“Great. Let’s go for a movie?” This statement was at one time a common call to hang out and socialize with friends. Movies have been with us since the late 19th century. They started off as a electronic reproduction of movement. They existed without the extra features that we now take for granted. No color, sound and other computer generated imaging (CGI) that now come as standard. The timeline of the film industry features a lot of transformation tied to the technological innovation that has changed the world.
The evolution of the film industry cannot be complete without mentioning the theatre. The film theatre enabled film companies to offer the audiences venues to collectively watch new releases. Theatres created a thrilling experience through huge screens and elaborate sound effects. Advances in the development of the television and home entertainment systems led to the simulation of the theatre effects in the homes.
In trying to predict the future of the film industry, we have to look at the current trends. Below are some of the factors that will determine whether the movie industry is on its deathbed
According to statistics from IBIS world, the movie industry generated $43 billion in revenue in 2017. While this figure looks promising, the research report gave a gloomy outlook of the future. This figure represented a 2.2 % growth over the previous year. Going forward, it is predicted that the movie industry growth will slow down to a paltry 2%. This is due to a raft of factors that continue to shake the foundation of the conventional movie industry revenue generation.
One of the factors affecting the movie industry is the shift from telling the common story. Historically, movies have relied on human interest stories to resonate with their audiences. Of late, there is a marked shift in movie scripts with the story line adopting a more fictional theme. There has been a shift from the archetypal comedy and romance themed story lines that struck a chord with 20th century movie goers. This tends to be a disruptive factor that sidelines a significant portion of movie enthusiasts.
This is perhaps the biggest threat to the conventional movie industry as we know it. The cinema was at the forefront of introducing new movies in the market. Innovations such as VOD have cut the access time by home viewers significantly. From the traditional 90 days, home viewers can now access movies at the comfort of their living rooms within 10 days.
New ways of movie production have also been made available through advances in technology. With 4k quality and enhanced sound products readily available in the market for purchase, the cinema effect is replicated at the home.
Is the movie industry dying? That is a question that will elicit varied responses depending on individual preferences. But one thing is for sure. There is a fast paced transformation that is sweeping through the movie industry from concept to distribution.
Some of the voices of disquiet are coming from quarters that were used to the status quo. Change is not always a welcome aspect of life. But it is inevitable. The survival of the movie industry might be a function of perception rather than the absence of content. Only time will tell.