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We’re excited to introduce The Friday Fivecast, an audio program version of our weekly Friday Five blog. Listen in your car, at your desk, and anywhere you take your podcasts. Find it here, then click on our Spotify profile to subscribe.
Incentives
A Long Time Ago, in... California: Tax Incentives Move Star Wars to the Golden State
The upcoming Mandalorian & Grogu movie marks a Star Wars milestone as the first film entirely shot in California, securing substantial tax incentives amounting to $21,755,000—the largest in California Film Commission history. With a crew of 500, 54 cast members, and 3,500 background players, the production is poised to set records with an estimated expenditure of $166,438,000.
Music
Music in Movies: Contract Negotiation Between AFM and AMPTP
The American Federation of Musicians (AFM) and Hollywood's major studios (AMPTP) tentatively agreed on a contract on February 23 at 3 a.m. AFM secured primary market residuals and performance bonuses, addressing AI concerns in soundtracks. AFM President Tino Gagliardi credited AMPTP President Carol Lombardini for productive dialogue, emphasizing the importance of industry relationships.
Streaming
Forecasts for Q3 of 2024: Streaming Revenue To Reach New Heights
In a historic shift, U.S. streaming revenue is set to surpass pay TV subscriptions in Q3, reaching $17.3 billion compared to pay TV's $16.7 billion, according to Ampere Analysis. The surge is fueled by ad tiers and password sharing restrictions, propelling streaming advertising revenue to an estimated $9 billion in 2024.
International
U.K. Streaming Regulations: Ofcom Sets New Industry Expectations
Ofcom, the U.K. media regulator, outlines a two-year plan for streamer regulation under the Media Bill. The first year emphasizes roundtable discussions, report preparation, and Tier 1 service code drafting. Streamers under the code get a 12-month grace period post-finalization, leading to full compliance by 2026, incorporating new complaint handling procedures.
Television
The Latest TV Trends: Independent Distributors Take Stock at the London Screenings
London Screenings, spanning February 26 to March 1, anticipates a surge in feel-good TV shows. Distributors prioritize entertaining content for escapism, noting sustained interest in crime and thrillers. Growing demand is seen for lighter, diverse storytelling like in Lost Boys and Fairies and Boarders. Unscripted content and long-running franchises gain traction, signaling a shift toward cost-efficient productions and traditional windowing strategies.
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