What will the movie industry look like in a post-pandemic world?
North American box office revenues in 2020 hit an all-time low of 40 years, struggling to hit a total of $ 2.2 billion amid the ongoing pandemic. Theaters were forced to stay closed for a significant part of the year and struggled to recover when some theaters were able to reopen later. This resulted in an 80% year-over-year drop from 2019, according to Comscore.
The film industry was in flux before the pandemic hit, but after nearly a year of shutting down theaters and postponing films, the industry’s future looks even less certain. Award-winning American director Tian Boothe shares with us some of the changes the film industry is embracing.
Roots of entertainment
Those who know his work will recognize Tian Boothe as director and producer of Broken dream, emotional release in ER, ER compliance and Never look back. Being a niece of popular Jamaican singer Ken Boothe, she is no stranger to the industry. His brother, Jullian Boothe, is best known as the manager of Amara La Negra and for his role in Love and hip-hop: Miami.
Tian Boothe was presented and mentored by producer Kia Kiso. The style of the filmmaker is described as fearless, honest, truthful, dramatic, touching and emotionally powerful. At the end of 2020, Boothe was spotted by Marquee Image Models while trending on a popular live streaming app. Soon, Boothe became a content creator for their partner app. Love.
The Netflix effect
When theaters closed, many films went on to stream. Universal Pictures has reached an agreement with AMC Theaters to reduce the length of films exclusively in theaters from 90 days to 17. Warner Brothers began releasing its new films on HBO Max the same day they were released in theaters, a decision which is expected to carry over through 2021. Disney + has followed a similar pattern by releasing new movies to stream for an additional cost and others included in the base subscription fee.
This dual-version model seems to work favorably. When Disney + came out Cruel in theaters and for its top customers, the company has made more than $ 20 million on each channel in the first weekend alone.
Cinemas and streaming are fighting for customers, but many expats believe the two can coexist. It is likely that the films will be released simultaneously or much closer to each other in streaming and theaters than in the past. Watching a movie in the theater and at home offer two very different experiences, with pros and cons for both, but customers are expected to likely continue to enjoy new releases from both the comfort of their own. foyer and cinema.
What awaits the industry?
According to World Economic Forum the business model is moving away from distribution to third parties and the sale of single tickets towards own distribution and recurring revenues. As a result, media companies are moving away from optimizing releases for fixed times, prime-time TV slots or popular holiday weekends.
The goal here is increased engagement to improve user retention as well as content popularity data. Kamal Gianchandani, CEO of PVR Pictures and Chief Strategy Officer of PVR, said in a recent interview: âI expect that investments in content creation will come from distribution platforms rather than studios. Studios and platforms are likely to coexist and thrive, especially in under-penetrated markets like India. “
The subscription video-on-demand model is also standardizing the release of films directly to consumers, which is impacting the theater operator market. Independent cinemas are expected to be heavily impacted.
COVID-19 has made film financing riskier, rising health and insurance costs can make it harder for independent studios to raise capital. This could have the unintended effect of reducing the diversity of the film industry.
The rising cost of on-set safety precautions has been a hindrance for independent filmmakers and it is likely that there will be fewer independent films released in the next few years. Film studios are also expected to expand their animation offering. Animated films tend to be easier to produce virtually, reducing the need for security measures. As original scripts have shrunk in favor of franchises and reboots, the trend is expected to grow in the future, with studios opting for proven movies and series.