Is the golden age of Hollywood coming to an end? It’s the question on the minds of many executives and talent seekers in the City of Angels today. With the advent of Netflix and its rapid growth, many professionals in Hollywood are scratching their heads to discover methods to remain relevant and appealing to moviegoers in the USA.
In 2017, Netflix plans to spend more than $6 billion dollars on hiring talent and producing its original shows, up 20 percent from 2016. Netflix also plans to include 600 hours of original shows and movies for its 70 million subscribers in more than 200 countries. In an era where Hollywood is seeing profits plummet, Netflix is only expanding.
So why is Netflix dominating Hollywood? Will Hollywood ever be able to recover?
As less than one-third of Americans visited a movie theater last year, it should come as no surprise there are faults in Hollywood and its method of producing content that is simply not appealing to their audience any longer. With a lack of innovation, imagination, and new storylines, people have begun to lose faith in Hollywood blockbusters — and are showing it with their wallets.
Netflix is introducing movies and shows with fresh plots, rising (and famous) actors, and the ability to indulge for an entire month at a price lower than going to a single movie at the theater. Rather than sticking to showcasing older movies that have already been released in theaters, Netflix has taken on the venture of dominating the media market with original content ranging from House of Cards to Narcos and Stranger Things.
Netflix is now hiring many well-known producers and executives from Hollywood itself to add to its collection of creative geniuses, leaving many to ponder if it will ever be possible for Hollywood to make a comeback in today’s modern age of media streaming. Only time will tell.