- Hollywood’s second century will be shaped by powerful creative and technological forces from around the world.
- Netflix’s success “Squid Game” reflects the increasingly international direction of the entertainment industry.
- Insider highlights 10 people who are transforming media and entertainment for a global audience.
- Visit the Insider’s Transforming Business home page for more stories.
While the first century of Hollywood was defined by the predominance of American creative production, the second is emerging to reflect powerful forces – artistic, economic, technological – from around the world.
Look no further than
South Korean export “Squid Game”, which took the streamer’s own executives by surprise when it became an international phenomenon, drawing an audience of 142 million households – roughly two-thirds of the subscriber base Total Netflix – to become the most-watched series service ever.
The world race
dominance is what has led to two huge media M&A deals that were announced in May and are expected to close in 2022: Pending FTC approval, Discovery will buy out WarnerMedia, the parent company of HBO and Warner Bros., for $ 43 billion and Amazon will shell out $ 8.45 billion. for the MGM film studio.
What is at stake is the $ 843 billion the global streaming market is expected to reach by 2027, according to Acumen Research and Consulting.
“Size and global scale matters,” said Pivotal Founder and CEO Jeffrey Wlodarczak, an entertainment and streaming research analyst. The battle for subscribers has a ripple effect, he added, “by raising the barriers to entry for competition and raising the bar for a player’s ability to pay for top talent” .
Pandemic changes have accelerated the globalization of entertainment
Now in its second year, the COVID pandemic continues to accelerate the globalization of streaming wars, pushing media giants NBCUniversal, Disney and WarnerMedia to release feature films online and leading to a 26% increase in global service subscriptions streaming (at 1.1 billion), by the Motion Picture Association.
“Consumers were looking for new and unique content and were drawn to experiences beyond their standards,” said Kevin Westcott, who heads the US Technology, Media and Telecommunications division for Deloitte.
For its third annual list of leaders who transform businesses, Insider highlights 10 visionaries who are leveraging these technological innovations and societal changes to transform media and entertainment for audiences around the world.
Streaming leader Netflix has a head start on global audiences (it has been present in over 130 countries since 2016) thanks in large part to Bela Bajaria, who was promoted to Global Head of Television in the summer of 2020 thanks to to its ability to rotate the local language. programs like “Lupine” in worldwide hits.
However, Disney + is chasing with its 116 million subscribers, and it is expected to overtake Netflix by 2025 according to Digital TV Research. Some of the service’s most resonant content has been created by teams led by Marvel Studios President Kevin Feige, who expertly adapted the Marvel Cinematic Universe for the small screen with the “WandaVision” behemoth series, “Loki”. and “Falcon and the Winter Soldat.”
Media companies seek global reach in all formats
Global reach also drives media off the streaming screens. Finding an international audience for podcasts like “Dirty John” and “The Shrink Next Door” was one of the main reasons Jen Sargent, CEO of podcast studio Wondery, was able to sell the business to Amazon Music at the end of 2020. “Wondery has always had a culture of risk taking,” she told Insider, adding that she believed consumer behaviors in the United States “absolutely applied to global markets.”
And it is the dedicated global fan base for the online game “Fortnite” – 56 million players and more – that has donated
CEO Tim Sweeney is ready to take on Apple over the way it does business on its App Store.
The power of the popular is also changing the path to stardom, as more creators accelerate their rise through video.
like TikTok, Instagram and YouTube.
Lil Nas X – who rose to fame when his single “Old Town Road” took off on TikTok – leveraged his online fan base to create a chart-topping album when “Montero” debuted at No. 2 of the Billboard 200. Streamer Rachell “Valkyrae” Hofstetter turned his 3.5 million YouTube subscribers into a rich multi-year deal with the video platform, a stake in the game organization 100 Thieves and sponsorships of ‘AT&T, Lexus and others.
Even a much more traditional medium, the email newsletter, is being remade as Substack – led by CEO Chris Best – has opened the door for writers to create, distribute, and monetize their own work.
Various artists and creators find new opportunities
This proliferation and democratization of platforms has also created more opportunities than ever for new voices from historically under-represented groups. Just ask Billy Porter, who won an Emmy for portraying an HIV-positive fashion designer in FX’s “Pose,” or Chloe Zhao, who became the first woman of color to win the Oscar for Best. director and went on to direct the Marvel movie. “Eternals,” which features the franchise’s first deaf and gay characters.
Or Michaela Coel, who burst onto the scene with an original and invigorating tale of sexual assault and trauma with her HBO series “I May Destroy You” – and who will take her place in the MCU with a role in “Black Panther: 2022: Wakanda forever.”
Together, these creators, artists and storytellers, along with the business leaders who strive to amplify and monetize their work, are making the most of a new world of audiences and opportunities.