EBN
Explore the Evolving Entertainment Landscape
EBN is a blog dedicated to covering the constantly changing entertainment industry, from the economics of show business to the politics that influence it.
FEATURED: "IN HOUSE COUNCIL- A LAWYER's PERSPECTIVE"
We here at Entertainment Business Now recently received the opportunity to interview a veteran attorney who has spent over 20 years at one of the business' most well known studios. Curious about the effect of new technology and the streaming service model, we received their insight and predictions for the future of the entertainment industry. We have decided to keep the name and workplace of this attorney confidential, in order to allow for full transparency in response.
THE INTERVIEW:
As a seasoned attorney with over two decades of experience in the entertainment industry, I have witnessed profound transformations that have reshaped the landscape of content and media creation.
The rise of streaming services has been at the forefront of this change, bringing both opportunities and challenges to all entertainment companies, big and small.
"How do you feel the streaming system has affected major entertainment companies?"
The Impact.
The advent of streaming has fundamentally altered the revenue models of major entertainment companies, including my own employer. We have now transitioned from a world once dominated by box office receipts, advertising dollars and television ratings to one where subscription based models reign, wholeheartedly. This shift provides a more predictable income stream but has also intensified competition for subscriber loyalty, turning content creation into a high-stakes game of always having to “keep the subscriber happy.”
Streaming has also dramatically expanded the global reach of content, as I experience every day on the job. While this opens exciting possibilities for diverse storytelling and caters to varied cultural tastes of today, it has also intensified competition on an unprecedented scale. Suddenly, we are not just competing with the studio rival next door, but with content creators from every corner of this globe.
"What do you feel the future of the industry looks like? Will streaming remain the norm or do you see another system coming in the future?"
The Future
Looking ahead, I see both thrilling possibilities and continued formidable challenges. Technologies like virtual reality VR and augmented reality AR appear to be new frontiers for audiences. Try to imagine being able to influence a writer's story direction by being able to step into a movie or series scene, this level of interactivity could redefine entertainment. However, as an attorney, I am spinning in already anticipating the complex legal landscapes we will need to navigate in this newest uncharted terrain.
In addition, advances in AI are also most likely to transform our industry in ways we can barely imagine, from streamlining production processes to personalizing viewer experiences. While the potential for innovation is somewhat exciting, did I just say that, we must ensure that in our rush to embrace these new technologies, we do not lose sight of the irreplaceable creativity of human minds that is at the heart of our industry. This continues to be my worst fear.
Lastly, platforms like YouTube and TikTok have democratized media creation, allowing for a wider range of voices, and fostering inclusivity. However, this trend also means traditional media companies have had to adapt quickly to stay relevant and it is a feat we continue to maneuver each day.
"What do you believe the industry needs to do to adapt to these new times; reduced production, lower revenues, mass layoffs, etc?"
The Change: Adapting
To navigate these challenging times, I believe the industry will need to embrace the following:
- Companies must invest in new technologies and storytelling formats, but always with an eye towards preserving the human element that makes stories resonate.
- Diversify Revenue Streams: Beyond subscriptions, exploring live events, merch, and partnerships can provide financial stability in an increasingly competitive landscape.
- Companies could better understand viewer’s preferences through data analysis as it is crucial for creating engaging content that fosters brand loyalty.
- Invest in People please: As technology rapidly changes our industry, we must prioritize retraining and re skill programs as I still believe the most valuable asset in entertainment has always been and will always be human creativity and talent, more recently lost by continuous layoffs throughout.
While I try to be optimistic about the industry’s ability to thrive and adapt, I cannot help but feel a twinge of nostalgia for the simple days of scheduled programming as when I first entered the field and of course, water cooler discussions about last night’s episode of our favorite TV shows.
The pace of change is dizzying, and there is a part of me that continuously worries about the sustainability of the current content creation frenzy.
As we move forward, I know it will be crucial that we balance innovation with the timeless elements that have in my opinion always made great entertainment: Compelling storytelling, unforgettable characters, both with the ability to touch hearts and minds.
Our industry, founded on imagination, forges its future through a creative daring and adaptive spirit, all the while honoring its roots and rich history.