Reports of the death of Hollywood, much like the erroneous passing of Mark Twain, are an exaggeration. The movie industry has fought back against the existential threat posed by the wealth of streaming services with two blockbusters that tap into the nostalgia of the 80s and 90s.
Hollywood fights back
While many saw the beginning of a decline in Hollywood’s fortunes due to the emergence of streaming platforms such as Netflix and Amazon Prime Video, the industry has written two immense success stories this year. In the list of the highest-grossing movies of 2022, ‘Jurassic World Dominion’ has been beaten only by ‘Top Gun: Maverick’. The reboot of the 1986 film ‘Top Gun’ has grossed over $1.4 billion worldwide, making it the 49th movie in history to break the $1 billion barrier worldwide.
Since bursting onto the big screen in 1993, ‘Jurassic Park’, which is based on the novel by Michael Crichton, has resulted in five follow-up movies and countless video games. It is also one of the movies that are inspired by online casino games such as the slot title the Jurassic Kingdom. The iGaming industry features a wide range of themes in its slot games, but any title which is related to movies is likely to be popular with players.
If you can’t beat them, join them
Such is the success of Universal’s ‘Jurassic World Dominion’ that an extended cut of the movie is now available on Peacock, the movie streaming service owned by NBC Universal. The platform is a sign of the acceptance of streaming services and the decision by movie studios to get in on the act and utilize the vast back catalog of TV shows and movies at its disposal. The over-the-top media service has paid off with over 54 million subscribers around the world. Paramount Global has also joined the streaming service revolution through its Paramount Streaming division, which is responsible for a range of subscription services such as Paramount+.
Movie studios will be hoping that the stalling in subscriber figures experienced by Netflix could signify a reduction in the threat posed by the platform. Although, the streaming service is already taking countermeasures with rising speculation of an ad-supported subscription model.
The power of movie franchises
The longevity of the movie industry is exemplified by another reboot of a popular franchise in the form of ‘The Batman’. The movie, which has grossed a total of $770 million worldwide, demonstrates the power of popular, enduring franchises in the public consciousness, something that new streaming services such as Netflix and Amazon Prime Video are lacking. A movie franchise, often accompanied by video games, can be worth its weight in gold to movie studios.
Now that Hollywood movie studios have discovered a formula for box office hits, we are likely to witness further reboots of classics from the 1980s and 1990s. The acceptance that streaming services are here to stay, means that movie studios have the opportunity to beat online competitors such as Netflix through their exclusive back catalog of film and TV shows.
