Industry News, January 2024: Hollywood & Publishing
Industry news:
Good morning! Here’s a rundown of the top industry news:
Hollywood - Movies and Television:
Post-Strike Production Rush: Hollywood is experiencing a surge in production activities as it rebounds from the recent strikes by SAG-AFTRA actors and Writers Guild of America (WGA) writers. Projects like Ridley Scott’s “Gladiator 2” and Marvel Studios’ “Deadpool 3” are preparing to resume, signaling a bustling period ahead for filmmakers, screenwriters, and producers .
Economic Impact of Strikes: The strikes have had a significant economic toll, estimated at over $6 billion in lost wages and business impacts. The aftermath has seen a scramble to resume productions, but the industry also faces changes, including shifts to fewer TV shows and potential reductions in on-location filming .
Hollywood’s Strategic Shifts: In response to increased labor costs and a more cautious investment climate, studios may reduce their content spending and explore filming in locations outside the US. This could impact the availability and nature of opportunities for industry professionals .
Adjustments in Production Dynamics: The industry is expected to see changes in how productions are managed, including potentially fewer A-list actors and adjustments to production expenses to accommodate new labor agreements. This could influence the type and scale of projects greenlit in the future.
Publishing Industry - Indie Publishing:
Direct Sales Mindset for Authors: Focusing on direct sales offers authors control over pricing, promotions, and a closer connection to their readers. This approach emphasizes the value of targeting ideal customers willing to pay full price for books, potentially making them more profitable than those acquired through platforms like Kindle Unlimited .
Challenges in Self-Publishing: The self-publishing landscape in 2024 face several challenges, including fake reviews and books, underscoring the need for authors to navigate these hurdles effectively. Despite these obstacles, self-publishing has empowered authors to level the playing field against traditional publishers, with many indie authors seeing significant income increases . Pros and Cons of Self-Publishing on Amazon: Amazon’s Kindle Direct Publishing (KDP) platform offers rapid publication and marketing tools, but it also presents challenges, such as the lack of editorial support and the need for authors to stand out in a crowded market. Authors must navigate these challenges to leverage Amazon KDP effectively .
Indie Author Bookstore Funding Campaign: There’s an emerging trend of indie bookstores partnering with indie authors. A crowdfunding campaign aims to establish a chain of self-published author bookstores, starting in the UK and planning to expand globally. This initiative highlights the synergy between indie bookstores and authors, offering a novel avenue for self-published works to reach readers .
The shift towards more controlled, direct engagement with audiences—whether through film production or book sales—highlights a broader trend of leveraging digital platforms and direct sales strategies to navigate industry challenges and capitalize on opportunities.