TV, Film & Media Industry International News Roundup, Thursday 31 October 2024
Hungary extends film support; YouTube, Snapchat see user growth; Disney appoints new chair; Paramount union clash; Netflix fuels Aussie hits; UK boosts VFX jobs but cuts music venue relief.
Today’s Highlights:
Hungarian Film Support Scheme Extended: The Hungarian film support scheme, backed by $3 billion, has been extended for six years, celebrating notable projects like Poor Things and initiating the Made in Hungary Festival in Los Angeles.
YouTube's Revenue Growth: YouTube's Q3 revenue rose to $8.9 billion, contributing significantly to Alphabet's financial success, primarily through YouTube TV and NFL Sunday Ticket.
Snapchat's User Growth: Snapchat gained 37 million new daily active users, boosted total users to 443 million, and reported revenue growth through advancements in AI and AR.
Paramount Global Union Dispute: Paramount's postproduction team claims "union busting" following layoffs, sparking tension after a recent union contract ratification.
Disney Names New Board Chairman: Disney appointed former Morgan Stanley CEO James Gorman as board chairman to lead the search for Bob Iger's successor by 2026.
True Brit's Rapid Production Milestone: Zygi Kamasa's True Brit exceeded production targets, with six films underway in its first year, marking the release of The Critic.
Box Office Poison by Tim Robey: Tim Robey's book dissects Hollywood's major flops, including Cutthroat Island, exposing the impacts on careers and studios.
British Streaming Compensation Reform: British consultants aim to improve compensation for content creators on streaming platforms, influenced by labour strikes and transparency initiatives.
Netflix's Australian Content Success: The Netflix effect boosts Australian series like Boy Swallows Universe and Heartbreak High, reflecting global reach and influence.
U.K. Entertainment's Mixed Budget Impact: The Labour budget positively impacts VFX jobs but cuts relief for grassroots music venues, adding new funds for arts apprenticeships and school programs.
Plus: News, Insights, Executive Moves, Festivals & Markets, In Development, Deals, Renewals, Opportunities and Jobs with NBCUniversal, BBC, Netflix, Amazon, Gaumont, Crunchyroll & TV2.
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NEWS
Hungarian Film Support Scheme Extended for Six Years with $3 Billion Budget, Honours Poor Things as Best International Production
The Hungarian film support scheme, initially launched in 2004, has been extended by the European Commission for six more years with a nearly $3 billion budget. Known for hosting Hollywood productions like The Martian, Dune, and Terminator: Dark Fate, Hungary celebrated the scheme’s 20th anniversary with a new award for Best International Production Filmed in Hungary, awarded to Poor Things. The first Made in Hungary Festival in Los Angeles also presented awards, with White Plastic Sky winning Best Picture. Read More
YouTube’s Advertising Revenue Surges to $8.9 Billion as Alphabet Outperforms Expectations
YouTube reported $8.9 billion in advertising revenue for Q3 2024, up from $7.9 billion the prior year. YouTube’s parent Alphabet saw revenue rise 15% to $88.3 billion, with net income climbing 34% to $26.3 billion. The company's subscriptions and devices division, including YouTube TV and NFL Sunday Ticket, generated $10.6 billion, a substantial increase from $8.3 billion a year earlier. Alphabet CEO Sundar Pichai highlighted YouTube’s $50 billion ad and subscription revenue over the past year, with significant growth in Shorts content, now at 70 billion daily views. Read More
Snapchat Adds 37 Million Daily Users, Reaches 443 Million Total, and Boosts Revenue by 15%
Snap Inc. reported a surge of 37 million new daily active users for Snapchat in Q3, totalling 443 million users. Revenue rose 15% to $1.37 billion, while net loss narrowed to $153 million from $368 million a year ago. CEO Evan Spiegel credited advancements in AI and AR for driving community engagement and ad platform innovation. Snap’s new app, aimed at simplifying content discovery, is set for a potential rollout in early 2025, with about 10 million users currently testing it. Read More
Alter Wins AACTA Pitch: Focus Initiative for 2024
The AACTA Pitch: Focus initiative awarded Alter, a story about a husband trying to implant an artificial memory in his wife before her death, its top prize this year. Creators Peter Majarich, Sophia Le Ray, and Breah Sands will receive a $15,000 production fund and $20,000 in Sony camera equipment on loan. Le Ray expressed gratitude, acknowledging the impressive projects from other finalists. Now in its fourth year, the national initiative supports emerging student filmmakers with funding and industry mentorship. Read More
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INSIGHTS
Nathalie Armin Discusses Moral Complexity in Showtrial Season 2
Currently filming Maigret in Budapest, Nathalie Armin plays Crown Prosecution Service lawyer Leila Hassoun-Kenny in the second season of BBC's Showtrial. Tasked with prosecuting police officer Justin Mitchell (Michael Socha) for the hit-and-run death of climate activist Marcus Calderwood, Leila teams up with DI Miles Southgate (Joe Dempsie) and faces off against defence solicitor Sam Malik (Adeel Akhtar). The showtrial, produced by World Productions, explores moral ambiguity, with Ben Richards’ script maintaining suspense over Justin’s guilt until the final verdict. Season 2 concludes this Sunday on BBC One. Read More
Laid Adaptation Starring Stephanie Hsu Premieres December 19 on Binge
The adaptation of Australian comedy Laid, led by Nahnatchka Khan and Sally Bradford McKenna, stars Stephanie Hsu as a woman who discovers her former lovers are dying in bizarre ways. She embarks on a journey through her romantic history to confront her past. The cast features Zosia Mamet, Michael Angarano, and Chloe Fineman, among others. Executive producers include Khan, McKenna, and Jennifer Carreras. Created by Marieke Hardy and Kirsty Fisher, the show debuts on Binge on December 19. Read More
Paramount Global Postproduction Staff Allege “Union Busting” Amid Layoffs
Postproduction staffers at Paramount Global’s Digital Post Services unit are protesting impending layoffs, accusing the company of “union busting” as it aims to cut $500 million in costs. In a letter to EVP and CTO Phil Wiser, the 38 employees—unionised with the Motion Picture Editors Guild—expressed dismay over their roles being terminated effective Dec. 31. The letter follows the recent ratification of their union contract, with staff calling the move a “betrayal” as in-house work orders are redirected to external vendors. Read More
True Brit Surpasses Production Goals, Launches First Feature The Critic
True Brit, led by CEO Zygi Kamasa, has quickly exceeded initial production targets by shepherding six features into production within its first year. Kamasa originally planned to produce two to three films in the first year, aiming for four to eight annually. The Critic, True Brit’s debut release, marks the company's rapid advancement in reaching its ambitious cinematic goals. Read More
Box Office Poison by Tim Robey Explores Hollywood’s Biggest Flops, Including Cutthroat Island
British film critic Tim Robey’s new book, Box Office Poison, dives into the infamous stories of Hollywood’s most notorious bombs. From David Lynch’s Dune to Speed 2: Cruise Control and Cats, Robey highlights how these box office disasters ended careers and bankrupted studios. Featured in the book’s U.S. release on Nov. 5 is Renny Harlin’s Cutthroat Island, a 1995 flop that cost $115 million but grossed only $18.5 million worldwide, sinking a production company with it. Read More
British Consultants Aim to Boost Streaming Compensation for Producers and Talent
British TV veterans Adrian Wills and Simon Brown are using their consultancy business, alongside analysis firm Digital-i, to help content creators secure fairer compensation from streaming platforms. With experience from BBC Studios and UKTV, they’ve developed a formula to estimate the monetary value of shows on streaming services. This initiative, fuelled by recent labour strikes and increased data transparency from platforms like Netflix, aims to empower producers and agents in their negotiations. Read More
Disney Appoints Former Morgan Stanley CEO James Gorman as Chairman to Lead CEO Succession Search
The Walt Disney Co. has appointed former Morgan Stanley CEO James Gorman as chairman of the board starting in January, entrusting him with finding a successor for current CEO Bob Iger by early 2026. Known for overseeing a smooth succession at Morgan Stanley, Gorman’s expertise is expected to aid Disney in navigating this critical leadership transition, with Iger’s contract extension set to keep him at Disney through 2026. Read More
The Graduates Director Hannah Peterson on Lessons Learned from Sean Baker and Chloé Zhao
Filmmaker Hannah Peterson, known for her versatile experience on sets—covering roles from director to casting assistant—has made her feature debut with The Graduates. Premiering at the 2023 Tribeca Film Festival, where it was nominated for Best U.S. Narrative Feature, The Graduates captures raw human drama in a style reminiscent of Peterson’s work with Sean Baker on The Florida Project and Chloé Zhao on Nomadland, integrating real people into the narrative fabric. Read More
Australian Writers and Producers Drive “Netflix Effect,” Says Co-CEO Greg Peters
At Netflix’s new office opening in Sydney, co-CEO Greg Peters highlighted the “Netflix effect” of Australian content, citing Boy Swallows Universe, Heartbreak High, and True Spirit as global hits that have boosted local stories onto international Top 10 lists. Peters noted the cultural impact, with Boy Swallows Universe returning to bestseller status post-release. Netflix also launched its high-budget outback drama Territory, which garnered 6.4 million views and hit number one in Australia. Read More
Hollywood Workers Continue Battle for Broader Industry Opportunities
Power players like Tom Rothman, Bob Iger, Ari Emanuel, and Jeremy Zimmer, all in their 60s and 70s, continue to hold top positions, leaving younger industry professionals navigating fewer opportunities for advancement. Read More
Jude Law Reflects on 30 Years Balancing Past Fame with Present Craft
Jude Law, 51, stands on a New York street corner where he first arrived as a broke Englishman three decades ago for his Broadway debut in Indiscretions. Now a seasoned actor, Law carries his past as a tabloid target and his present dedication to serious craft, showing resilience and growth over a career marked by fame and personal challenges. Read More
Top 25 Entertainment Companies to Work For Revealed by THR and Glassdoor
In collaboration with Glassdoor, The Hollywood Reporter has ranked the top 25 entertainment companies to work for, analysing employee reviews across studios, networks, streamers, and more. Data covering June 2021 to May 2024 highlighted high ratings for compensation (Netflix), perks (like free concerts), and a sense of purpose. Companies like YouTube, Meta, and Riot Games made the list for redefining entertainment industry roles, while legacy firms drew appeal for their historic influence and vibrant work culture. Read More
Mixed Impact for U.K. Entertainment in Labour’s First Budget
The Labour Party’s budget has yielded a positive boost for the U.K. film and TV industry with increased tax incentives for VFX, predicted to add £175 million in annual spending and over 2,800 jobs. However, grassroots music venues face challenges as their tax relief sees a significant cut. Additional investments include £3 million for arts career programs for schoolchildren, £40 million for apprenticeships, and sustained funding for the U.K. Games Fund and Create Growth Programme. Read More
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