How the Rapid Growth of Independent Film Studios Impacts the Entertainment Industry
Over the past few years, the convenience and personalization of Netflix, Hulu and Amazon Prime Video have led to the rapid expansion of streaming services. Audiences are becoming accustomed to more niche film and television programming tailored to their interests, and independent films have seen more mainstream attention.
Parasite brought in more than $200 million at the box office after making Oscars history in 2020, and Downton Abbey became Focus Features’ highest-grossing film of all time. While these are vastly different films, their commonality lies in the fact that they required unique tools and support in the filmmaking, distribution and promotion process in order to appeal to and reach their intended fans. Instead of the broad stroke of the standard blockbuster hit, they required a more focused and tailored approach.
How is small studio entertainment represented in the industry?
The big studios dominating the entertainment industry, like Disney, Time Warner and Universal, have traditionally clung to the status quo. Movies are risky business, and those that have found a successful formula stick to it with little variation. Franchise movies and sequels seem to make up the largest portion of what gets released these days; and though they are safer choices for investors, they may be hurting the entertainment industry as a whole.
Consumers are bored with seeing the same themes and the same stories over and over, which is likely a contributing factor to why they have chosen to stay home more often than going out to see movies in recent years. Streaming services are gladly catering to the demand, and they are constantly in search of the fresh ideas that mostly come out of small-to-medium sized studios.
The circumstances caused by COVID-19, with most states issuing months-long shelter-in-place orders, reinforce the shift toward a larger portion of entertainment coming from smaller productions. Studios and distributors have halted the filming and release of dozens of projects, and live television producers have had to get creative with their techniques. This may even be the beginning of a whole new genre of entertainment, where we all see our favorite stars collaborating Zoom-style from their homes.
What does this mean for the industry?
With people stuck at home, movie theaters closed and audiences consuming more entertainment content, the market for the status quo is dissolving. Watching reruns and entire franchise sets back-to-back may have been fun for the first few weeks, but as social distancing restrictions become our new reality, the old paradigm is just … boring.
Investors recognize that changes need to be made and success is going to happen more often with smaller-scale projects. Those of us who must be apart from our friends and loved ones in the name of public health are tired of feeling alone, and the entertainment industry would benefit from creating productions that speak to our current experiences.
This is an exciting prospect for many in the industry, as investors can look forward to funding interesting productions with less risk and greater opportunity. High-quality productions can be made without having to spend a fortune, and there is an opportunity to reach fans in ways we have never seen before. Additionally, this is the perfect time to discover new talent and start building a fanbase in preparation for a recovering market. When it is time to invest again in larger projects, the smartest choices will be clear.
How Blockchain technology will support this trend
When doing business requires working together without actually being together, the Filmio Decentralized Platform is the infrastructure that supports expanding smaller-scale projects to a global level. Users of the blockchain platform enjoy greater security, and therefore greater levels of trust, because fraudulent activity is nearly impossible.
Every transaction that takes place gets recorded on a public ledger, and that data is stored across multiple nodes. All changes must be verified through a majority of nodes in order to become part of the chain, and nothing is ever deleted. With blockchain, all activity is transparent and immutable, giving everyone a new dynamic way of participating in the creation process without reservation.
- Whether they have been working on a project for years or just getting started, creators can onboard their content onto blockchain platforms, and the timestamped entry immediately supports intellectual property rights.
- Fans have the chance to connect directly with creators, and they can use FAN tokens to show their appreciation for new content. Their honest feedback cannot be altered on either end, keeping creators real with their content, giving fans the level of engagement they crave.
- Investors looking to fund a project will be able to look at which ideas and creators are getting the most attention, rather than operating in the Hollywood black box of “who knows who.” The best projects will rise to the top and be seen by decision-makers who can then work directly with creators.
Exciting Changes are Coming
Filmio is here to make history in the entertainment industry by supporting creatives as they bring new ideas to life, facilitating meaningful engagement with audiences and providing important metrics for investors who are still feeling their way around. The “big name” element may be fading, but the biggest ideas are still waiting to be discovered. Filmio’s Decentralized Platform will make it happen.