How Fan Validation Solves The Film Industry’s Prediction Problem
Movie studios and investors could benefit from fan feedback before a movie is released. Take Gemini Man for example, the script was written and ready to go in 1997, and Walt Disney Pictures experimented with a variety of big names such as Harrison Ford, Mel Gibson and even Sean Connery in the lead role. However, after they tested the concept in a short film called The Human Face Project, they decided they should sit on the idea until special effects technology improved.
Skydance Media picked up the film in 2016, ready to take on the task of making a movie with the most revolutionary filming methods to date. By the time production was over, it needed to gross around $275 million to break even. Unfortunately, Gemini Man’s poor box-office attendance and bad reception led to a loss of about $75 million. With cutting-edge special effects, Will Smith as the lead actor and master director Ang Lee at the helm, this film had all the makings of a serious hit. So what happened?
Fans made it clear in their reviews that the script did not support the budget or the overpowering use of effects. The plot was dubbed unoriginal, and many viewers blamed poor writing for Smith’s underwhelming performance. If moviegoers had the opportunity to contribute criticism and praise before the movie was finished, then maybe Gemini Man could have been the smash-hit it was supposed to be. Instead, it went down in history as an experimental flop, further entrenching studios in their tendency to stick to safer ventures.
The Prediction Problem
Consumers may be bored with the current selection of sequels, franchise movies and nostalgia bait, but these are the options that have the most data to back their potential for success. Investors don’t want to waste their money on a production that may result in loss, and moviegoers don’t want to waste their time on a film that may not even be satisfying. At least with 22 Marvel movies to watch, fans are guaranteed the pleasure of seeing their favorite characters on screen, even if the plot is continually an iteration of the same story.
The entertainment industry and its patrons have latched onto the fear of losing what they have. This attitude solidifies exclusivity and lack of originality, making it more difficult for new creators with new ideas to find their way into the market. They’ve become trapped in the current paradigm where unique ideas go unfunded because they’re seen as high risk.
Streaming services like Netflix underscore the problems with Hollywood’s restrictive cliques. The rise of streaming has coincided with the decline in theater attendance, but not simply because people would rather sit at home watching reruns and old movies. Fifty-eight percent of Netflix users subscribe to the service because of the original content it offers. In 2018, Netflix had 700 original movies and TV shows and 112 Emmy Award nominations. Was every bit of content on Netflix worthy of an award? Of course not. But it did contribute to keeping more people on their couches rather than in theaters.
Why Fans Need to be Involved
We live in an era where expendable time and disposable income are scarce. People are unwilling to waste their precious resources on anything that doesn’t all but guarantee a positive return. A 2012 study concluded that people consult an average of 13 sources before deciding what to watch. Facebook, Instagram, as well as friends and family members are a major part of the decision-making process. This means fans invest thought into a movie or TV show before they make a choice, and their decision is highly social in nature.
If consumers have a stake in a movie or TV show, they are more likely to contribute to the overall success of the production. They will watch, share with friends and family and become loyal fans when creators show they are listening. Filmio is revolutionizing the industry by giving fans a chance to participate in the creative process and by connecting creators to audiences that will support their ideas.
How Filmio Works
Creators load their original content (in whatever stage it happens to exist) onto the platform. Fans then get rewarded for contributing their opinions, reviews and general feedback. There is an unlimited amount of time to make adjustments based on input and cultivate the attention the project deserves. Once the content has been sufficiently validated, it receives a Go Score, letting everyone know just how much positive attention the idea has generated.
Fans get to interact with the media they consume in ways that inspire enthusiasm and brand loyalty. Creators have an opportunity to receive donations from fans, compete for funding from private investors and make connections with resources they need to make their project a success. Filmio gives investors access to new kinds of predictive data, so they can be confident about where they put their money, even when the content comes from an unknown creator.
Fan Feedback Leads to Optimal Outcomes
A fan validation engine like the one Filmio has created, gives TV and film studios the tangible data and insight currently lacking in the decision-making process. Movies no longer have to be a shot-in-the-dark about what an audience really wants. Creators are provided direct access and input from consumers, so everything a studio develops gets vetted ahead of time by the people who will be spending their hard-earned time and money on it. Everyone wins when you make the creative process a participatory experience, and Filmio’s platform puts every one of its users on your team.