In the Vanity Fair article Why Hollywood As We know It Is Already Over Nick Bilton discusses the course of events that are happening in the entertainment industry and how it is changing and even killing Hollywood as we know it.
Hollywood is at an 19 year low of theater sales and it’s largely due to how social media and digital streaming has altered the landscape. Ever since Netflix hit the scene with digital streaming and original content, it has made other companies who otherwise weren’t part of the entertainment industry fight for consumer attention. Apple, Facebook, Google, Amazon, Microsoft and others have all paved their own way in providing content and allowing consumers to stream movies to where its cheaper and more convenient than going to the theater. Also Hollywood’s formula of block busters, sequels and remakes of existing properties are running stale, and some films such as Benhur which cost $100 million only made $11 million in the box office.
Just like music, books and journalism, the option of having it brought to us rather than going to get it and conveniently picking what we want to consume puts Hollywood in a dilemma. However, I don’t feel like this is the collapse of Hollywood by any means. Yes the landscape of how we consume entertainment is changing but we still enjoy going to see movies, even if it’s a 19 year low, the statistics aren’t so low that it’s causing Hollywood to go up in flames. I think that the article gives some insight on what has been changing in the model of how we watch films and television but to say that what has been going on for the past few years is now at the breaking point is a little over exaggerated.