They don’t necessarily come out to see what a movie would have been in 1940. Photograph: APĭavid Scarpa, who is on the picket line daily, says: “The movie business has been moving more towards something that resembles the amusement park business people turn out to go on rides. Barbie and Oppenheimer, benefiting from smart marketing and memes, could be exceptions that prove the rule.Įzra Miller and Sasha Calle in The Flash. Other recent films such as Big George Foreman, Dungeons & Dragons: Honor Among Thieves, Disney and Pixar’s Elemental, The Flash, 65 have proved disappointing at the box office (by one estimate, Disney has lost nearly $900m following its last eight studio releases). There have been hits such as last year’s Top Gun: Maverick, which prompted Steven Spielberg to tell Tom Cruise: “You saved Hollywood’s ass and you might have saved theatrical distribution.” Another Cruise vehicle, Mission: Impossible – Dead Reckoning Part One, one of the first major productions shut down by the pandemic, was just released and performed solidly but not spectacularly. The celebrated Hollywood sign, which turned 100 this month, has witnessed a great depression and world war, various strikes (Ronald Reagan led the actors in 1960), technological disruptions and, in March 2020, the Covid-19 pandemic that made cinemas go dark, emptied TV studios and shut down all production.
These conditions will potentially produce an absolute collapse of an entire industry.” Urging a settlement to the strike by September, Diller added: “The truth is this is a huge business, both domestically and for world export. You’ve had the results of huge investments in streaming, which have produced all these losses for all these companies.” Online streaming services and artificial intelligence, or AI, are upending the business model and exposing the wealth gap between studio bosses and anyone who is not a household name.īarry Diller, former chief executive of Paramount Pictures and 20th Century Fox, told CBS’s Face the Nation programme: “You have almost a perfect storm here, which is, you had Covid, which sent people home to watch streaming and television, and killed theaters. Actors and writers are on strike simultaneously for the first time in more than 60 years.
Even with the weekend’s sugar rush, the box office is still down 20% from pre-pandemic levels.
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