“Content has always been king, but it has never been more important to own a larger, higher quality and exclusive library than your competitors than it is this year. As content providers have doubled down on direct to consumer strategies, it is episodic content that continues to surge in volume. In contrast to single features, episodic productions provide a sustained wave of fresh content to engage subscribers for longer, generating higher perceived subscriber value.”
— Olivia Broadley, Sohonet
AT A GLANCE:
In spite of production slowdowns due to the pandemic, Netflix will launch more original content each quarter in 2021 than it did in 2020. Streaming services are the main contributors to the rise of episodic production. The top six direct to consumer providers spent $31.5 billion on production in 2019 and look to increase that number each year.
With the sheer volume of production increasing costs for all streamers, producers are working to find savings whereever they can be found. Virtual production is helping the industry reduce costs while at the same time producing high quality interior and exterior “locations” without ever leaving the soundstage.
Virtual production is one sector which actually has been helped by pandemic restrictions: Crews can work more safely on a virtual stage and the costs of location shooting are saved. The technology is expensive upfront, but as producers become used to the changes to workflow, cost and production time should come down.
One area that may suffer from the rise of virtual production is the VFX industry itself. Some companies will be able to pivot and adapt to the new technology, while others may not survive, especially after the hit they have taken from pandemic shutdowns.
Head over to the Sohonet Blog to read the full story.
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