Producing Various and Sundry

This Summer Means Hollywood is Doomed…. Again

Every summer –for at least a decade or more– the Hollywood film industry has been doomed.

I would imagine they must get sick of all the doom, what with being doomed with the advent of television, the disintegration of the studio system, the rise of VCRs and video stores, online streaming, streaming services like Netflix making their own content — and possibly avocado toast.

Nevertheless, within the traditional ‘doom’ narrative, there may be trends, so I read a recent piece by David Sims in The Atlantic with interest about Hollywood’s “bad movie problem.” Just like last year, there seem to be a slew of high-profile blockbusters that underperformed domestically. This year, however, Sims hypothesizes that executives are running out of gas with their strategy of mining known IP for all its worth regardless of demand. He bases this not a generic “doom” observation, but that the studios are using tactics internationally, specifically the Chinese market, that are netting less overall profit. Oh, and the films are still doing bad domestically (ahem: bad movies).

Indeed, over in the Hollywood Reporter, Scott Roxborough and Patrick Brzeski detail the wave of political slings and arrows that may sour all the Chinese-American film synergy. Moreover, several of the media monoliths now owned by Chinese concerns are experience firsthand on their balance sheets what it means for North American box office revenues to slide. In fact, John Nolte over at The Daily Wire suggests that, yes, it really is a bad movie problem. The American viewing public has figured this out and both box office and home video revenues are slumping accordingly.

So is this the Final Doom?

I mean, Spielberg released the BFG, so maybe…

It strikes me that movies and related “more passive” visual entertainment are still a potent pop culture delivery device. They’ll be around for quite some time until companies figure out how to make virtual reality more economical and interwoven with our habits like turning on the TV in the evening or going to films on weekends. If or when that happens, expertise in films and such will likely pour into those interactive productions. The companies that exist today could definitely transform into interactive powerhouses through building up their own capabilities or through acquisitions.

Though, frankly, I love films and TV as-is and hope there’s always going to be a place for them (same with books as my bulging bookshelves can attest). And I hope some of the studios pick up on what Sims pointed out in his article: that some of the best grossing films so far this year have been non-franchise original works… that not coincidentally didn’t cost as much to produce.

Tune in for a similar article next summer!

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