FT News Briefing Have we hit peak TV? Plus, our debt to bees
Sep 3, 2022
Chris Grimes, Los Angeles bureau chief for the Financial Times and expert on Hollywood, discusses the future of streaming wars. He reveals how pandemic-era spending on content is unsustainable. As theater audiences return, streaming platforms face challenges. Jonathan Guthrie then highlights the $160 billion debt we owe to bees for their pollination services, emphasizing their vital role in our ecosystem. He warns about the dire consequences if bee populations continue to decline, calling for immediate action to protect these essential pollinators.
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Pandemic Streaming Boom
- The pandemic dramatically accelerated the growth of streaming services, especially Netflix and Disney+.
- Lockdowns and limited activities drove people to binge-watch shows, condensing years of growth into a short period.
Streaming Spending Spree
- Streaming platforms, encouraged by Wall Street, invested heavily in content, leading to an arms race in spending.
- This resulted in extravagant budgets and high-quality shows, but now faces reevaluation due to changing market conditions.
*Batgirl* Cancellation
- Warner Brothers Discovery, under CEO David Zaslav, cancelled the nearly finished $90 million film Batgirl to cut costs.
- This move shocked Hollywood and signaled a potential shift towards prioritizing blockbuster hits over smaller projects.