Channels with Peter Kafka That’s a wrap (for now)
Dec 7, 2023
Peter Kafka and Lucas Shaw review the year in media, covering topics such as the impact of the strike, media consolidation, Amazon and Apple acquiring sports broadcasting rights, the decline of movie-going, Hollywood's response to TikTok, and their favorite media consumed this year.
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Streaming Reshaped Entertainment
- The 2023 strikes showed streaming reshaped entertainment and exposed business flaws that creators felt compelled to fix.
- The strikes are part of a broader reset across Hollywood and tech driven by layoffs and restructuring.
Contracts Modernized For Streaming Era
- The new deals modernized contracts with streaming residuals, minimum staffing, and bonuses for hits.
- Protections around AI and adjusted residual formulas reflect a shift to streaming-era compensation.
How Studios Can Fix Streaming
- Studios must spend smarter, charge more, or merge to make streaming profitable.
- Expect more judicious greenlighting and budget choices rather than dramatic output cuts.