Speaking of streaming, YouTuber Dan Murrel complained about how Hollywood Billionaire CEO/Movie studio heads like Bob Iger are complaining this isn’t the time to go on strike because Hollywood is struggling (especially Disney). Meanwhile all of the other problems plaguing the Hollywood system “are coming straight from the top. The producers and CEO they were the ones who dumped tens of billions of dollars into a streaming strategy that even now though most outside observers said this was going to be the case apparently (streaming) is not going to be the revenue generator (thought it) was going to be.” [i]
Which is true. In fact, it’s obvious to me and to several other Hollywood insiders[ii] we’re in the midst of an entertainment bubble that’s bursting. And I’m not referring to some bubble effect that may have been present in a 1930’s Busby Berkley musical. Like 1600 Dutch tulips, Beannie Babies, the dot.com boom and the US housing market of 2008 Hollywood is faced with overvalued assets in the current entertainment market. When those financial bubbles burst it’s the regular people who suffer the effects of the busts not the bigwigs on top. When I was caught up in the Beanie Babies bubble I lost $700 to Ty Warner on my vast collection and part of me at the time thought spending $50 on stuff I didn’t really need from a local stationary shop, including a tacky knock off “Titanic” necklace, just so I could have the privilege of purchasing a Princess Di beanie baby for the $7 she was actually worth was a sound investment choice. So, how did this Hollywood bubble form? Simple, all of the Hollywood movie studios wanted to be Netflix without realizing why Netflix managed to survive that late 1990’s dot.com bubble to begin with.
Netflix co-founders Marc Randolph and Reed Hastings wanted to duplicate the success Jeff Bezos was having with Amazon.com. So, they created a website where people could rent DVDs through the mail for a monthly fee and watch as many or as few movies as they liked without the pesky late fees Blockbuster Video charged if you dared to deposit your rented VHS copy of “Jurassic Park” two seconds after midnight on the 2nd day of the rental. This in turn eventually lead to streaming online movies through their website and like HBO before it eventually Netflix began to run some original programing. Prior to 2012 no one turned on Netflix to watch new shows. Netflix was a benefit for someone like me who, while still living with her mother & father from 2008-2013 wasn’t able to watch a controversial but excellent show like Vince Gillian’s “Breaking Bad” when it first aired on AMC TV. I didn’t watch “Breaking Bad” the 1st time around because I didn’t have a TV in my own room, I couldn’t afford to get cable for myself, and my internet connection was still a little slow. With only one TV in the household my late father would rather watch a cheesy sci-fi show or superhero movie than a story of how an everyman high school chemistry teacher devolves into a major crystal meth crime lord. So, it was either watch what my father was watching on TV or ignore it and read and/or write (or hang out with my then boyfriend and now husband who didn’t have cable). Binge watching “Breaking Bad” on Netflix was better than if I had managed to watch it when it 1st aired on AMC. Instead of being pregnant for 18 months like an elephant Skyler White was pregnant for mere weeks. By binge-watching “Breaking Bad” you experience the two-year timeline of the show instead of the 5 years the show took to make and air. Netflix essentially gave me the ability to binge watch a rerun on my timeframe instead of hoping and trying to figure out if and when AMC would rerun “Breaking Bad” on their network or who in the network TV universe would be willing to show a rerun of “Breaking Bad” and would it air at a time I was available? This Netflix advantage had many people realizing “Why I am paying for cable just to watch a show like ‘Breaking Bad’ on AMC when I can cancel it and just go with an internet connection and a Netflix subscription.” This, then made Hollywood nervous as people started dumping the overpriced cable subscriptions in favor of Netflix or Amazon Prime or Hulu and cutting off of another revenue stream.
So, when a big time media studio like Warner Brothers saw how well Netflix was doing streaming shows like “Friends” (another show I didn’t really watch much when it first aired in the 1990’s) and how no one was paying Nickelodeon to watch reruns of “Friends” during Nick at Nite they thought-Hey why settle for some rerun royalties when we can get those dollars back for ourselves. This meant when Time Warner HBO Max launched in 2020, they pulled shows they produced from other streaming platforms like Netflix to air on their own HBO MAX. The problem is most of HBO/Time Warner/Discovery content was made during a different era. When “Friends” was an anchor of NBC’s “Must See TV” on Thursday night it didn’t matter if I personally chose to do things with my real friends instead of staying at home and watching what Rachel, Monica, Phoebe, Joey, Chandler and Ross were up to. Jennifer Aniston, Courtney Cox, Lisa Kudrow, Matt LeBlanc, Mathew Perry, and David Schwimmer were going to get their million dollar per episode salary thanks to the millions NBC was charging advertisers for a 30 second commercial to air on that show that 30 million other people were watching. The cast “Friends” were still probably earning their million per episode even when it became part of WGN late night rerun line-up in the 2000’s whether I chose to stay up and watch with my boyfriend or chose to go to bed instead. The 588-2300 Empire jingle was sufficient enough to put the jingle in the “Friends” cast’s pocket. Now, Dallas Jenkins and the CW are bragging about how a million people tuned in for the TV premiere of “The Chosen” (an episode that first came out on Angel Studio’s App in 2019) and it seemed to hold against a bunch of other prime time networks with slightly better ratings but by no means the mega-ratings of network shows of the past. With streaming, who knows who is tuning in where and when and is it enough to sustain Hollywood budgets?
I’m
not enough of a media expert with bunch of charts and statistics to back up
what is and isn’t hot in media (traditional, modern social or otherwise). My husband complains that we have nearly
every streaming platform out there. I’m
not sure how true that is. I’m sure I
can add on a few more but I’m not sure I want to because I know I only
occasionally watch a few shows on each one of them. The last one I watched on the Hulu platform
was a show called “Reboot” which satirized this trend in Hollywood to just
rehash the previously successful stuff only slightly darker, sexier, and
deconstructed/woken up from the original ideals that made the original a
success, hoping people will tune in and watch for nostalgia factor rather than
it’s a really good show factor.
Ironically the last episode of “Reboot” talked about how “Reboot” ‘s
reboot was cancelled by Hulu which I just read Hulu did to “Reboot” in real
life. Why? I guess not enough people watched it to
justify a 2nd season. Maybe
in an ironic twist Keegan Michael Key chose to leave the show to go on to star
in Apple+ “Schmigadoon” the way his
fictional character chose to do on the fictional show. Speaking of nostalgia and Apple+ if I want to revisit portions of my childhood
media consumption like Peanuts, Fraggle Rock, Sesame Street or Mister Rodgers
Neighborhood I’ll have to keep up the $6.99 monthly Apple+ fee to watch those,
but let’s face it- I’m likely to revisit a once upon a childhood time tale only
once in a great while. The last grownup
show I watched on Apple+ was “Ted Lasso” and I do hope that the show sweeps the
best comedy series category whenever the Emmys writers come back and Jason
Sudeikis can formally accept.
Otherwise, I’m not seeing too much in the lineup I want to watch. Same goes for Paramount+ where I watched ‘Star Trek: Piccard” and if I
want to take a trip down memory lane for the other “Star Trek” shows I loved as
a child/teen/young adult I may still need that subscription. Maybe some of the “Yellowstone” Prequels like
1886 and 1923 may go on my TV someday watch list but ironically I have to get a
Peacock subscription just to see the original “Yellowstone” TV show as well as
the classic 1930’s Monster Cinematic Universe with Halloween coming up. Part of the reason why I think my husband
and I are able to afford all of these streaming things is because we are a DINK
couple. If you have a family maybe
you’ll need to limit yourself to something like Apple+ or Disney+ where you can
watch classic animated as well as their modern remade counterparts.
Speaking of Disney remakes-