Which two industries do you think will undergo the most change in the next 10 years? How will media professionals and users/consumers be impacted by those changes?
*Note: For the final blog posting, you must use at least one
reading posted for this week in the “Tu 4/19” folder. Your other two sources can
be assigned readings from any point in the semester. No additional outside
article/source is required this week. Limit: 15 responses
Talya Castonguay
ReplyDeleteMedia is something that always has been and always will continue to change. In the last few years we have seen major shifts in the many different industries that make up media. However, when looking into which industries are likely to see the largest shifts over the course of the next ten years, you need to look at which ones are currently undergoing some of the biggest changes, or are currently beginning to struggle.
One of the industries that I believe will undergo the biggest changes in the next 10 years is the film industry. Since the pandemic, the film industry, more specifically the box office, has seen major changes, and I believe that the pandemic has caused irreversible changes to the industry. According to an article by IndieWire, the box office is a pretty big question mark for the summer of 2022. It’s expected to see decent enough success, but the films anticipated to be the most successful are from Disney, Universal, Paramount, and WarnerBros, which are the largest production companies in the industry (Broeggemann).
Smaller production companies stand little to no chance of succeeding in the box office for a variety of reasons. Movie theaters have had to greatly increase their prices to make up for lost profits, so now trips to the theater are less frequent for many families. Because of this, that means people are less likely to take “risks” when buying tickets, which means they likely won’t buy tickets for films that are not as mainstream or made by smaller companies. They need to know that their money will be well spent.
Similarly, the advertising industry has been and will continue to face many changes over the coming years. People’s viewing habits have changed quite a bit in recent years, as a large portion of people have shifted to streaming services over linear cable options. Because of that, advertisers need to continue to find new ways to reach consumers. According to an article from TheStreamable, two times as many consumers prefer tiered subscription options when it comes to streaming services, so that they can choose how much they pay and how many ads they will see (Chorpenning).
Similarly, we are seeing certain streaming services having success regarding the AVOD advertising technique, and that streaming services that also have a linear cable channel, like Hulu with ABC, Freeform, etc. have seen success with these advertising techniques (Krizelman).
Overall, as people continue to shift over to streaming services over linear options, advertisers are going to have to become more and more creative with how they advertise, especially considering there are still many platforms that do not offer tiered subscription options. This will likely lead to more product placement, and more selectiveness over which brands get advertising slots.
The “streaming wars” have been at the forefront of the industry for several years now, and as that continues, we will see other industries begin to shift themselves dependent on what happens. Between the box office and advertisements, I believe we will see massive changes over the next decade within those industries specifically.
Works Cited
Brueggemann, Tom. “Beyond 'Doctor Strange,' Here's What the Summer Box Office Needs to Succeed.” IndieWire, IndieWire, 8 Apr. 2022, https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/.
Chorpenning, Aubrey. “New Study: Consumers Prefer Ad-Supported Streaming Tiers to Paid Subscriptions.” The Streamable, The Streamable, 26 July 2021, https://thestreamable.com/news/new-study-consumers-prefer-ad-supported-streaming-tiers.
Krizelman, Todd. “What Hulu's Avod Success Story Tells Us.” Digital Content Next, 9 Apr. 2021, https://digitalcontentnext.org/blog/2021/04/13/what-hulus-avod-success-story-tells-us/.
Robert Lyon
ReplyDeleteI think that the two industries that will see a dramatic change within the next ten years will be the film industry and streaming industry. The main contributor of the changes is the Covid-19 pandemic which has essentially changed how we live. From increase in streaming service usage to how we get our groceries, the pandemic has changed us all whether we like it or not. The film industry essentially had to halt production of new films during the pandemic. This dramatic stoppage in production had more of an impact than we realized. It was the streaming services that took advantage of this temporary loss of entertainment for consumers. As many people were stuck at home, the craving for entertainment was still there. The streaming services took advantage and we saw more original Hulu and Netflix content than ever expected. As vaccines and boosters became prevalent and movie theaters opened up, people craved that movie theater feel and did not disappoint the industry when the new Spiderman movie came out. So, is it really the film industry that needs to adapt, yes, it is? They are competing with the fears that people have about leaving their houses, the comforts that they have at home. Even Disney+ began releasing films on streaming before the theaters.
The evidence is there that consumers want to be in the theater. During its latest financial quarter, Cineplex saw theater attendance rebound during its fourth quarter, which lifted revenues by nearly 500 percent to $300 million. (Vlessing) The cinema will have to continue to ride the Covid waves of infection if it wants to continue to be a viable form of entertainment. It certainly won’t be a smooth ride. For streaming services, they will have to keep their content original and innovative. Partnerships between streaming services and major networks will have to grow in order for all types of media to survive. As new professionals in the media industry we will also have to adapt to the changes. The changes in consumption of entertainment, sports and movies will cause a change in the types of jobs that we may find in the media industry. There may be more famous actors starring in movies on streaming services in the future, maybe not soon, but certainly in the future. Whether we gather in our homes to watch movies on Netflix or in the movie theaters there will always be a demand for the entertainment. Adapting to consumer demand will be the key to survival over the next ten years, by the consumer as well as the industry.
References
Brueggemann, Tom. “Beyond 'Doctor Strange,' Here's What the Summer Box Office Needs to Succeed.” IndieWire, IndieWire, 8 Apr. 2022, https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/#!
Vlessing, Etan. “Cineplex CEO: Specialty Box Office Will Rebound Post-Omicron.” The Hollywood Reporter, The Hollywood Reporter, 11 Feb. 2022, https://www.hollywoodreporter.com/business/business-news/cineplex-ceo-specialty-box-office-will-rebound-post-omicron-1235091808/.
Clark, Travis. “Disney and Sony Topped the US Box Office in 2021, Thanks to Marvel. Here's How Hollywood's Studios Stacked up.” Business Insider, Business Insider, 18 Jan. 2022, https://www.businessinsider.com/hollywood-box-office-revenue-by-studio-in-the-us-ranked-2022-1#1-disney-7.
Michael McGurrin
ReplyDeleteThe media landscape has been changing so much over the past several years. Two significant industries will undergo the most changes in the coming years. The T.V. and film industries will be completely different in the next decade. The transformation is already underway with the introduction of streaming services. Cable T.V. and movie theatres will become extinct in the coming years due to streaming. People would rather pay a monthly rate for a streaming service than a cable bill or every time they want to see a movie at the theatres. Streaming makes sense for all the big companies that produce their films or own the company that makes a film. They can make more money by only putting that movie on their service. It would drive more revenue for the service and bring in more subscribers. CFO of Disney Christine McCarthy said, “When you look at the Disney brand, the Disney+ product, we have a very high volume of films on our service” (Weprin). This change will have many more people wanting a theatre setup in their own house. Not to mention getting a giant T.V. for their home so they can replicate the same experience for no cost every time to watch a movie. We will see many more action-packed films when it comes to the content. According to ComScore, “Disney topped the domestic box office in terms of market share with 25.5% of business” (Clark). Disney owns top action thrilled companies like Marvel, Star Wars, Pixar, etc.
People don’t want to deal with cable companies anymore. With streaming, people can pick and choose the content they want for a fraction of the price. This is huge, especially for sports, because sports is one of the most popular categories of shows to watch right now. According to Nielson, Sports channels were some of the only successful things to watch on live T.V. throughout 2021. However, all the professional sports leagues are signing deals with streaming platforms. MLB recently signed with Apple T.V. to cover Friday night baseball. The NHL signed a contract with ESPN, and now ESPN+ has all the out-of-market games on the service. Even an NFL Sunday ticket is in the middle of someone trying to get the service in their corner. And, of course, you can’t forget WWE is signing a deal with Peacock to stream all pay-per-views and reruns on their service. Sports is, of course, not the only thing moving on to streaming. Paramount recently got Nickelodeon on their Paramount+ service. Or Discovery creating Discovery+ to produce and stream a lot of their content. For the past two to three years, streaming has been the number one topic. Streaming will eventually take over every single industry in the world.
Clark, Travis. “Disney and Sony Topped the US Box Office in 2021, Thanks to Marvel. Here's How Hollywood's Studios Stacked up.” Business Insider, Business Insider, 18 Jan. 2022, https://www.businessinsider.com/hollywood-box-office-revenue-by-studio-in-the-us-ranked-2022-1#1-disney-7.
Schneider, Michael. “Most-Watched Television Networks: Ranking 2021's Winners and Losers.” Variety, Variety, 3 Jan. 2022, https://variety.com/2021/tv/news/network-ratings-2021-top-channels-1235143630/#recipient_hashed=62dfc0b27ad1de67d64a0c44fb55f17fe8a7cd610e9d3f50edf2cced899812f7.
Weprin, Alex. “Behind Disney+'s Ad Pivot: A Drive for Streaming Profits.” The Hollywood Reporter, The Hollywood Reporter, 9 Mar. 2022, https://www.hollywoodreporter.com/business/digital/disney-advertising-pivot-a-drive-for-streaming-profits-1235107252/.
Shawn Baker Part 1
ReplyDeleteIn this modern age industries are always evolving, more so than ever. There are two that do stand out to me. The first one is the television industry, but more specifically streaming. Streaming has already impacted the television industry majorly with the decline in cable subscriptions. Almost 30% of U.S. consumers in 2021 planned to cancel their cable subscriptions, and nearly all Americans between the ages of 25-34 access TV through the internet. (G). This is a massive blow to the cable industry, with subscription numbers only continuing to go down. Of course, all of this is in part due to all the streaming platforms that exist, and I do believe that it’s very likely that in the next few years, cable will no longer exist. But I’m here to talk about streaming, which is also going through some major changes and will likely look a lot different in 10 years.
With hundreds of streaming services out there, it’s hard to keep track of all of them and can be difficult to choose which one(s) to get. That said, many streaming services (at least the well known ones) are not struggling to gain subscribers, they’re struggling to keep them since it’s so easy to cancel your subscription. (Faughnder). Parts of this has to do with how saturated the streaming industry is. With everything being spread out, many consumers get a streaming service for a month, watch the show or movie they wanted to watch, then cancel their service. To help compensate for this, bundles are starting to become huge. Disney+ offers bundles that include Hulu and ESPN+ for only just a few more dollars. This makes it so that by having this bundle, subscribers are more likely to keep their Disney+ subscription because they have access to more content. Disney+ is not the only streaming service that does bundles, and I’d bet within the next few years, every major streaming service will offer some type of bundle with another streaming service. I also think we’ll see several streaming services merging together. Case in point the recent merge of HBO Max and Discovery+. Similar to a bundle, merging these platforms together allows for more content to be viewed by subscribers, making it less likely for them to cancel their subscription. As the streaming wars continue, and the casualties start increasing, I think we’ll see many streaming companies either merge or offer bundles just so that they can survive.
Shawn Baker Part 2
DeleteI also expect to see the sports industry change quite a bit. In the past year alone it already has, with sports betting now being legal in more states and college athletes can now getting paid for their name being used. The ladder here is especially important as, for the longest time, pretty much everyone made a lot of money from college athletes, except the athletes themselves and their families. (Nocera). Now, with college athletes getting paid, I would bet that we'll start to see an increase in college athletes posting on social media now that they can profit off their own name. I also expect that how we watch sports will be different in the next few years.
Here’s where television and streaming comes back into play. Right now cable has been surviving due to sports, but now even streaming is starting to take that away with services like ESPN+. Other streaming services are also fighting to get certain sports on their platform, and even then some sports are wanting to create their own streaming service. The NFL are planning on creating their own service called NFL+ (very original), and if fans don’t have cable (which many people these days don’t), they’re going to have to get this service to watch football. (Kaplan). If NFL+ proves to be successful, I expect NHL+, NBA+, etc. will also start appearing. Though each sports league getting their own streaming service may be too much of a stretch for viewers, which means bundles will probably pop up or certain leagues merging together (cough cough ESPN+) in order to survive, much like what’s going on now with the existing streaming services. That all said, the NFL is probably the most likely to succeed with their own streaming service, though what they do to try to keep subscribers during the off season will be interesting (they’ll probably offer a bundle with Disney+ if I had to guess).
Cites:
Faughnder, Ryan. “Want to Understand the State of Streaming Churn? Here Are Four Charts to Help.” Los Angeles Times, Los Angeles Times, 5 Apr. 2022, https://www.latimes.com/entertainment-arts/business/newsletter/2022-04-05/here-are-four-charts-that-explain-future-of-streaming-the-wide-shot#:~:text=Data%20analytics%20firm%20Antenna%20found,in%20the%20last%20six%20months.
Nocera, Joe. “The Difference between an Unpaid and a Paid Student-Athlete? Not Much.” The New York Times, The New York Times, 23 Oct. 2021, https://www.nytimes.com/2021/10/23/business/college-endorsement-deals.html?fbclid=IwAR27coQXo_Vh1USiZIbRFO5taQE0mVsNfOD3EaHxvHb2aXEwsfcnKlrNgno.
G, Nick. “19 Cord Cutting Statistics and Trends in 2022 [the Dusk of TV Is Here].” Techjury, 14 Mar. 2022, https://techjury.net/blog/cord-cutting-statistics/#gref.
Kaplan, Daniel. “NFL Might Create Its Own Streaming Service.” The Athletic, The Athletic, 28 Mar. 2022, https://theathletic.com/3213873/2022/03/28/nfl-considers-creating-a-streaming-service-of-its-own/.
Sydney Lunder 1
ReplyDeleteAfter talking about different media industries throughout the semester and seeing the changes they have all gone through already, I believe that there are two industries that will see the most dramatic change in the next two years. I believe that these industries are the streaming industry, and the music industry. I picked these two because I believe they are the two that have already seen such a dramatic shift. The music industry has been introduced to many new young artists who have used platforms such as TikTok to promote their music career and have seen great success. Younger artists are entering the music world and they are starting their careers with fans before they even release an ep. The streaming industry has seen massive success because of COVID-19 and now that people have experienced just how convenient and reliable streaming services are, they are reluctant to go back to their old ways.
As mentioned in the article titled “Want to understand the state of streaming churn? Here are four charts to help “from Latimes.com the article states that: We’re in an intense growth stage,” said Jonathan Carson, co-founder of Antenna, a 30-person startup that operates remotely. “At some point, though, the players are going to have to start really shifting to retention. You already see that with Netflix and other developed, saturated brands. They are deploying lots of strategies to focus on retention (Faughnder, 2022)”. This article discusses the advancements that are already being predicted, and how major streaming service should prepare for this change. The article dives into what caused this increase, how it will impact these services, and shows just how quickly streaming services increased heavily in popularity in such a short time window. Another article titled “A Look Back At 2021: Cable News Viewership Dropped — And There May Be More Disruption To Come (Analysis)” from deadline.com there has been a rapid decrease in live cable television. And this article talks about the decline and its link to the rise of streaming platforms. The article talks about the success that cable networks like Fox have had because of creating their own streaming platforms. This article further confirms that the streaming industry is reaching numbers that the cable tv industry is no longer making. Streaming is the future.
Sydney Lunder 2
ReplyDeleteAnother example of an industry that is going to undergo large changes in the next 10 years is the music industry. As mentioned, TikTok and the pandemic have given people both free time and a platform to create music. As TikTok gained popularity, the artists and creators on it did the same. More people were joining and becoming fans of these musicians who might not have ever had the opportunity to pursue music. As mentioned int the article from businessinsider.com titled “How TikTok is changing the music industry” the author says that “Songs can rise up organically on the app even if they've been outside the mainstream for decades. Marketers can also hire influencers to try to make a song take off, sparking a wave of user-generated posts from their fans. And some artists even write songs that directly reference TikTok trends in the hope that it will help it gain steam on the app(Whateley, 2022)”. This article goes into detail about the success that these artists are seeing because they have fans before their music is even released. And at the rate that TikTok and other social media platforms are growing, the music industry is seeing a huge change in variety and demographics of new artists.
After researching why these two services will see the most change, I have also concluded that media consumers and professionals will be heavily impacted as well. Researchers will have to use different means of collecting data for ratings and screen time in regard to streaming services. Because there is less of a demand for tracking cable and using services like Nielson families. The music industry will have to adapt to the influx of very young, and not as experienced artists. Professionals in this field will have to take account for the new younger fans and will have to learn how to advertise to them and appeal to them as well as the older audiences. These two services will see the most dramatic change, and they will impact everyone.
Works Cited:
Whateley, Dan. “How Tiktok Is Changing the Music Industry.” Business Insider, Business Insider, 3 Jan. 2022, https://www.businessinsider.com/how-tiktok-is-changing-the-music-industry-marketing-discovery-2021-7#:~:text=TikTok%20is%20an%20essential%20promotional,generated%20posts%20from%20their%20fans.
Johnson, Ted. “A Look Back at 2021: Cable News Viewership Dropped - and There May Be More Disruption to Come (Analysis).” Deadline, Deadline, 3 Jan. 2022, https://deadline.com/2021/12/cable-news-ratings-2021-fox-cnn-1234899789/.
“Want to Understand the State of Streaming Churn? Here Are Four Charts to Help.” Los Angeles Times, Los Angeles Times, 5 Apr. 2022, https://www.latimes.com/entertainment-arts/business/newsletter/2022-04-05/here-are-four-charts-that-explain-future-of-streaming-the-wide-shot#:~:text=Data%20analytics%20firm%20Antenna%20found,in%20the%20last%20six%20months.
Flaherty 1
ReplyDeleteWhile every industry is going to amount to some change into the next 10 years, I believe that the two that will undergo the most change are the film industry and linear/cable television. What has really been keeping linear television afloat is the live events, whether that be a worldwide viewing of a sports game or reality TV show or even the cable news. People are addicted to watching first-hand with no lags from streaming and being able to be in the know about a live event as it comes and being able to tweet out to the suckers who are a few minutes behind if they’re live-streaming the same event. Cable news has also been something I always considered reliable in terms of “saving” cable television because a lot of households, my own included, will turn on the news at the drop of a hat to find out about anything current- whether that be weather or some dramatic breaking news. However, despite 2021 popping off in terms of news viewership on account of the buzz worthy events, “[t]he past 12 months also have been one of tune out, as all of the networks saw a significant drop in viewers” (Johnson). 2020 was just a year of news to be watched and nothing else to do than consume what was going on in the world outside as we were all isolated indoors. The question is though, “will audiences return in 2022…?” (Johnson). Considering all of the networks are doing streaming services or connecting with preexisting streaming services, cable news future looks grim in a linear format. As for the film industry, the ratings are behind as well with the “Box Office End[ing] Year 60 Percent Behind 2019…” (Mcclintock).
Flaherty 2
DeleteUnlike cable news, the box office and theater industry struggled during the pandemic due to shutdowns. Despite the reopening, “moviegoing still lag[s] far behind pre-pandemic levels” and “[t]he box office recovery continues to be a slow process” (Mcclintock). Movies are being streamed on-demand practically always now, and if not on-demand then the wait is not too much for the average person who would wait years for a new Marvel film to come out in theaters. The only successful movies are really of just that, superhero and action films that were made for the big screen and draw in viewers that like the experience of viewing a movie as it was made cinematically. “Families and older moviegoers have been more reluctant to return to cinemas” (Mcclintock), a large part of this could be attributed to the cost of renting/streaming a movi, going to the dollar store for candy, and buying popcorn for the home as opposed to buying a families worth of tickets, popcorn, candy and other miscellaneous cash grabs that theaters love to offer. Something that definitely won’t resurrect the film industry is award’s shows. Even though the slap heard around the world was on the same news level as the war in Ukraine, one slap isn’t going to save something that “generated TV ratings which were…the second-lowest ever” (Feinberg). While I believe that things can be done to make award shows better, like what some of Feinberg suggested “make the board of governors functional” by downsizing, and “win back over your members” by bringing back things that were cut from the live telecast to shorten the length of the show (it did not), and most importantly “improve the voting process”. As we mentioned in class, there are people voting that have potentially never watched the films! There needs to be a diverse group of knowledgeable people voting on these awards. I think overall the Oscars in addition to other awards shows can come around and win back viewers hearts but I don’t think it will be good enough to win back the film industry as a whole.
Flaherty 3
DeleteFeinberg, Scott. “Feinberg's Manifesto: How to Save the Film Academy and the Oscars.” The Hollywood Reporter, The Hollywood Reporter, 7 Apr. 2022, https://www.hollywoodreporter.com/movies/movie-news/feinberg-manifesto-how-to-save-film-academy-oscars-1235125499/.
Johnson, Ted. “A Look Back at 2021: Cable News Viewership Dropped - and There May Be More Disruption to Come (Analysis).” Deadline, Deadline, 3 Jan. 2022, https://deadline.com/2021/12/cable-news-ratings-2021-fox-cnn-1234899789/.
McClintock, Pamela. “Box Office Ends Year 60 Percent behind 2019 with $4.5B Domestically.” The Hollywood Reporter, The Hollywood Reporter, 4 Jan. 2022, https://www.hollywoodreporter.com/business/business-news/2021-box-office-revenue-stormy-year-1235067966/.
Nicole Clemons
ReplyDeleteMedia has always been changing and will continue to change as the years go on. Many media industries have changed over the years with the addition of new technology. I believe that the film industry will see a large shift over the course of the next ten years. We have already seen a huge shift in the film industry within the past few years. Ever since the pandemic the theaters have seen a huge decrease in box office revenue, people are no longer going to the theaters like they use to in 2018 and 2019. A part of this issue is streaming and older audiences not feeling safe in the theaters. Movies that are catered to older audiences have done awfully in the box office during the pandemic. Older audiences are not comfortable going to theater right now, “Part of the problem for theaters is that older audiences have been the slowest to return amid the pandemic, impacting adult dramas like “West Side Story,” Steven Spielberg's $100 million musical remake that has made just $19 million domestically since opening earlier this month”(Clark). The pandemic has made more people rather stay home and watch movies from the comfort of their own home through streaming services. Consumers are now reconsidering if it is worth spending all the money at the theater,” Getting older audiences back may take more than good movies that attract that demographic. As far as innovation goes, Fithian thinks it's rather simple: Moviegoers want things they can't get at home, like reclining seats and high-end food and beverage options”(Clark). With the increase of streaming service many movies will continue to be put on to streaming platforms, “Unlike with concerts, customers do have a lot of options at home. Every major media company is going to release titles online”(Shaw).
Streaming had a huge impact on the film industry, and I believe that there will be a change in the streaming industry over the course of ten years. Many people have cut the cord on cable and have been relying on streaming services. We saw the impact it has had on the film industry, and it will affect many other industries as well. Sports is another platform that is currently being affected by streaming. Many services are getting the rights to certain leagues and days to stream sports,” The NBA is the next big sports rights package to come to market, and is said to want $8 billion a year across its deals. Most people expect Turner and ESPN to retain their rights, but the NBA could go the way of the NFL and carve off yet another package for Silicon Valley”(Shaw). With so many streaming services battling for media rights to live sports what will happen to platforms like Netflix that does not offer live sports. Will their docuseries be enough or will they have to jump on the train with live sports as well. Also is it going to become a hassle to watch live sports, “People are going to have to choose. These different services are trying to say, ‘Here’s why you should look at us.’” With so many services coming online within the past year and a half alone, we’re at the point where most consumers can’t afford to be completists and cater their media diets accordingly”(Herman). I already think there is a huge divide in live sports being on so many different services. I think people will get sick of switching between platforms to watch their favorite sports. Will this run people away from streaming and give linear cable a chance to comeback?
Nicole Clemons cont
ReplyDeleteWork Cited
Clark, Travis. “What the Future Looks like for Movie Theaters in 2022, According to Top Industry Execs.” Business Insider, Business Insider, 23 Dec. 2021, https://www.businessinsider.com/what-future-looks-like-for-movie-theaters-2022-industry-outlook-2021-12.
Herman, Alison. “Live Sports Are the next Great Battle of the Streaming Wars.” The Ringer, The Ringer, 15 Apr. 2021, https://www.theringer.com/sports/2021/4/15/22385705/live-sports-streaming-wars-future-industry.
Shaw, Lucas. “A Few Predictions – and Questions – for Hollywood in 2022.” Bloomberg.com, Bloomberg, 22 Jan. 2022, https://www.bloomberg.com/news/newsletters/2022-01-02/netflix-adds-sports-programming-disney-looks-overseas.
The entertainment is always changing and evolving with the world around them. When people who were older than us did not know that the world today would be filled with the streaming world, million dollar influencers or even the huge impact on social media. There are a lot of industries that are going to change and evolve and continue to grow with the times. Streaming services are always constantly going through changes like Hulu adding different packages like adding ESPN and disney. Since there is a war with streaming services there are some that aren’t performing the way they’d expected. Apple TV which is an underdog in streaming service will get the most change in the next 10 years. Right now Apple doesn’t really need to be winning the streaming services because they already have their main point of revenue which is selling Apple products. Apple is a trillion dollar company which as the other streaming services such as Netflix is not worth a trillion dollars. “According to experts, the streaming business is moving into a new phase — one where subscriber retention becomes just as important as acquisition. Data analytics firm Antenna found that the average monthly churn for streaming video services reached 5.2% by the end of 2021, up from 3.2% at the start of 2019.” This is a big leap due to the pandemic which really helped out a lot of streaming services. It was a perfect storm for streaming services, because everyone was home due to the pandemic and couldn't leave their homes. Another industry that will go through major change over the next 10 years is the celebrity culture industry. To be a celebrity 10 years ago is way different then it is now. Influencers are one of the reasons why this industry is changing. When you have tens of millions of people following you on instagram, tiktok, twitter and other social media platforms people are interested. When influences are getting paid millions of dollars to post a picture for a brand deal, that one of the signs that being of celebrity status and influence is officially moving into a new era. “Also notable is the power of Instagram, which was the biggest platform for 67% of the top 50social media influencers. This includes hard-to-categorize celebrities like the Kardashians and Jenners, which turned reality TV and social media fame into business and media empires.(Ormi Wallach)”.People are on instagram more than watching using cable anymore which for the older generation is forcing them to really learn how to use streaming services. A lot of kids who grew up in the 90s and early 2000s with their parents still watch cable TV. A lot of Americans still use TV to get their soap operas, and Live news updates. But as cable TV is dying and streaming services are taking over how does this impact the older generation? ” Coupled with the onset of Covid-19 shutdowns, the year 2020 was a ratings bonanza for the news business, so it’s natural that there would be a bit of a come down.(Ted Johnson)” In 2020 during the pandemic the news was the most watched television but now since the pandemic is slowly going away more people are streaming.
ReplyDeleteFaugnder, Ryan. “Want to Understand the State of Streaming Churn? Here Are Four Charts to HelpRYAN FAUGHNDER.” Los Angeles Times, Los Angeles Times, 5 Apr. 2022, https://www.latimes.com/entertainment-arts/business/newsletter/2022-04-05/here-are-four-charts-that-explain-future-of-streaming-the-wide-shot.
DeleteJohnson, Ted. “A Look Back at 2021: Cable News Viewership Dropped - and There May Be More Disruption to Come (Analysis).” Deadline, Deadline, 3 Jan. 2022, https://deadline.com/2021/12/cable-news-ratings-2021-fox-cnn-1234899789/.
Wallach, Omri. “The World's Top 50 Influencers across Social Media Platforms.” Visual Capitalist, 17 May 2021, https://www.visualcapitalist.com/worlds-top-50-influencers-across-social-media-platforms/.
The entertainment is always changing and evolving with the world around them. When people who were older than us did not know that the world today would be filled with the streaming world, million dollar influencers or even the huge impact on social media. There are a lot of industries that are going to change and evolve and continue to grow with the times. Streaming services are always constantly going through changes like Hulu adding different packages like adding ESPN and disney. Since there is a war with streaming services there are some that aren’t performing the way they’d expected. Apple TV which is an underdog in streaming service will get the most change in the next 10 years. Right now Apple doesn’t really need to be winning the streaming services because they already have their main point of revenue which is selling Apple products. Apple is a trillion dollar company which as the other streaming services such as Netflix is not worth a trillion dollars. “According to experts, the streaming business is moving into a new phase — one where subscriber retention becomes just as important as acquisition. Data analytics firm Antenna found that the average monthly churn for streaming video services reached 5.2% by the end of 2021, up from 3.2% at the start of 2019(Faughnder)”. This is a big leap due to the pandemic which really helped out a lot of streaming services. It was a perfect storm for streaming services, because everyone was home due to the pandemic and couldn't leave their homes. Another industry that will go through major change over the next 10 years is the celebrity culture industry. To be a celebrity 10 years ago is way different then it is now. Influencers are one of the reasons why this industry is changing. When you have tens of millions of people following you on instagram, tiktok, twitter and other social media platforms people are interested. When influences are getting paid millions of dollars to post a picture for a brand deal, that one of the signs that being of celebrity status and influence is officially moving into a new era. “Also notable is the power of Instagram, which was the biggest platform for 67% of the top 50social media influencers. This includes hard-to-categorize celebrities like the Kardashians and Jenners, which turned reality TV and social media fame into business and media empires.(Ormi Wallach)”.People are on instagram more than watching using cable anymore which for the older generation is forcing them to really learn how to use streaming services. A lot of kids who grew up in the 90s and early 2000s with their parents still watch cable TV. A lot of Americans still use TV to get their soap operas, and Live news updates. But as cable TV is dying and streaming services are taking over how does this impact the older generation? ” Coupled with the onset of Covid-19 shutdowns, the year 2020 was a ratings bonanza for the news business, so it’s natural that there would be a bit of a come down.(Ted Johnson)” In 2020 during the pandemic the news was the most watched television but now since the pandemic is slowly going away more people are streaming.
ReplyDeleteRobert Fritz
ReplyDeleteThe two industries that will undergo the most change over the next ten years will be cable/linear TV and film. The reason for that is obvious as streaming has taken over since the pandemic and I don’t see course reversing at any point in the near future. In 2021 only 56% of Americans watch satellite or cable TV (Nick G). That number will continue to get lower as time goes on and the only hope for cable/linear TV is live sports not doing a complete switch to streaming. We are seeing live sports make starting to make the step to streaming with Thursday Night Football being exclusively on Amazon Prime this upcoming season and MLB having a weekly Friday night double header on Apple TV. NHL has most of its games on ESPN+ and because of this it is hard to see cable/linear TV staying around much longer if live sports keep working with streaming services or starting services of their own. More and more people are cutting the cord and the younger generations who grew up with technology as a big part of their life have made the switch to streaming already and that will be only increasing over the next 10 years. The other industry that will see the biggest changes over the next 10 years is the film industry for similar reasons as linear/cable TV. The one bit of good news for the film industry is that the big-time blockbuster movies will still draw at the theater but if not the next Avengers movie what reason should we drive to the theater and pay to see it. Being able to watch movies from home is also a good thing for the film industry because if people aren’t sure whether they wanted to watch a movie in the past they’d have to pay to see it but now having on streaming they can scroll over and click on it to watch it. At the consumer level I don’t expect much to change much obviously it might end up being as expensive as cable is right now if not more but outside of the cost having anything and everything on demand seems to be a real possibility in the near future. At the professional level obviously, a lot will change as how we calculate ratings and the metrics, we rely on will have to change as streaming will take over for both the film and cable TV industries. Streaming will become the priority over the next 10 years and every new show or new movie will be there on a platform the moment it drops.
Shaw, Lucas. “A Few Predictions – and Questions – for Hollywood in 2022.” Bloomberg.com, Bloomberg, 22 Jan. 2022, https://www.bloomberg.com/news/newsletters/2022-01-02/netflix-adds-sports-programming-disney-looks-overseas.
G., Nick. “19 Cord Cutting Statistics and Trends in 2022 [the Dusk of TV Is Here].” Techjury, 14 Mar. 2022, https://techjury.net/blog/cord-cutting-statistics/#gref.
Weprin, Alex. “With $100B NFL Deal, TV Networks Keep One Foot in the Bundle and Another in Streaming.” The Hollywood Reporter, The Hollywood Reporter, 19 Mar. 2021, https://www.hollywoodreporter.com/business/business-news/nfl-tv-streaming-analysis-4153564/.
The media industry is and always will be changing and that is something those different industries must adapt to if they want to stay relevant. I think the television industry is going to undergo a lot of change in the next decade. From personal experience and what we have learned this year, there is no doubt that streaming services in general are expanding and developing as the new way to consume entertainment. Along with streaming services comes the media devices that turn any physical television to a smart TV. Rokus, Firesticks and Apple TV offer so many options to access streaming services and network applications that offer content that is usually put on cable television. There is a whole generation of people that only watch content on streaming services or through a media device providing that option. Surely the switch is moving up the generations to Gen Z’s parents and later maybe even their grandparents. “Cutting the cord” is going to become a norm for people when the content they wish to access is available on media devices. They most likely already have been paying subscription fees to streaming services so there is not a need to keep paying for cable. Although there is data that proves that streaming services are not doing as well as they want to be, “the solution for slowing growth at home is overseas expansion” (Shaw). Expanding across the world will only bring in more revenue for the streaming services that have money and an abundance of content.
ReplyDeleteThe other industry that will change is the film industry. The pandemic hit the film and movie industry hard because movies ceased to be created and produced. As the world is adjusting back to a normative status, movies are coming back to production, but the box-office revenue can no longer rely on people going to the movie theaters. There is a lot of adjustment to be done in the film industry and their relationship with streaming services. A lot of production and movie companies are already associated with streaming platforms so opportunities lie there for them but for smaller companies it may be likely that they can’t keep up.
DeleteFletcher, Bevin. “People Increasingly Cut the Cord for Content, Importance of Cost Decreases – Analyst.” Fierce Video, 18 Apr. 2022, https://www.fiercevideo.com/video/people-increasingly-cut-cord-content-importance-cost-decreases-analyst.
McClintock, Pamela. “‘It's a Leaner, Meaner Business’: Hollywood Braces for Volatile 2022 Box Office.” The Hollywood Reporter, The Hollywood Reporter, 12 Jan. 2022, https://www.hollywoodreporter.com/business/business-news/box-office-2022-1235070014/.
Shaw, Lucas. “A Few Predictions – and Questions – for Hollywood in 2022.” Bloomberg.com, Bloomberg, https://www.bloomberg.com/news/newsletters/2022-01-02/netflix-adds-sports-programming-disney-looks-overseas.
As we progress through new eras of tech and consumers, many industries are being flipped upside down and that is going to be the case for sometime moving forward. In a time like 2022, there are a lot of questions of where we are headed due to a variety of new catalysts such as Covid, virtual reality, Web3 and much more. There are a few industries that will feel these effects more than others, and it is important to take a look now so that we can compare. One industry that is certainly going to feel these changes is the film and television industry. The pandemic showed the world that there is as much digital opportunity as there is physical opportunity, and companies will be making a push in that direction. Moving forward, streaming service features and debuts will become more immersive and anticipated than physical theaters through virtual reality, Web3 virtual products and more. The pandemic also showed the importance of a self-contained system and keeping your own profits, which is why we will see more conglomerate hoarding than ever headed into the future. Each conglomerate will be racing to build their own packaged empire of news, live sports, entertainment and all of the other primary assets that they need to win (Shaw). With these packages in place covering all areas, linear television and cable will surely begin to see their demise more clearly (Nick G.). Another threatening point of this shift is A.I. and new technology. A lot of industries are being overtaken by A.I. in order to calculate, measure and more. As tech advances down the road, it will not be a surprise to see robots taking over mundane physical jobs as well whether it be on movie sets, working the theaters or more.
ReplyDeleteAnother industry that will see massive changes in the next 10 years is the music industry. As we have seen in recent years, the criteria to become a star has become as laughable as it is impossible. While oversaturation and presence are big problems for artists today, many are finding their millions out of their cheap bedroom studio, not a big fancy one. As we see artists begin to blow up through natural talent and reach (TikTok, Twitter, etc), labels will need to prove themselves valuable still as independence gains traction. Also, a massive trend that we are already seeing in action is the shift away from albums due to shorter attention spans. This maximizes efficiency with resources and allows artists to test many different waters more easily, which attracts new audiences (Pastukhov). Another important aspect of tech, A.I. specifically will be its use in music. A.I. is already being used daily by companies to create contextual playlists, press kits and even full compositions. This will only grow in popularity as labels and artists can find more information in less time, using less resources as well. While some of these may not be issues, these are massive changes to our current ecosystems nonetheless, and the impact that they have on these industries will be profound for sellers and consumers.
Works Cited
“19 Cord Cutting Statistics and Trends in 2022 [the Dusk of TV Is Here].” Techjury, https://techjury.net/blog/cord-cutting-statistics/#gref.
Bloomberg.com, Bloomberg, https://www.bloomberg.com/news/newsletters/2022-01-02/netflix-adds-sports-programming-disney-looks-overseas.
Ucaya. “Market Intelligence for the Music Industry.” Soundcharts, https://soundcharts.com/blog/music-industry-trends.
Part 1
ReplyDeleteNothing lasts forever, and when it comes to media, there is bound to be change. You could be talking about, music, movies, television, sports, doesn’t matter, there will be change. So, then there’s the question, which industry is going to have the biggest changes? Especially in the next decade. Streaming is the next big thing and I think will be for a while. Two big industries that I believe will be greatly affected by it are the movie/theatre industry, and the sports industry. Let’s start with the movies. Since the destruction of Covid, the movie industry hasn’t been the same. More and more block busters are being released online, via the related streaming platforms. According to the Bloomberg Newsletter, Screentime, it states, “Movie studios that tried to release blockbusters in theaters in 2021 lost money. Ticket sales ended the year down about 60% from a year ago in North America, and only one movie crossed the $1-billion threshold. But that movie, “Spider-Man: No Way Home,” has given studios confidence. It is already one of the 20 biggest movies of all-time even though it came out at the beginning of the omicron spike” (Shaw). Even now that theaters are opened back up, big block busters are released mere weeks after release. Before streaming, it took months for a movie to be released on DVD or VHS, now the convenience of watching films from home, is beginning to gain traction. With modern technology in audio and visuals, you can create a movie theatre- like experience from your own home. Though some corporations haven’t had much success. According to Deadline, the plan, dubbed internally as “Project Popcorn,” reportedly cost the studio in excess of $200M to buy out talent from these movies going onto the service, an overall macro business decision I’m told will never occur again given its high cost” (D’Allesandro). Though Warner didn’t have much success, I think overtime, you’ll see a shift in quicker streaming releases and shorter theatre appearances out of straight convenience.
Part 2
ReplyDelete. The next industry is sports. Sports is one of the view genres largely benefiting off broadcast television. Like other forms of entertainment, I think it’s only a matter of time before the majority of earnings come from streaming with broadcasting being a more secondary source of viewership. Streaming services such as Apple TV and Amazon prime are picking up sports deals from big names such as the MLB and NFL.According to Hollywood Reporter, “The MLB deal is the first foray into live sports for Apple TV+. Its Friday Night Baseball package will feature two weekly matchups along with pre- and postgame shows, with no local blackouts” (Porter). I believe it’ll be a matter of time before such services that don’t have links to broadcasting will take over the sports world.
D'Alessandro, Anthony. “With Tentpoles Bound to Surge the 2022 Box Office, the Great Theatrical-Streaming Day & Date Experiment Goes Out like a Dud in 2021.” Deadline, Deadline, 3 Jan. 2022, https://deadline.com/2022/01/2022-box-office-theatrical-streaming-day-date-experiment-1234902774/.
Porter, Rick. “Apple Enters Sports Arena with Major League Baseball Streaming Deal.” The Hollywood Reporter, The Hollywood Reporter, 8 Mar. 2022, https://www.hollywoodreporter.com/tv/tv-news/apple-major-league-baseball-streaming-1235106716/.
Shaw, Lucas. “A Few Predictions – and Questions – for Hollywood in 2022.” Bloomberg.com, Bloomberg, 22 Jan. 2022, https://www.bloomberg.com/news/newsletters/2022-01-02/netflix-adds-sports-programming-disney-looks-overseas.
Kimberlyn Bouley
ReplyDeleteIndustries are constantly changing in the new age of media. The pandemic has been a huge factor in the way audiences consume media. The lockdown provided families to download more streaming services and opportunities to cut the cord of cable. After Netflix was noted as the top streaming service with the most subscriptions, other companies soon followed. While streaming services could be seeing a positive change within ten years, award shows could be falling flat. After this year’s Oscars fiasco there are uncertainties about where award shows will prosper from here. The credibility of award shows has decreased significantly over time due to the possibility of persuaded votes, publicity stunts, and scripted moments. Predictions are being made when it comes to the future of streaming and award shows.
Streaming services have been competing with the market as new services are being included to attract consumers. There is a constant battle of which service can gain the most attention through content being produced and features being offered. Lucas Shaw shares his predictions in his article, “A Few Predictions- and Questions- for Hollywood in 2022” where he acknowledges these changes saying, “Streaming wars was always a bit of a misnomer, but we have entered more of a combat portion. The services aren’t just fighting to get people to shift from cable to the internet now. They are competing with one another for attention and share of wallet.” (Shaw, 2022) Companies are finding themselves having to keep a fast-paced environment and provide constant innovation when it comes to engaging with consumers and keeping their interests.
In the article, “Want to Understand the State of Streaming Churn? Here Are Four Charts to Help” Ryan Faughnder applies this concept of constant competition with the term churn meaning, “a major source of anxiety among companies trying to build their audiences in the streaming world.” (Faughnder, 2022) These concepts will either help or hurt streaming services as some will gain more subscriptions while others will lose. Depending on how these companies adapt and differentiate themselves from others, they will gain an advantage by continuing the trend of cutting the cord of cable by broadening their audiences. With the development of more services being added to the menu of options, consumers will have the option of getting away from cable and only using streaming.
On the other hand, award shows could be seeing a major decline and danger of becoming extinct due to a lack of viewership and nomination choices. The recent Oscars show provided reason to believe they put on a stunt to attract viewers due to Will Smith smacking Chris Rock on stage. This could hurt the credibility of the show and questions about the authenticity of the performers. The article, “Self-loathing Will Kill the Oscars” by Bilge Ebiri references that award shows could pick back up by stating, “The Oscars, despite the declining ratings and constant self-flagellating by the industry, remain relevant. There are probably things the Academy can do to build on that relevance.” (Ebiri, 2022) Award shows have transitioned into having controversial moments that will end up in the media rather than about the success of the winners. At this point, winners are being overlooked by the drama that occurred to get viewership to increase. This harms actors and actresses who have worked hard to be recognized but are being overshadowed. Scott Feinberg brings up suggestions on how to save the film academy in his article, “Feinberg’s Manifesto: How to Save the Film Academy and the Oscars” with a rebrand of the Academy. There needs to be clarity on the Academy’s mission statement, the board should be functional and fair, and there needs to be more openness with the shows. Overall, the Academy should treat everyone equally, be inclusive and not look down on the public, press, and other entertainers who were not nominated. If award shows follow these criteria, there could be improvement by an increase in viewership and getting back to being the award shows they once were.
DeleteWorks Cited
Ebiri, Bilge. “Self-Loathing Will Kill the Oscars.” Vulture, Vulture, 23 Feb. 2022, https://www.vulture.com/2022/02/please-stop-trying-to-fix-the-oscars.html.
Faughnder, Ryan. “Want to Understand the State of Streaming Churn? Here Are Four Charts to Help.” Los Angeles Times, Los Angeles Times, 5 Apr. 2022, https://www.latimes.com/entertainment-arts/business/newsletter/2022-04-05/here-are-four-charts-that-explain-future-of-streaming-the-wide-shot#:~:text=Data%20analytics%20firm%20Antenna%20found,in%20the%20last%20six%20months.
Feinberg, Scott. “Feinberg's Manifesto: How to Save the Film Academy and the Oscars.” The Hollywood Reporter, The Hollywood Reporter, 7 Apr. 2022, https://www.hollywoodreporter.com/movies/movie-news/feinberg-manifesto-how-to-save-film-academy-oscars-1235125499/.
Shaw, Lucas. “A Few Predicitions – and Questions – for Hollywood in 2022” Screentime,
Screentime, 2 January 2022
Benjamin Upson
ReplyDeleteThe media landscape continues to change at a blistering fast pace right before our very eyes. For the longest time, it has and will always continue to change. There are specific media industries that are bound for some more significant changes over the next 10 years. There is almost no doubt to me that this includes the television and film industries, which are both in the midst of transformative eras with streaming. These new streaming habits are beginning to completely change the media landscape as a whole but will have the most impact in these industries.
In film, streaming is beginning to hurt this industry significantly. Partially spurred by the impacts of the COVID-19 pandemic, people are now clinging onto the habits of watching movies from home instead of venturing out to their local theaters. Not to mention, it can certainly be expensive nowadays and with some movies now being placed on streaming platforms, the accessibility to multiple age demographics has increased and can help draw people in that may have not have wanted to go to the theater. Tom Brueggemann of IndieWire explains the dire situation at the theaters, arguing that, “Achieving $8 billion would make 2022 the worst non-Covid box-office year since 2001. Calculating by attendance, it would represent the fewest tickets sold in many decades — perhaps since silent days” (Brueggemann). Giving people the option to stream theater release movies while simultaneously on streaming services will likely discourage them from going to the theaters since they can simply just watch it on their own during their free time at home, without having to dig into the wallets.
For television, it’s becoming increasingly clear that people are breaking apart from their cable companies and now switching to streaming services. The only thing standing in the way is live sports. They continue to be a huge reason why live television is hanging onto any sort of relevancy today. Michael Schneider of Variety explains the dominance of the NFL’s ratings saying the league, “Holds 39 of the 100 slots for top telecasts of the year, making football once again the most popular show on TV” (Schneider). But even with the popularity of live sports, this is also beginning to change the many different league contract rights going forward, with plans already geared toward streaming.
Benjamin Upson Part 2
ReplyDeleteThe MLB has signed with Apple TV+ and Peacock to stream exclusive games on Fridays and Sundays. The NHL signed its new media rights deal with ESPN that included a total of 75 games on ESPN+ and Hulu throughout the regular season. The NFL Sunday Ticket package has still not been bid on officially but it will also be joining a streaming service rather soon. It’s only down to the NBA, which does not have any streaming rights to this point but there are plans to incorporate some going forward. Sean Shapiro of the Athletic sees where the industry is headed and claims, “Future TV deals for other sports leagues will — or already do in the case of the NFL and Amazon — have streaming exclusives built-in and will continue to be a pressing point for networks” (Shapiro). With so many different options to stream now, it’s not too difficult to see that linear television as we once knew it is going to continue fading out.
Between the film and television industries, we are going to see some massive changes within the the next 10 years to both of these areas in media. Society is becoming more technological with every single day, so the only way to adapt to it is to continue building our rich digital infrastructure that is found here in the United States and right now it’s all centered around streaming.
Works Cited
Brueggemann, Tom. “Beyond 'Doctor Strange,' Here's What the Summer Box Office Needs to Succeed.” IndieWire, IndieWire, 8 Apr. 2022, https://www.indiewire.com/2022/04/summer-2022-box-office-doctor-strange-1234714817/
Schneider, Michael. “Top 100 Telecasts of 2021: 'NCIS,' 'Yellowstone,' NFL Dominate, as Oscars Fail to Make the Cut.” Variety, Variety, 29 Dec. 2021, https://variety.com/2021/tv/news/top-rated-shows-2021-ncis-yellowstone-squid-game-1235143671/
Shapiro, Sean. “ESPN's NHL TV Rights Deal Previews the Future of American Sports Broadcasting Landscape.” The Athletic, The Athletic, 26 Feb. 2022, https://theathletic.com/3130968/2022/02/26/espns-nhl-tv-rights-deal-previews-the-future-of-american-sports-broadcasting-landscape/