The Hollywood Crash Is Coming Soon…??
Is Hollywood about to crash? The eye of the storm of this crash could be movie theaters. People’s buying and viewing habits have changed dramatically over the last decade. The public generally doesn’t buy a full album to listen to a hot single anymore instead, they stream their favorite songs on Spotify or Apple Music. Eventually, people will stop going to the movies, which have become too expensive, inconvenient, and just a general hassle. Instead, the movies will be delivered directly to the consumer via services like Netflix, Hulu, and Amazon. This is the Hollywood Crash.
In the year 2015, movies playing in theaters were downloaded illegally over half a billion times. There’s just too much competition for the public’s attention. The consumer can easily choose entertainment like Netflix, YouTube, and video games, or simply turn to Facebook or Instagram.
Theater attendance is at a two-decade low and profits are seriously declining. This is exactly what happened to the music industry years ago when Napster came on the scene. New consumer habits were created and the music establishment was resistant to change.
The one thing that Hollywood can learn for the mistakes of the music business is that you need to change with the times or your DEAD! From CGI Actors to A.I. Aaron Sorkin to algorithmic editing, Hollywood is in the middle of a huge shift in what the audience wants and if it doesn’t adjust it will follow the music and publishing blueprint. When you ask studio executives if they are afraid of an all out collapse of the Hollywood system, their response is defiant and dismissive.
Check out this killer video by TimStarz04.
Hollywood, is completely dependent on franchises and established IPs and has given up the all the original and “riskier” properties and stories to premium networks and top streaming services like the Netflix, Amazon, Hulu, Showtime and HBO.
The growth in other markets like China could help take off some strain from the decline of the US box office but some experts believe that the glorious box office reign of the Hollywood studios could be gone for good.
“I’m not ready yet to be Chicken Little, but if the movies coming in 2018 can’t reverse this trend, then it is better we re-evaluate our expectations,”
this is according to Paul Dergarabedian, the Hollywood.com analyst.
“We are living in a very different world today unlike we did in the mid-90s pertaining the kind of technology available to save the media. This may finally be having a significant impact.”
So what will happen once the Hollywood Crash happens only time will tell.
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