A scene from ‘The Marvels’, which fell short of expectations at the box office. Photo: Marvel Studios
When stars returned to the red carpet in early January after two bruising strikes to celebrate the success of “Oppenheimer” and “Succession,” one existential threat above all was on everyone’s mind: Hollywood is shrinking.
The era of “peak TV,” is over, said 17 entertainment business executives, agents and bankers who spoke with Reuters. From fewer original series and movies to greater scrutiny of budgets and a further squeeze on movie theater profits, people who call the shots said the television and film industries are adjusting to sober economic realities.
“The great contraction is upon us,” said one veteran television executive, speaking on condition of anonymity. “I think there will be a significant retrenchment in the quantity of content, and the amount spent on content.”
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