Hollywood’s Existential Crisis: Why the Oscars May Need TikTok to Survive
The Academy Gala, once a symbol of industry prestige, is now a stark warning: tradition alone isn’t enough. While celebrities still flock to the event, the underlying reality is shifting. A new report from MIDiA, “The New Hollywood,” reveals a seismic change in media consumption – for those under 34, broadcast television is a distant third to social media and streaming. This isn’t just about where people watch content; it’s about where they discover it, and increasingly, that’s not through traditional Hollywood channels.
The Dimoldenberg Disconnect: A Missed Opportunity
The Academy’s choice of Amelia Dimoldenberg, creator of the wildly popular YouTube series “Chicken Shop Date,” as emcee for social interviews signaled an awareness of this shift. Dimoldenberg’s ability to connect with A-list stars in a relatable, engaging way is precisely what’s missing from many traditional Hollywood promotional strategies. Yet, the Academy bafflingly failed to leverage her massive following (over 5 million subscribers – equal to their own reach) in their own social media posts. This isn’t simply an oversight; it’s a symptom of a deeper struggle to understand and embrace the power of the **creator economy**.
Beyond Broadcast: The Rise of the Direct-to-Consumer Entertainment
MIDiA’s research paints a clear picture: even older demographics are increasingly diversifying their media consumption. While broadcast still holds a majority share among those 65+, its dominance is eroding. This trend has profound implications for the entertainment industry. As Ben Woods, MIDiA analyst, explains, the question isn’t just about reaching audiences through existing channels, but about controlling the relationship with the increasingly fragmented social audiences.
The alternative? Brands are bypassing Hollywood altogether. Woods points to examples like Dick’s Sporting Goods, Waitrose (with its successful video podcasts), and even Tinder creating their own reality TV shows. These companies are recognizing that anyone can now be an entertainer, and they’re building direct relationships with consumers, cutting out the middleman. This is a direct challenge to Hollywood’s traditional gatekeeper role.
Lean Production & Repackaging: The New Playbook
The MIDiA report doesn’t offer Hollywood comforting solutions. It advocates for radical changes: hiring “digital natives,” adopting lean production cycles (like Dhar Mann’s incredibly efficient $1,000-per-minute model), and aggressively repackaging existing content for platforms like FAST channels and social media. The emphasis is on vertical, scrolling content – the format that dominates platforms like TikTok and Instagram Reels. This means rethinking not just how content is made, but what content is made.
Consider the films showcased at the Academy Gala – “Jay Kelly,” “Sentimental Value,” and “Deliver Me from Nowhere.” While these films represent high-quality filmmaking, their reach may be limited to traditional audiences. The reality is that snippets, behind-the-scenes moments, and compelling cutdowns are likely to be the primary way many people experience these stories. This necessitates a shift in mindset, from prioritizing the theatrical release to maximizing engagement across all platforms.
The FAST Channel Opportunity
Free Ad-Supported Streaming Television (FAST) channels represent a particularly compelling opportunity. Repurposing back catalogs into curated FAST channels allows studios to monetize content that might otherwise sit idle. This is a low-cost, high-potential strategy for reaching new audiences and generating revenue. The Verge’s recent coverage of FAST channels highlights their growing popularity and potential.
The Future of Hollywood: Adaptation or Irrelevance?
The Academy Gala wasn’t just a glamorous party; it was a microcosm of Hollywood’s existential crisis. The industry is at a crossroads. Will it embrace the creator economy, adapt to the changing media landscape, and find new ways to connect with audiences? Or will it cling to tradition and risk becoming increasingly irrelevant? The answer isn’t simply about making better movies; it’s about understanding where and how people are consuming entertainment, and building a strategy that reflects that reality. The next generation of audiences may well decide that the center of culture lies far outside the traditional Hollywood ecosystem.
What are your predictions for the future of Hollywood and the creator economy? Share your thoughts in the comments below!