WME Independent Co-Chairman of Harder Theatrical Journey, Truffle Hunting – The Hollywood Reporter
Red Sea Film Festival market panel
Courtesy of George Salai
The state of theatrical filmmaking amid the rise of streaming was among the topics of discussion at the third Red Sea International Film Festival market on Saturday.
Alex Walton, co-president and partner at WME Independent, which focuses on film packaging and sales across multiple platforms, told a panel titled “Redefining the Theatrical Experience in the Post-Streaming Era” that his work was akin to “truffle hunting.” He explained: “We are constantly looking for truffles for materials. Because everything, pretty much, that we are able to help build is authentic.
But given competition between theatrical, TV and streaming platforms and various industry challenges, “the journey to theater is definitely harder for original programming” these days, he said. “It’s definitely more challenging than ever.” He added, “Competition is greater than ever before,” noting that ABBA is now playing live every day in London thanks to the virtual concert experience. Walton explained that entry into movie theaters tends to give films “popularity.”
He also addressed how freelancers think about star power in the age of social media. “Looking at a star’s social influence has become increasingly important, whether it’s through TikTok or YouTube, through their interaction with social media platforms,” he said. “This is certainly a critical element.”
Walton was joined in discussing the opportunities and challenges facing film studios and exhibitors by Giovanni Dolce, CEO Global Sales at Imax, Eugene Kim, Director of Content at Plus M Entertainment in South Korea, and Luc Viteri, Managing Director – Studio Distribution at Majid Al Futtaim. For entertainment. Which focuses on the Middle East.
The general consensus among the panelists was that the rise of streaming does not pose an existential threat to theatrical films, but it does affect the windows.
Dolci, among other things, also talked about how Imax was once based on Hollywood titles, but has since diversified amid evolving consumer interests and tastes. “We now release more local language films than Hollywood films,” he said, even if that is not yet reflected in box office revenues.
Amid the rise of streaming, movie theaters have continued to see their box office trend below pre-COVID-19 levels. This year, a writers’ and actors’ strike in Hollywood led to studios delaying some major releases, impacting film slate and box office. Exhibition stock analyst Eric Wold of B. Riley recently attempted to estimate the impact of strikes. He lowered his industry box office forecast for 2024 and 2025, with his 2025 forecast at about 87% of pre-pandemic levels.
