Summer Wrap-Up: Hits, Flops, and More
One Moore Hollywood Podcast hosts Chris Moore, Katie Marpe, and Dennis De Nobile are back with an episode recapping the events of the summer of 2023–an eventful one for the film industry. The last few months were chock full of surprise hits, unexpected flops, an ongoing writers' and actors' strike, and streaming platforms upping their subscription prices and cracking down on password sharing left and right.
So, what have we learned from this action-packed summer? What did this season mean for the entertainment industry?
Let's hear what our hosts have to say.
Originals Over Nostalgia
Some of the biggest surprises this summer were the various theater hits and flops. Barbie and Oppenheimer, or Barbenheimer, as the two movies were delightfully dubbed on their shared opening weekend, were expected to be popular, but no one knew just how popular. Barbie surpassed expectations (except for Marpe's, who correctly predicted its success) and was the clear winner of the weekend, ultimately breaking the record for the most money ever grossed domestically by a female-helmed film.
As for the flops, they tended to be giant franchise movies like Indiana Jones and The Flash, which could historically count on making millions. These days, nostalgia seems not as predictable of a money-making tactic as it once was–it's the original films people want to see.
According to the hosts, studio executives might have to start taking the audience's preferences more seriously, because throwing a bunch of nostalgia-laden, done-before sequels and franchise blockbusters at us to make their millions isn't working anymore.
Theaters: Are They On the Up and Up?
While it might be harder to predict the popularity of individual content, this summer indicated that people still want to pay for entertainment in theaters, provided it's the kind they're interested in seeing. Marpe notes the 19% increase in domestic box office sales this year compared to last year's, an increase led by Barbie and Oppenheimer.
"It's the smell the coffee moment for the Hollywood business. Studio executives are saying,' Now I gotta figure out what the audience wants.'"
–Chris Moore
Moore points out that while it's great to know people are still willing to pay for entertainment, the structure of Hollywood's economic system is still floundering, as seen by the months-long writers' and actors' strike and the increasing prices for subscription streaming services. People and businesses are trying to make money like they always have, but Hollywood's age-old economic structure combined with new streaming technology is not conducive to spreading it equitably.
Is It The Beginning of the End for Cable?
In another dramatic turn of events, Disney and Spectrum had an all-out battle at the end of August before they could reach an agreement that (mostly) suited both parties. Spectrum, the second-largest domestic cable company, pays Disney millions of dollars for access to its programs, one of those programs being ESPN, arguably the most popular reason for people to have cable. The dispute between the two companies began when Disney raised their rates, demanding more money from Spectrum to carry their channels. While Disney claimed their higher rates kept up with the market, Spectrum felt the increase was unfair.
Tensions continued to rise between the two companies when Disney revealed its intention to eventually provide ESPN directly to consumers, effectively nudging people to part ways with their cable subscriptions. When the contract between Disney and Spectrum expired on August 31, Disney removed all of their content from Spectrum, including ESPN, which was in the middle of airing the U.S. Open. After days of negotiations, Disney and Spectrum landed on a deal that allowed Spectrum users access to most of the programs they used to have, Disney Plus with ads, and ESPN.
The bottom line is that people want choice, which is increasingly more accessible through high-speed internet than cable television. So, while cable will live to see another day, those days are numbered if Disney and Hulu + Live TV have anything to say about it.
Listen to the entire episode here: Apple Podcasts, Spotify, Amazon Music, or iHeartRadio.
