All articles tagged with #streaming revenue
The Late Show with Stephen Colbert has generated nearly $60 million in streaming revenue since 2021, which is significantly less than other late-night shows like John Oliver's Last Week Tonight and Jimmy Fallon's Tonight Show, highlighting challenges in monetizing traditional TV formats on streaming platforms.
SAG-AFTRA President Fran Drescher and National Executive Director Duncan Crabtree-Ireland discussed the end of the actors' 118-day strike and the deal with the AMPTP. They highlighted the "dealbreaker" moment during negotiations and the studios' reversal on AI and streaming revenue. While the deal passed with 86% support from the national board, not all members were entirely happy. The full details of the contract will be released by Monday, ahead of voting. Drescher emphasized the need for change in the contract regarding streaming revenue and thanked the studios for recognizing the importance of the negotiation.
Progress has been made in the SAG-AFTRA strike negotiations, but several issues, including artificial intelligence (AI) boundaries and sharing streaming revenue, are still unresolved. The union wants consent and minimum compensation for the use of AI to recreate performers' likenesses, while the studios seek consent for multiple projects within the same franchise. The negotiations are ongoing, and the union's chief negotiator feels a sense of urgency to reach a deal, considering the hardships faced by performers and below-the-line workers.
The CEOs of major entertainment companies have offered SAG-AFTRA an improved bonus for streaming shows and higher minimum rates, but they still refuse to share total streaming revenue, which is the union's main demand. Negotiations continue, but frustration persists on both sides. The CEOs warned that certain TV shows may be canceled if the strike continues. SAG-AFTRA argues for a transformation of the compensation structure and an 11% increase in minimum rates, while the studios have offered 5%. The studios have rejected the union's demand for a cut of streaming revenue and instead proposed a bonus residual for successful shows. The strike has lasted 104 days, and the studios fear further delays and cancellations if a deal is not reached soon.
Four CEOs, including Disney's Bob Iger, are returning to SAG-AFTRA headquarters with a new offer in hopes of ending the 102-day actors strike. The CEOs are eager to salvage next summer's box office and a portion of the 2023-24 TV season. The union is seeking AI protections and an 11% increase in basic minimums, but the key obstacle remains SAG-AFTRA's demand for a cut of streaming revenue. Talks broke down on Oct. 11 after the union proposed a fee on all streaming platforms, which the studios deemed economically burdensome. The CEOs are expected to present a substantial improvement in their new offer, but a comprehensive agreement may still take days or even longer to reach.
Hollywood unions, including the WGA, DGA, and IATSE, have called on major studios to resume negotiations with SAG-AFTRA after talks broke down. The key issue is the actors' demand to share in the revenue of streaming platforms, with SAG-AFTRA now asking for 57 cents per year per streaming subscriber. The studios have rejected this proposal, estimating it would cost over $800 million. The strike has halted casting, promotion, and production, affecting the entire industry. Other unions, including the Teamsters and American Federation of Musicians, have expressed support for SAG-AFTRA's demands.
SAG-AFTRA president Fran Drescher criticizes the AMPTP for suspending talks, stating that the union's requests are not outrageous. The studios rejected SAG-AFTRA's request for a 2% share of streaming revenue, leading the actors to propose a set rate per subscriber. Disagreements over the cost of this proposal and other factors contributed to the breakdown in negotiations.
Negotiations between the Alliance of Motion Picture and Television Producers (AMPTP) and SAG-AFTRA have been suspended after the parties failed to bridge the significant gap between their proposals. SAG-AFTRA accused the studios of using "bully tactics" and misrepresenting the cost of their proposal. The major sticking point remains SAG-AFTRA's demand for casts to receive a cut of streaming platform revenue. The AMPTP offered a "success-based residual" for high-budget SVOD titles and proposed consent and compensation for the use of digital replicas. The suspension of negotiations is a setback for industry workers hoping for a swift resolution to the actors' strike.
Negotiations between SAG-AFTRA and Hollywood studios have hit a snag as the union demands a share of streaming revenue for cast members, in addition to existing residuals. The studios have rejected this demand, citing financial losses from direct-to-consumer services. The two sides are also struggling to find common ground on the use of generative artificial intelligence. Talks have been slow, with company executives attending sessions every other day. The actors' strike, which began in mid-July, has caused significant disruptions in Hollywood's production economy.
Negotiations to end the Hollywood writers' strike have made progress, but a major point of contention is the use of artificial intelligence (AI). Talks between the Writers Guild of America and the Alliance of Motion Picture and Television Producers ended without a deal, with language over AI being a sticking point. Writers are seeking a fair share of streaming revenue, increased royalties, and protection against potential job losses due to AI. Studio executives were absent from the recent talks, but bargaining is set to resume. The strike has disrupted television programs and delayed the fall season.
As the SAG-AFTRA strike reaches its 40th day, the union's chief negotiator, Duncan Crabtree-Ireland, has called for the involvement of Hollywood's major studios and streamers to bring the sides to a new deal. He emphasized the need for CEOs to be engaged in order to make the contracts fair for union members. SAG-AFTRA is willing to compromise on proposals, particularly regarding sharing revenue from streaming. The union has had conversations with the Writers Guild of America and supports their stance on various issues. The strike rally featured speeches from union leaders, including calls for unity and solidarity from actors such as Martin Sheen and Kerry Washington.
SAG-AFTRA held an informational meeting with actors and industry professionals, discussing the ongoing strike and the need for transformative changes in the current contract with the Alliance of Motion Picture and Television Producers (AMPTP). The union is demanding a 2% share of streaming revenue and higher minimum rates, while the studios are offering lower increases. Without significant changes, the acting profession may no longer be a viable career option for future generations of performers.
Sean Gunn, known for his role as Kirk in Gilmore Girls, has expressed his frustration over not receiving a fair share of the streaming revenue generated by the popular show on Netflix. While picketing during the SAG-AFTRA strike, Gunn criticized Netflix for not distributing the profits more equitably among the cast and crew. He called on Netflix CEOs Reed Hastings and Ted Sarandos to reconsider their business practices and share the wealth with those who created the content. However, it should be noted that Gunn incorrectly blamed Hastings and Sarandos for large bonuses, which were actually derived from stock options and not bonuses.
Media company Paramount Global's shares fell by 25% after it reported weak earnings and revenue that missed analyst estimates and cut its quarterly dividend. The company's traditional TV revenue dropped 8% in the quarter, while its film studio division reported a 6% drop in revenue year-over-year. Paramount plans to divest non-core assets to boost free cash flow and stop streaming losses by the end of 2024. The company also took an impairment charge of $1.67 billion in the first quarter from content removed as a result of combining Paramount+ with Showtime into a single U.S. streaming platform.