Digitalization and the movie business
Nowadays, the film is hardly ever used in the film industry but the cameras and microphones use sensors. They convert the visual and aural information into bits and bytes. Instead of using light boxes and scissors, directors and editors edit raw videos on computers. It being sent out on massive spools, completed “films” are sent out as large files. Digital has taken the place of analogue. Other than this trending topic, wpc2023 is also a top trend on social media these days.
Despite the numerous technological advancements in the film industry—the development of sound, colour, and television—digitalization has profoundly impacted the sector’s evolution. It has altered not only the nature of production but also the distribution and exhibition industries. It has contested long-standing industry customs and practices.
Major players have changed their positions and rethought their business strategies and Disney was the first studio to offer its content directly to the consumer after nearly a century of reaching audiences through intermediaries. Only one Hollywood studio (Sony) has not yet introduced a standalone streaming service since December 2020.
Even now, major Hollywood studios and parent corporations are launching their films on streaming services. The “Trolls World Tour” by Universal/Comcast debuted on video-on-demand and Pay-per-view revenue was close to $100 million, with the studio receiving the lion’s share (Whitten 2020). Warner/AT&T announced that their entire slate of blockbuster productions in 2021 would open on the firm’s streaming service, HBO Max, on the exact dates they began playing in theatres. Other than this trending topic, art of zoo is also a top trend on social media these days.
The academic study of the film industry has experienced disruption due to digitalization. I am studying the traditional approach that had predominated for over fifty years and it has provided decades of understanding of the variables influencing the success and failure of the film entertainment industry. Footnote1 However, as that model changes, many previously discovered patterns are no longer valid but Tentpoles and niche titles make up the dichotomous business of film today. Anything in between is no longer widespread.
More people than ever watch videos for entertainment, but they do so in various ways. All value chain segments in the industry have to change due to changes in the strategic landscape.
But it’s unclear exactly how these adjustments have changed—or will change—the “recipes” for film success. As a result, we asked a group of industry experts known as the “Mallen Group”—economists, finance, marketing, and strategy experts—to consider carefully how the advent of digital technology would affect the various links in the film industry’s value chain.
Which historical trends can we expect to continue? Which has lost its relevance? To ensure that each group had a broad knowledge base and a solid grounding in the phenomenon it was studying, we organized the groups to cut across disciplines and include academics and practitioners.
An overview of the “Mallen Group’s” history
The first series of conferences on the business and economics of the film industry arrange in Boca Raton, Florida, in the fall of 1999. Bruce Mallen was the dean of Florida Atlantic University’s College of Business. A former marketing scholar with a fascination for filmed entertainment.
The initial conference and its yearly follow-ups featured a variety of unusual elements and the early events most notably introduced some of Hollywood’s glitz to the academic world. They would drive the participants to and from the event in stretch limousines.
Even in business-related fields, the conference was, in a way, uncommon for academic events. In addition to attending the conference, business leaders have spoken at it as presenters. The commentators on academic papers, and panelists on various subjects but their inclusion has aided in preserving the conference’s research’s industry relevance and institutional fidelity.
Both of the conference’s unusual characteristics reflect the unique journey that led to the initial discussion. Bruce Mallen started his career by advancing through a series of degrees. The positions in the traditional academic-tale style before turning thirty. It became a full professor at Sir George Williams University in Montreal.