Film
Home Cinema: Increased Spending on Post-Theatrical Releases
Driven by robust consumer demand for post-theatrical feature films, home entertainment spending rose by 17% in 2023, totaling $43 billion, as reported by the Digital Entertainment Group (DEG). Subscription streaming experienced a remarkable 21% year-over-year growth, surpassing $37 billion. Major streaming services capitalized on theatrical awareness, seamlessly transitioning titles to their platforms.
Industry
Production Across the Pond: New Facility in Northern England
Future Artists Entertainment (FAE) and Versa Studios have joined forces to establish a film production hub in Leeds. This collaborative venture features four expansive soundstages, ranging from 10,000 to 27,000 square feet. Leeds, recognized for its vibrant student community, is poised to become a production hotspot. The hub aims to attract both domestic and international projects, fostering talent and creating employment opportunities in the process.
International
European Sports Play: New Public Broadcast Streaming Service
European Broadcasting Union (EBU) public broadcasters have launched Eurovision Sport, a free streaming service available in 50+ markets. This platform aggregates smaller sports content, fostering a diverse range of events. Eurovision Sport seeks to amplify the visibility of women's sports and niche events, fostering a collective experience reminiscent of the Eurovision Song Contest's community-building ethos.
Venues
The Sphere Shines Bright: First Operational Quarter Shows Huge Revenue Growth
Sphere Entertainment Corp., parent of The Sphere in Las Vegas and MSG Networks, disclosed its first full quarterly earnings with the venue operational, totaling $314.2 million. The Sphere now stands as the company's primary revenue driver, surpassing MSG Networks. Anticipating continued profitability in 2024, the venue has already secured two artist residencies.
Sports
Game-Changing Sports Streaming: New Joint Sports Hub to Launch in the Fall
Fox Corp., Warner Bros. Discovery, and Disney unite to introduce a collaborative streaming service featuring ESPN, TNT, and Fox Sports. Each entity holds a one-third stake, with nonexclusive licensing from parent companies. Set to launch in the fall, the service targets recapturing lost audiences and meeting the preferences of cord-cutters.
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