to make sure their platform is the most easy to use and beneficial platform for their consumers.
Works Cited
Bonifacic, Igor. “Streaming Music Made up 83 Percent of the Record Industry's Revenue in 2020.” Engadget, 26 Feb. 2021, www.engadget.com/riaa-music-revenue-report-2020-204907874.html?guccounter=1&guce_referrer=aHR0cHM6Ly9xdWlubmlwaWFjLmJsYWNrYm9hcmQuY29tLw&guce_referrer_sig=AQAAAGv2Cm80ouGfiWDtBCHQU6rEEmInniaQZvX4P-oLOj4azlQRZos65p9GmoIrEI05yzkCX3xxRgO0bhqe1u5Hg5mCKNranyupdZWoJSEyGOC-Hp1azUoqGBgrlwB4RvACaghKMvRnvAdAgQ27irpn6FnRT1JeCwI6VfWqg71AQF7B.
Otterson, Joe. “Golden Globe Nominations: Disney Plus, HBO Max Break in as Streaming Wars Heat Up.” Variety, Variety, 4 Feb. 2021, variety.com/2021/tv/news/golden-globe-nominations-mandalorian-flight-attendant-disney-plus-hbo-max-1234899314/.
“The Trends That Shaped Streaming in 2020.” Spotify, 1 Dec. 2020, newsroom.spotify.com/2020-12-01/the-trends-that-shaped-streaming-in-2020/.
Nick Melanson
ReplyDeletePart 1
In the next 10 years, I think that the music and the film industry will undergo the most change.
I think that the music industry will have dramatic changes because of how quickly the way that we listen to music has adapted. Growing up, it was CD’s, iPods, and Napster, but recently, music streaming services have been making boatloads of money. Streaming services provide something that digital and physical copies of albums never could – the convenience. Financially, it makes a lot more sense to pay Apple $9.99 a month and get unlimited streaming to hundreds of thousands of songs when compared to spending $13 for an album that only carries 12 songs on it. Between 2017 and 2018, we saw nearly 100 million new streaming services alone (Statista), and it can be expected that number will only continue to go up. Recently in December of 2020, Spotify reached 155 million premium subscribers, a 24% boost (Ek, 2021). The biggest obstacle that the music streaming services saw was apprehension from record labels who were losing due to the lack of hard copy sales because of streaming. When they finally gave in, labels experienced a nearly 11% rise, and in one year, British music saw a 45% increase in year over year subscription streaming (Wolfson, 2021). In comparison to other ways to listen to music, such as CD, record, iTunes, and Napster, streaming services are still relatively new. In 2020 alone, America’s overall recorded music revenue generated $12.2 billion, with $10.1 billion coming from streaming services (Bonifacic, 2021). This is a five-year trend in which streaming revenue has continuously gone up and has no indication of slowing down. This can result in drastic changes across the music landscape, potentially leading to the downfall of physical album sales. The amount of plays that a song requires in order for the artist to make any substantial money is also astronomically high, which could potentially leading them into finding other ways to make money off of their music, such as signing away song rights to advertisers, promoting them on social media apps such as TikTok, or even more live shows, in order to make a lot of money fast while going on live tours.
Part 2
DeleteThe film industry is in the same boat. The COVID pandemic shut down everything across the globe, and the film industry got hit the hardest. Not only did studios go under, put projects were delayed, movie dates were pushed back, and theaters across the world filed for bankruptcy. One of the biggest changes that we saw however was the new format that studios are using to distribute their movies. Warner Brothers Studios, one of the biggest film studios in the world, agreed to a deal with HBO Max that will see all of their movie’s release at the same time on HBO Max streaming service. This is a game changer, as now movie goers can watch films from the comfort of their house instead of going to the theater in person. Not only does this hurt the theater industry, as ticket sales will naturally go down due to the desire for some movie goers to watch from home, but it is also beneficial to HBO Max, who saw a wave of new subscribers after the announcement was made. This comes after the movie The Invisible Man was released On Demand rather than in theaters and performed relatively well. Over the next ten years, I expect that we will see a lot more film studios adopting this hybrid strategy. Donna Langley, chairman of Universal Filmed Entertainment Group said that “you can see that a few studios are all trying to do a version of the same thing in terms of reorganizing the distribution ecosystem in order to monetize our movies” (Keegan, Jarvey, McClintock, 2020). Disney + is aother streaming service that has done this, as select Disney movies are being released either exclusively on the Disney + service, or in the hybrid format. Unlike HBO Max which only requires a subscription to their service for access to their movies, Disney + uses a $30 paywall to watch some of their new films, an additional charge added on to what the customer is already paying for access to the site. In the future, I think that we will see a lot more companies adopting this new hybrid strategy. Not only will it change the movie going process, but it will also threaten to put movie theaters out of business.
Works Cited:
Bonifacic, I. (2021, February 26). Streaming music made up 83 percent of the record industry's revenue in 2020. Retrieved April 15, 2021, from https://www.engadget.com/riaa-music-revenue-report-2020-204907874.html?guccounter=1&guce_referrer=aHR0cHM6Ly9xdWlubmlwaWFjLmJsYWNrYm9hcmQuY29tLw&guce_referrer_sig=AQAAABihUAU2SdKD1RNQvokeAb3bxs176bm_Z5qjzzAQoto-fVS4hl_1agnuoSxW0RSzXTyXJRCCfaEtML7rj1X91U0FHIcPuKil6Kosj_Ud-q8ElntdJinNSv_x4btHOh0hyhesDgO7sB8MANWVeh7YmNNtRykBaY95zFinJmjsMY2R
“Global Streaming Music Subscribers 2020.” Statista, Statista Research Department, 8 Jan. 2021, www.statista.com/statistics/669113/number-music-streaming-subscribers/.
Rebecca Keegan, N. (2020, December 24). 2020'S big Plot twist: How 'Wonder WOMAN 1984' came to Upend Hollywood's Future. Retrieved April 15, 2021, from https://www.hollywoodreporter.com/features/2020s-big-plot-twist-how-wonder-woman-1984-came-to-upend-hollywoods-future
Spangler, T. (2021, February 03). Spotify hits 155 million paid subscribers in Q4, says podcast Listening nearly doubled. Retrieved April 15, 2021, from https://variety.com/2021/digital/news/spotify-q4-2020-results-podcast-1234899086/
Wolfson, Sam. “'We've Got More Money Swirling around': How Streaming Saved the Music Industry.” The Guardian, Guardian News and Media, 24 Apr. 2018, www.theguardian.com/music/2018/apr/24/weve-got-more-money-swirling-around-how-streaming-saved-the-music-industry.