AI-powered production technologies will spark a restructure of the film and television industries, bringing both dramatic efficiency gains and creative possibilities, but also major potential challenges.
That’s one of the findings of the 2023 Nostradamus report, launched in Cannes today by the Goteborg Film Festival, which also examines the industry’s challenges in remaining attractive to young audiences.
The annual Nostradamus report looks at the near-future of the audiovisual industries by talking to industry experts with analysis by author Johanna Koljonen.
Titled Everything Changing All At Once, the report also flags that the number of drama productions will fall as streamers focus on profits over debt-funded expansion.
Key findings include:
- Within the next 3-5 years, AI support will be integrated into all fully or partially digital workflows, supercharging Virtual Production in particular. The technologies will unlock creative potential and resources for individuals and productions. For the industry as a whole it means jobs will start disappearing and most of them will change.
- Streamers are correcting away from debt-funded growth to more normal expectations of profitability, forcing changes on drama content, formats, and budgets. Financial pressures have created an atmosphere of caution that drives series content towards the middle of the road. Financial pressures have created an atmosphere of caution that drives series content towards the middle of the road.
- Streaming TV business models are moving away from subscription towards a landscape dominated by targeted advertising.
- It will take 3-5 years before we know how theatrical distribution slots into the wider feature film landscape, but for now the advice is to keep calm and get better data.
- Cutting content investment targeted at Gen Z is a very short-sighted strategy for financial as well as ethical reasons. The talent pipeline is threatened by the lack of interest among young people in their local scripted drama. A lack of diversity and an abysmal work environment makes the industry unattractive, and the traditional allure of working adjacent to glamour is fading.
- Content that would once have existed only on television is expanding organically onto a range of video platforms. It is important to be in these environments, for both the business opportunities and to learn from the professional creators.