WEBVTT - Hollywood Box Offices Are Back

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>You're listening to Bloomberg BusinessWeek with Carol Masser and tim

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<v Speaker 2>Stenoveek on Bloomberg Radio. He's a Hollywood machine.

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<v Speaker 3>He is his own Hollywood machine.

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<v Speaker 4>He's the individual behind our screen Time world, behind the

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<v Speaker 4>screen Time newsletter. You can sign up for that at

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<v Speaker 4>Bloomberg dot com slash screen Time. We're talking about Lucas Shaw,

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<v Speaker 4>Bloomberg News Managing Editor of Media and Entertainment. He joins

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<v Speaker 4>us from our Bloomberg La situation. Lucas, it's like always

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<v Speaker 4>Sonny and nice out there. So I know you come

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<v Speaker 4>to New York sometimes, but LA is home. But we

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<v Speaker 4>appreciate you joining us. I want to talk about people

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<v Speaker 4>going back to the movies this year, because this is

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<v Speaker 4>something interesting is happening. You wrote about this recently, and

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<v Speaker 4>I'm wondering one why people in your view or are

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<v Speaker 4>going back to the movies, and two whether or not

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<v Speaker 4>this is sustainable.

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<v Speaker 1>First one is tricky day and or you know, the

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<v Speaker 1>good slate of movies, things that people were very excited about.

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<v Speaker 1>So you had probably the highest volume of high caliber

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<v Speaker 1>summer blockbusters in a long time.

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<v Speaker 2>You know, we tried to capture the lessons from those in.

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<v Speaker 1>Es, say for Business Week, and it's everything from having

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<v Speaker 1>an appropriate window delay before lay between when a movie

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<v Speaker 1>appears in theaters and when it's available at home to

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<v Speaker 1>bring something fresh and different to the table. Which sounds

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<v Speaker 1>tried and obvious, but Hollywood has been in this pattern

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<v Speaker 1>of releasing cinematic universes for the last ten years, and

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<v Speaker 1>you look at what a lot of the things, A

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<v Speaker 1>lot of things that work this year are either new

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<v Speaker 1>movies that haven't been around in five or six years,

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<v Speaker 1>something felt fresh. In terms of whether it's sustainable, I

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<v Speaker 1>think that just depends on whether Hollywood learn is the

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<v Speaker 1>right lessons from this right, you know, are they going

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<v Speaker 1>to see obsession and instead just make a million different

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<v Speaker 1>deals with other YouTube filmmakers, or are they going to

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<v Speaker 1>find the right filmmaker and put the right infrastructure around them.

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<v Speaker 3>Yeah, and we're still down a lot right from the

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<v Speaker 3>pandemic Lucas.

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<v Speaker 1>Yeah, the sales are off I want to say ten

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<v Speaker 1>to fifteen percent. The I should say the revenue is off.

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<v Speaker 1>The ticket sales are off considerably more. But one of

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<v Speaker 1>the reasons why revenue has recovered is higher ticket prices.

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<v Speaker 1>The popularity of IMAX. You know, one of the things

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<v Speaker 1>that seems to happen is there's a little bit of

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<v Speaker 1>a enthusiasm around being a cinephile and filmmaking, people who

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<v Speaker 1>are excited about going to see a Christopher Nolan movie

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<v Speaker 1>in seventy millimeter or going to see Ryan Coogler and imax.

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<v Speaker 4>You said, yeah, you said, in other words, as you write,

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<v Speaker 4>being a film nerd is cool again.

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<v Speaker 2>Yeah, I have.

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<v Speaker 3>To say, I haven't seen Odyssey yet, but I want

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<v Speaker 3>to get to I'm going next week. I want to

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<v Speaker 3>get to it in the theater. I really don't want

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<v Speaker 3>to see it at home.

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<v Speaker 2>Yeah, but it's seventy mil or just normal IMAX.

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<v Speaker 3>I don't know what should we do.

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<v Speaker 1>You've seen it, right, I saw it in seventy mili

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<v Speaker 1>no imax, which is not what Christopher Nolan would want.

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<v Speaker 1>I may go see it again in seventy milimeters IMAX,

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<v Speaker 1>but they're on They're only like forty screens in the

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<v Speaker 1>country that have that.

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<v Speaker 2>So you come to New York Lucas. Okay, that's what

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<v Speaker 2>we'll do.

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<v Speaker 3>They're still Hey, listen, what I really think is cool

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<v Speaker 3>is in this story. Business Week actually pulled people studio chiefs, producers,

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<v Speaker 3>talent agents, filmmakers, analysts, and die hard filmgoers on the lessons.

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<v Speaker 3>And one of the things I did think was I

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<v Speaker 3>want to go to the first one. Young people still

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<v Speaker 3>want to go to the theater. So it is interesting,

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<v Speaker 3>Like we talked about this being kind of cool, but

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<v Speaker 3>I think we keep thinking that some of these trends,

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<v Speaker 3>you know, young people are going to be doing things differently,

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<v Speaker 3>but we still now hear like they weren't going to

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<v Speaker 3>buy houses. Well now they are maybe going to buy

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<v Speaker 3>houses if they can afford them, but same thing for

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<v Speaker 3>the theater. They're going back.

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<v Speaker 1>Yeah, I look, it's a feeling that there was a

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<v Speaker 1>feeling that young people would not be going to the

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<v Speaker 1>movies anymore, and that has I think, mostly dissipated. That

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<v Speaker 1>was like a that was one of those pandemic era

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<v Speaker 1>moments where because of the popularity of video games, because

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<v Speaker 1>of all these other entertainment offerings at their disposal, people

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<v Speaker 1>thought that young people.

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<v Speaker 2>Had moved on.

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<v Speaker 1>And I'm still reluctant to say, like moviegoing is as

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<v Speaker 1>popular with young people as it was before. But I

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<v Speaker 1>think the notion that young people are just not interested

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<v Speaker 1>in movies was clearly false. They just are interested in

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<v Speaker 1>particular types of movies, you know, making minecraft or property

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<v Speaker 1>that they love was something that could get them to

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<v Speaker 1>go to the theater and get them excited about it.

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<v Speaker 4>What about this idea of like the YouTubers starting to

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<v Speaker 4>get into two films and these one offs, and if

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<v Speaker 4>they are one offs? You mentioned Obsession directed by a

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<v Speaker 4>twenty six year old YouTuber, Backrooms directed by a YouTuber.

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<v Speaker 4>I haven't seen either of these films. I've heard about,

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<v Speaker 4>especially heard about Backrooms. But I'm just curious, Lucas, about

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<v Speaker 4>what that tells you about where the industry is and

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<v Speaker 4>if there's like this, if there's a new route to

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<v Speaker 4>the big screen, or if this is just like this

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<v Speaker 4>is a you know, kind of a one off.

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<v Speaker 1>Yeah, I mean there's a you know saying in journalism

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<v Speaker 1>three as a trend. And so if you look at

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<v Speaker 1>this year, you had this movie Iron Lung from a

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<v Speaker 1>popular YouTuber named market Player that he mostly self distributed

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<v Speaker 1>earlier this year, that did really well for the kind

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<v Speaker 1>of that type of property. And then you had both

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<v Speaker 1>back Rooms and Obsession, and so you had to have

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<v Speaker 1>three YouTube adjacent films in a row. It's it's tricky

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<v Speaker 1>because there have been filmmakers discovered on YouTube for a

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<v Speaker 1>decade now, if not more than that, So the notion

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<v Speaker 1>that there's a crossover potential is not new. But I

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<v Speaker 1>do think when you have three movies hit in the

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<v Speaker 1>way that they did at the same time that some

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<v Speaker 1>legacy franchises like Star Wars or DC Comics underperform, its

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<v Speaker 1>certainly opened Hollywood's eyes. They were, you know, a lot

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<v Speaker 1>of producers trying to find that, you know, the next

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<v Speaker 1>Reddit meme or four Chan meme that can become a movie,

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<v Speaker 1>or that next YouTube star. You know. The truth is

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<v Speaker 1>that each one of these stories is distinct. But I

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<v Speaker 1>think that for me, the biggest lesson was you took

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<v Speaker 1>kind of talent and ip that resonated online, that knew

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<v Speaker 1>how to speak to an audience, and then plug them

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<v Speaker 1>into the system in a way that gave them the

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<v Speaker 1>freedom to sort of stay true to their vision, but

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<v Speaker 1>had all the intelligence and bells and whistles of a

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<v Speaker 1>proper Hollywood release, And to me, that's the right formula.

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<v Speaker 3>Do you agree that audiences really want happy endings? I

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<v Speaker 3>mean I kind of do.

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<v Speaker 4>I do too.

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<v Speaker 3>I feel like there's enough stuff in this world that

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<v Speaker 3>kind of stresses me out that when I go home,

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<v Speaker 3>I want a happy ending.

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<v Speaker 1>I think that Hollywood fell in love. Part of this

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<v Speaker 1>was the result of television where, you know, particularly after

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<v Speaker 1>House of Cards on Netflix it and maybe maybe Breaking Bad,

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<v Speaker 1>but I'll get back to that, people fell in love

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<v Speaker 1>with this idea that nobody had to be likable, and

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<v Speaker 1>it was it was fine to make projects about all

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<v Speaker 1>of these kind of loathsome figures. But if you think

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<v Speaker 1>back and this is more television than film, if you

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<v Speaker 1>think back about you know, the anti heroes of that

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<v Speaker 1>first era of the Golden Age of TV. You know

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<v Speaker 1>Tony Soprano, Don Draper, Walter Wright, Walter White from Soprano's

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<v Speaker 1>Mad Men and Breaking Bad, respectively. These were folks who

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<v Speaker 1>were very flawed and in many cases like kind of despicable,

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<v Speaker 1>but you were rooting for them. The series did a

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<v Speaker 1>really good job of making you care about them and

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<v Speaker 1>you almost like felt bad but you couldn't help but

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<v Speaker 1>kind of want to see them succeed or do well.

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<v Speaker 1>And I think we tilted too far away from that,

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<v Speaker 1>where there were projects that were just very dark and

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<v Speaker 1>bleak and depressing, and where nobody was redeemable. And that

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<v Speaker 1>just ultimately is going to turn people off. It doesn't

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<v Speaker 1>mean that everything should be sunshina rainbows. You know, look

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<v Speaker 1>at all the problems in the world around us, and

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<v Speaker 1>I do think people are craving stories that reflect some

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<v Speaker 1>of those, but they don't want to walk out of

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<v Speaker 1>the theater constantly feeling depressed.

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<v Speaker 4>Okay, so let's shift gears a little bit in talk

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<v Speaker 4>sports and the connection between sports and Hollywood. You reported

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<v Speaker 4>this week on Bob Iger and Josh Kushner and they're

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<v Speaker 4>huge purchase of more than twelve million dollars of the

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<v Speaker 4>LA Lakers. What was your first reaction when you saw

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<v Speaker 4>these two, Like, we know these guys are close and

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<v Speaker 4>iigre's been an advisor to Thrive, But what was your

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<v Speaker 4>reaction when you saw this duo team up to buy

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<v Speaker 4>the Lakers.

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<v Speaker 1>I mean, my first reaction would involve an expletive that

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<v Speaker 1>you're not going to want me to family show.

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<v Speaker 2>So I'll just skip that one. Let's just say I

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<v Speaker 2>was a surprise.

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<v Speaker 1>I'll leave it a mystery as to which one, which

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<v Speaker 1>four letter word It was a surprise. You know, Mark

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<v Speaker 1>Walter had bought the Lakers just less than a year

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<v Speaker 1>ago at this point, and I think Laker fans, which

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<v Speaker 1>I am more excited about, the idea that the owners

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<v Speaker 1>of the Dodgers, and the Dodgers have been one of

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<v Speaker 1>the best run franchises in all professional sport works since

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<v Speaker 1>since the Guggenheim Group took over, that they would sort

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<v Speaker 1>of apply that formula and ferry dust to the Lakers

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<v Speaker 1>because the Lakers had struggled a little bit the last

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<v Speaker 1>few years. You know, it's hard in pro sports being

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<v Speaker 1>owned by kind of a family where their entire network

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<v Speaker 1>is tied up in the team because they just don't

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<v Speaker 1>have the resources that some of these massive new ownership

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<v Speaker 1>groups have. At the same time, my main takeaway was

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<v Speaker 1>man Mark Walter must be in trouble because there had

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<v Speaker 1>been reporting by Bloomberg and by others about some of

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<v Speaker 1>the investigations into his kind of insurance company and how

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<v Speaker 1>he was moving money around, and I just find it

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<v Speaker 1>hard to believe. And again I don't have the inside

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<v Speaker 1>track on this, but I find it hard to believe

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<v Speaker 1>that he would sell the team that quickly if there

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<v Speaker 1>wasn't something precipitating that I did. And we've had reporting

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<v Speaker 1>since then on kind of his need for cash as

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<v Speaker 1>for the Kushner Iiger duo. You know, we knew that

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<v Speaker 1>they were trying to get an NBA team and have

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<v Speaker 1>been trying to do things in sports. It's a little

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<v Speaker 1>bit of an odd a nation, you know. In particular,

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<v Speaker 1>like when I think of Bob Iger, he's probably one

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<v Speaker 1>of the most prominent Clipper fans in Los Angeles, So

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<v Speaker 1>the idea that he's now going to be the owner

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<v Speaker 1>in face of the Lakers is a little odd. But

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<v Speaker 1>we also know that he is, as the former CEO

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<v Speaker 1>of Disney, was sort of looking for that next act

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<v Speaker 1>in some way to stay in the public eye, and

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<v Speaker 1>this is a good one for him.

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<v Speaker 3>Hey, before we wrap up, just got about a minute

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<v Speaker 3>or so to go Bloomberg screen time. The live event

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<v Speaker 3>coming up September thirtieth, October first in LA We're going to.

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<v Speaker 2>Be there, one of our favorites. I think it's fair.

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<v Speaker 3>It's an incredible event, I have to say, and all

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<v Speaker 3>kicks off on the evening of September thirtieth. Anything you

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<v Speaker 3>can tee up for us, or how you're thinking about

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<v Speaker 3>kind of content and the creators of content and how

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<v Speaker 3>it's delivered and all that good stuff.

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<v Speaker 1>I mean, look, we have one of our certainly one

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<v Speaker 1>of our best lineups yet. We've got a couple of

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<v Speaker 1>returning champions or guests. Netflix Coast CEO Ted Sarandos and

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<v Speaker 1>NBCUS Donna Langley. We've got a bunch of new people

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<v Speaker 1>like Danae. Wall from Disney in the head of HBO,

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<v Speaker 1>Casey Bloys and Jerry cardinally who's involved in one of

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<v Speaker 1>the biggest shareholders in Paramount. So I'm sure the Paramount

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<v Speaker 1>Warner fracas will come up quite a bit. You know.

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<v Speaker 1>We've got one of the mayoral hopefuls in La so

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<v Speaker 1>I imagine Nthia Rahman. So I know we're going to

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<v Speaker 1>talk about sort of production flight leaving Los Angeles and

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<v Speaker 1>what the city and state can do to leave.

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<v Speaker 2>It or keep it there.

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<v Speaker 1>You know, we'll talk about AI and music with the

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<v Speaker 1>CEO of SUNO, Mike Schulman, who's someone that might colleague

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<v Speaker 1>Ashley Carmen and I just profiled. So we'll touch on

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<v Speaker 1>a lot of different topics.

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<v Speaker 3>All right, Well, we're certainly looking forward to and thanks

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<v Speaker 3>so much for covering out some time as we get

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<v Speaker 3>ready to head into the weekend. Lucas be well, thanks you, yeah,

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<v Speaker 3>Lucas Shaw Bloomberg News Managing editor of Media and Entertainment,

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<v Speaker 3>joining us out there on the West Coast.