What is causing the decline in Hollywood?

Experts cite runaway production, insufficient tax incentives, rising costs, and a shift in content creation models as primary causes for Hollywood's decline.

Are California's tax incentives helping Hollywood?

While California has increased its tax incentives, panelists believe they are still not competitive enough to effectively combat runaway production and retain jobs.

How can Hollywood innovate amid its current crisis?

Innovation can come from embracing new content creators like MrBeast, adapting to technological advancements like AI, and recalibrating production and talent incentives.

Home / Arts and Entertainment / Hollywood Industry in Crisis: 'We Are Blockbuster'

Hollywood Industry in Crisis: 'We Are Blockbuster'

3 Dec

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Summary

Industry insiders fear Hollywood is declining rapidly like Detroit in the 1980s.
California's tax incentives are seen as insufficient to combat runaway production.
Innovators like MrBeast signal a shift, with stories originating from new platforms.

Hollywood Industry in Crisis: 'We Are Blockbuster'

Industry leaders at Content London expressed deep concern over Hollywood's current trajectory, likening the situation to Detroit's decline in the 1980s. Discussions highlighted that even California's enhanced tax incentives, capped at $750 million annually, are considered insufficient to reverse the trend of runaway production and job losses.

The panel emphasized the need for a significant shift in mindset across government, industry, and guilds, acknowledging that the industry is not growing but facing declining revenues and rising costs. There was a sentiment that Hollywood's past success, particularly during the 'Peak TV' era, has led to unsustainable spending and irrational trend-following.

Despite the challenges, optimism was present, with discussions pointing to opportunities in innovation and new storytelling sources, such as online content creators. The rise of figures like MrBeast was cited as an example of how new models can emerge, suggesting that adaptability and embracing technological advancements, like AI, will be crucial for Hollywood's future.

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