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‘It’s unsustainable’: Can Hollywood survive without transformation?

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece in The Guardian or enjoy below 

🗞️ Driving the news: "Barbie" and "Oppenheimer", two highly anticipated movies, have done extremely well at the box office, bringing in $162m and $82.4m respectively
• This success marks the most lucrative weekend at the domestic box office since the outbreak of the COVID-19 pandemic

🔭 The context: Despite these box office hits, the film industry is grappling with numerous challenges, including an ongoing strike involving actors and writers, the rise of streaming services, and the impact of AI

🌎 Why does it matter for the planet: The struggles faced by the movie industry have a wide-reaching impact on many levels, affecting not just those within the industry but also the wider economy and society as a whole

⏭️ What's next: The future of Hollywood could depend on the outcome of these labor disputes, as well as how effectively it can adapt to technological changes and competition from streaming giants
• The industry is at a crucial crossroads, with the ongoing strikes highlighting crucial issues like residuals and fair pay

💬 One quote: "The truth is this is a huge business, both domestically and for world export. These conditions will potentially produce an absolute collapse of an entire industry” (Barry Diller, former chief executive of Paramount Pictures and 20th Century Fox)

📈 One stat: Even after the success of "Barbie" and "Oppenheimer", the box office is still down 20% from pre-pandemic levels. Furthermore, the strike involving actors and writers marks the first time in over 60 years that both groups have been on strike simultaneously.

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