Hollywood is in flux but these executives sound an optimistic note on the future of streaming, movies
LOS ANGELES — Hollywood’s awards season is meant to be a celebration of the best in film and television. But these days, it often takes place against the backdrop of turmoil and anxiety in the entertainment industry, which is facing an uncertain economic climate and a business model that is in a dramatic state of flux.
Subscription-based streaming video, once the north star for media companies wanting to stay relevant in the age of Netflix, has come under question as Wall Street demands to see profits, not just subscriber growth at all costs. TV ratings are falling, cord-cutting is accelerating, and many analysts fear that the COVID-19 pandemic left a “permanent scar” on the theatrical movie business, as Walt Disney Co. Chief Executive Bob Iger recently put it.
Studios and streamers continue to spend billions of dollars on movies and TV shows for all formats, but worries about inflation and a possible recession have triggered a slowdown in the advertising market and rounds of layoffs and cost-cutting at many companies.
There are fewer movies in theaters than there were before the pandemic closed movie houses in 2020. And those films that do make it to theaters often are there for much shorter periods.
And still, the people who lead the companies at the heart of all this change remain optimistic.
The Los Angeles Times invited a panel of top entertainment industry executives from companies such as Sony Pictures, Blumhouse, Paramount Global and Creative Artists Agency to participate in a wide-ranging discussion of issues, including what kind of consolidation to expect, the next phase of the streaming wars and how to continue the momentum for progress in diversity and inclusion, an area where the business has historically struggled.
The panel discussion was moderated by
