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Hollywood Industry in Crisis: 'We Are Blockbuster'
3 Dec
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.
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.
