Historian and writer Daniel Bessner discusses Hollywood's shift towards prioritizing profits over quality entertainment. They delve into the impact of financial firms like BlackRock, Disney's acquisitions, and the influence of economic downturns on creativity. The discussion also explores the financial risks faced by creators, class divisions in the industry, and the effects of financialization on content quality in the entertainment sector.
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Quick takeaways
Financialization of Hollywood led to cost-cutting measures and corporate takeovers, impacting writing opportunities.
Class stratification increased in Hollywood due to shift towards franchise-dominated films, affecting diversity and sustainability of writing careers.
Deep dives
The Evolution of Hollywood Writing
During the 90s and early 2000s, Hollywood offered a financially rewarding and creatively fertile period for TV writers, with iconic shows like Sex in the City and The Sopranos setting the stage. Writers could make a comfortable living and produce innovative content. However, the industry began facing glimmers of change as regulations shifted in the 1980s with the rise of conglomerates, leading to freelance work and a gradual decline in stable writing careers.
Financial Impact on Hollywood Transformation
Significant economic events like the dot com crash and the 2007-2008 Great Recession, coupled with the infusion of capital into the financial industry, marked a shift in Hollywood's landscape. High finance entities, notably asset management and private equity firms, started influencing Hollywood, leading to cost-cutting measures and corporate takeovers. This financialization trend impacted writing opportunities and content production, altering the creative landscape.
Class Stratification and Creative Challenges
The financialization of Hollywood intensified labor disinvestment, creating challenges for writers to sustain stable careers. The industry's shift towards franchise-dominated films and the decline of original screenplays highlighted the financial pressures on writers. Additionally, class stratification increased as affluent individuals found easier access to the industry, affecting diversity and creative risk-taking. This commercial shift posed challenges in maintaining quality content and sustainable writing professions.
What is the point of Hollywood? There are two obvious answers, right? To make good stuff that entertains people. And to make money for the big studios and the people who work for them.
Those two things don't have to be mutually exclusive. But Daniel Bessner believes increasingly they have been.
Bessner spent a year working on a deep dive into how Hollywood has evolved for Harper's Magazine. Bessner is also a historian, writer, and host of the podcast "American Prestige".
For transcripts of Front Burner, please visit: https://www.cbc.ca/radio/frontburner/transcripts
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