New Projects Casting - Film/TV Production - Politics - More Q2 Earnings
By Abigail Hardin, August 09, 2022
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Happy Tuesday, UTD!
We lost a great one yesterday with the passing of Olivia Newton John. The singer and actress had been battling breast cancer for some time and passed away yesterday at her California ranch. She was 73. Family, friends, and fans have been sharing kind words and memories. Rest in peace, Olivia! 🕊
Despite the soaring temperatures, the news cycle has been quite active. There is a lot to unpack this week so let's cut to the chase and dive right into this week's news!
Create a great week! ✌ï¸
Film/TV Production
It's no doubt that 2022 has been a booming return to on-camera content production - so much so that FX Chairman John Landgraf is revising his statement that 2018 or 2019 would be the high water mark for TV production. "I think it's obvious that this year will bring a new record," Landgraf said at a recent TV Critics Association press tour panel, noting that the final count of 559 scripted shows over the last year may stand as the industry peak for quite a long time. With all of this work out there waiting to be booked - it sounds like the perfect chance to attend our upcoming event with Actors Connection on booking film and TV work this fall! 💫 Register: BOOKING FALL FILM/TV WORK
Georgia Sets New Spending Record
The Peach State officially holds the record for film and TV production spending in a single fiscal year 👠the Georgia Film Office reports outlined the details of the $4.4 billion year ending June 30th, and it was a resounding success through the very last day. "Together, we forged a safe and appropriate path to allow the film industry to return to operations and deliver Georgia Made productions to eager consumers all around the world," Governor Brian Kemp said.
Israel Welcoming New Projects
Israel is making a statement about film and TV production within its country's borders, announcing a $13 million tax rebate program to prospective studios looking to set up shop on their next project. The Fund for the Promotion of Foreign Productions will offer a 30% rebate and $4.8 million cap to incoming film and TV shoots over the next two years, in an effort to continue generating "global interest and curiosity" in the country.
Politics
California's Newsome Extending Tax Credit, Men Back Female Creator's Letter to Studio Heads
California Governor Gavin Newsom continues to receive top marks from Hollywood's unions, who call the measure to extend the state's $330 million-a-year film and TV tax credit through 2030 "a lifeline" to folks working in the industry. "Governor Newsom has assured a future where our members can continue to work at jobs they love, in the state they call home, and be present as members of their families and communities." The bill is expected to clear the Full Assembly and be signed into law later in August.
A new bill presented in the California legislature would bar studios from locking actors into exclusivity deals on series for long spans of time, freeing up their schedules to pursue other projects as they see fit. Backed by SAG-AFTRA, the bill has garnered strong opinions on both sides of the issue: Actors and union representatives believe the age of streaming has made exclusivity deals out of date and harmful to actors' careers, while studios believe eliminating the deals will further complicate scheduling series shoot dates. Very interested to see what happens with this!
After receiving a letter signed by over 400 female showrunners and creators calling for more specific details on safety guidelines in anti-abortion states, top studio execs this week received a second letter, signed by nearly 600 male filmmakers, echoing the sentiments of their female counterparts. The message is short, sweet, and to the point: employees in these states are facing a potential crisis, and it's the job of the studios to step up and respond. Few execs have made responses to the letters as of today - it's now or never!
Streaming Wars
Q2 Figures, Companies Eyeing Ad Revenue
Even in an age of such robust film and TV production, we continue keeping an eye on the state of the Q2 reports from top studios around Hollywood, as many seem to still be feeling the pinch of COVID delays and cancellations.
AMC Networks posted a strong Q2 report, headlined by a 46% increase in subscribers, bringing their current base to 10.8 million to round out the month of June. The network's streaming revenue was also up 20%, and AMC execs are hoping to continue this robust trend over the next few years, eyeing a 20 million to 25 million subscriber base by 2025.
Warner Bros Discovery released their numbers last week as well, posting a 1.7 million increase in subscribers to 92 million across its three streaming networks - HBO, HBO Max, and Discovery+, though clocking a slight downturn in domestic subscribers over the previous quarter. As a whole, the company experienced a $3.4 billion net loss during its first quarter since the merger, which included $825 million in content impairment and content writer-downs. While Chief Content Officer Casey Bloys ambiguous claims that the company plans to spend "dramatically more" on content over the next few years, the newly formed conglomerate has been drawing attention as it continues to quietly cut programs from its ranks - a suspected precursor to the company's plans to merge its various streaming platforms under one roof in summer 2023.
The story was much the same over at Paramount, where the company saw a 33% drop in operating income over the last quarter, a metric that execs have pinned on increased investment in streaming content. The results seem to be promising: Paramount+ added 3.7 million net subscribers in the same period, bringing the service up to 43.3 million users to date. At a time when Netflix lost nearly 1 million subscribers in the last few months, it's safe to say companies will continue to treat viewership as a premium in the months ahead.
Netflix, however, believes it may have found the answer to its revenue problems, in the form of a once-discarded strategy: ad tiers. A new report from MoffettNathanson found that the streaming giant could be eyeing up a $1.2 billion ad revenue by 2025, if the platform sets itself up for success amongst ad execs. And Netflix is ready to do what it takes to make (or exceed) that number: "When you look at the scale that we are offering, the technical DNA, the partners that we've got lined up, I'm pretty optimistic that over a couple of years, we can deliver an experience which is fundamentally different from the ad experience on linear," Netflix COO Greg Peters noted during the company's Q2 earnings call. And Netflix may not be alone in its quest for ad revenue: Warner Bros Discovery execs told investors last week that they're considering adding on a free, ad-supported TV plan (FAST) to attract more subscribers and bump up its revenue over the next few years.
A final Netflix note: the streamer has tentatively reached an agreement with SAG-AFTRA on a new production contract, the first update to the original 2019 deal that many lauded as the first deal struck directly between the union and a streaming company. SAG-AFTRA's board met last evening to discuss the details of the arrangement and will decide whether or not to approve in the days ahead.
Industry Trends
Filmmaker Olivier Assays is looking to reclaim a piece of the film industry he feels has become lost in the world of big-budget multi-verse cinema: auteurs, or truly independent films, which he calls "the core of whatever cinema is about". Assays took on rebooting his 1996 film IRMA VEP, endeavoring to update his portrayal of fame in success in the modern age. The reboot was recently optioned by HBO Max, after Assays says receiving financing for a film version would have been "impossible" in this day and age. Have we officially passed on from the age of the indie? What do you think?
A recent financial report from SAG-AFTRA found that the union has collected over $1 billion in membership dues and fees since the two entities merged in 2012, speaking to the strengths of the collective bargaining that the group seeks to promote for its members. Interestingly, the number of active members has stayed relatively level during that time, beginning with 168,593 ten years ago, and reaching a height of 171,157 in 2022.
Diversity, Equity & Inclusion
Cherokee Nation officially cut the ribbon on its Cherokee Film Studios, Owasso Campus, last week, ushering in a new era of Native American film and TV production. The hub provides state-of-the-art technology, VFX, sound studios, and more to prospective producers looking to set up shop in the area, and representatives from Cherokee Nation are incredibly excited about the future of film production on their tribal lands. "Our tribe continues to do our part to successfully build permanent infrastructure and encourage economic growth that creates jobs and expands opportunities for the Cherokee people, and for all of northeast Oklahoma,"Â Principal Chief Chuck Hoskin Jr. said.
A pair of Hollywood creatives are doing their part to increase visibility and representation for disabled and deaf actors both in front of and behind the camera. Joshua Feldman and Lauren Ridloff were featured members of Inevitable Foundations' "Disability Representation On and Off Screen" panel at the 2022 San Diego Comic Con, and spoke about the important roles that studios like Marvel have in establishing the precedent for increased representation in the industry. "I think when children are watching this on the screen, they see people who are not considered the typical representation of a superhero," Ridloff said. "Seeing people who are different gives children hope. If that person can be a superhero, that means I can be one also. I'm important. I am strong and I am powerful."
A new partnership between The Asian American Foundation and the Sundance Institute will seek to support the professional development of AAPI creatives over the next several years. The Sundance Institute | The Asian American Foundation Fellowship has made over $500,000 available for future fellows of the program for use in career growth and networking opportunities, providing six participants each year with $20,000 unrestricted grants to evolve their work and receive support from industry professionals. CEO Norman Chen, head of TAAF, remarked: "Investing in and empowering AAPI artists is a powerful way of ensuring our stories are seen as part of the fabric of American life and culture."
The NYC Mayor's Office of Media and Entertainment has opened its latest round of grants for female filmmakers to help develop and close out their projects in various stages of progress. Recipients will be granted $2 million to apply to their projects' success - a stepping stone for continuing to support underrepresented stories in the city. Applications are being accepted through November 1st!
THE AMERICANS co-creators Joe Weisberg and Joel Fields addressed recent criticism of casting Steve Carrell as a Jewish man in their latest FX series, saying that his character was not originally written to be Jewish at the time of casting. "I think our feeling has always been, as television writers, that we're kind of in an area where people are pretending to be other people," Weisberg said in an interview. "I think a big part of our belief as storytellers is that what we're doing is trying to amplify our common humanity. And that's something Steve does brilliantly in this part and Domhnall does brilliantly in his part. And we hope that's ultimately what people take away from the specifics that are in the show."
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Actors on Acting
True Crime Reigns, Award Season Heating Up
There was some fantastic insider intel and words of wisdom from a few Hollywood greats this week - as well as an in memoriam for TV legend Pat Carroll.
Variety's second Virtual TV Fest kicks off tomorrow and features a host of must-know Hollywood names from in front of and behind the camera. The event will air all day and feature names like Henry Winkler, the Palladinos, Chip & Joanna Gains, and many more - register today to get the scoop from some of the industry's best!
The story of the award season this summer has been anthology series centered around real-life stories, and actresses like Toni Colette, Sarah Paulson, and Amanda Seyfried have received rave reviews for their work bringing these harrowing accounts to life. Pulling true stories onto the small screen presents an intricate set of challenges, but also room to let the real story shine, however odd it may be. "Truth is always, always stranger than fiction and if you put too much of a spin on things it loses something," Amanda Seyfried said of her turn as Theranos founder Elizabeth Holmes. The golden age of true crime continues!
While this generation is getting to see his incredible skill in Hulu's DOPESICK, Michael Keaton has been known for decades for his versatility, candor, and raw ability he brings to his characters. Most notably, Keaton became famous for his turn as Batman in Tim Burton's 1989 film, a role he revisited in BATMAN RETURNS, and again in the upcoming FLASH movie. The secret to his success? His love for what he does. "I sit there and go, 'Oh, man, I forgot how great this is," Keaton said of walking into a movie theater. "There's nothing like it. There will never be anything like it."
Jennifer Coolidge is no stranger to embracing the wacky and wild in her work - as well as completely flipping the script and going for understated and serious. Her latest role in the hit HBO series THE WHITE LOTUS was a perfect match for Coolidge, who was looking for some newfound freedom in the roles she was playing: "I feel like the coach asked the other actors to let me dribble the ball more," she told Variety. "Give the ball to Jennifer once in a while." Go Jennifer go!
We said goodbye to a titan of the stage and screen last week - Pat Carroll, known throughout Hollywood and Broadway for her humor and stick-to-itiveness, passed away at the age of 95. Take some time to read about Pat's story, and her willingness to always derive joy in finding new work for herself - at every stage in life â¤ï¸