Is a new film renaissance in the works?

Not too long ago, the film industry was having trouble keeping both critical acclaim and financial success. Lackluster blockbusters littered the streets of tinsel town, the result of a shift away from good storytelling and into recreating outlier successes of Marvel’s cinematic universe. Effects-laden monochromatic spectacles geared at an international audience had been Hollywood’s costly gamble.

Meanwhile, in a different arena, the television industry seems to have regained its muse, hitherto lost in the sea of down-market reality programming. The television industry of the millennial era had begun churning out popular and critically acclaimed dramas and action stories with production values that rival cinematic releases.

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Image source: forbes.com

But with television companies experiencing a domino effect of losses as of late, the tube may not be able to soar as high as it could without making sweeping changes to its structure. At the same time, the juggernaut film franchises of old, banking on the popularity of franchises past, are experiencing a minor rebirth. Although there have been a few hiccups, in general, the film industry has earned a remarkable turnaround, culminating in the release of Jurassic World in mid-2015. Promising to follow suit are the highly anticipated James Bond and Star Wars films, themselves resilient legacy franchises and produced with the aid of well-grounded companies known for industry expertise.

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Image source: economist.com

What would become of this newfound row of success is still uncertain. On one hand, many of these breakthroughs were from older properties, with much of their success banking on nostalgia. On the other hand, many of these successful franchises avoided some of the common clichés and false assumptions that led to the downfall of similar attempts to retool franchises. Time will tell if Hollywood would finally see its true rebirth.

Steven Rindner is a business and corporate development executive who has served in various companies across different industries. He has accumulating extensive expertise in media, technology, real estate services, and healthcare businesses. Visit this blog for more updates on key media industry issues.

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