Vanity Fair: Hollywood is over

From Nick Bilton at Vanity Fair:

Yet when I ask people in Hollywood if they fear such a fate [as befell music and print], their response is generally one of defiance. Film executives are smart and nimble, but many also assert that what they do is so specialized that it can’t be compared to the sea changes in other disrupted media. “We’re different,” one producer recently told me. “No one can do what we do.”

That response, it’s worth recalling, is what many editors and record producers once said. And the numbers reinforce the logic. Movie-theater attendance is down to a 19-year low, with revenues hovering slightly above $10 billion—or about what Amazon’s, Facebook’s, or Apple’s stock might move in a single day. … Between 2007 and 2011, overall profits for the big-five movie studios—Twentieth Century Fox, Warner Bros., Paramount Pictures, Universal Pictures, and Disney—fell by 40 percent. Studios now account for less than 10 percent of their parent companies’ profits. By 2020, according to some forecasts, that share will fall to around 5 percent. More.

Reality check:  Essentially, Hollywood is as unnecessary today as the New York Times. That is why, even if the culture industry revolt destroys its nemesis Trump, it will not survive in its present form anyway. Perhaps, at some level, they all know that. Which makes them hate him more.

See also: SONY trying to save its Hollywood investment