Want to Be a Hollywood Player? Covid and Streaming Have Changed All the Rules (wsj.com)
Streaming hit Hollywood fast. In its wake, the industry is racing to find a new way of doing business, rethinking who’s in charge, how contracts are set up and how stars get paid.
Studios are overturning their management ranks, empowering executives with backgrounds in business development, technology and strategy. Producers, filmmakers and actors such as Will Smith and Tom Hanks are trying to protect their interests in new contracts that aren’t built around ticket sales in movie theaters.
With most theaters in the U.S. closed and studios sitting on billions of dollars of unreleased movies, corporate parents see streaming as their best opportunity for growth. Last year’s domestic box-office revenues were just $2.28 billion, down from $11.4 billion in 2019, according to Comscore.
By: R.T. Watson