Hollywood’s Blockbuster Crisis

The summer season has started with a fizzle for Hollywood, as expected hits like The Fall Guy, and Furioso have far underperformed their expectations. This isn’t a matter of a few films. Over the last few years, Hollywood is discovering that audiences are no longer reliably willing to buy tickets for the action adventure franchises that are the mainstay of the film industry. In particular, the once-dominant superhero genre is now fizzling. Adding to the troubles of Tinsel Town is the fact that streaming services, long touted as the future revenue model for the industry, are being squeezed by falling profits and rising interest rates.

Historian Daniel Bessner wrote a lengthy survey of Hollywood’s woes for the May issue of Harper’s Magazine. His account gives particular focus to political economy: the way government regulations and unions once made Hollywood a hospitable home for culture workers and how this has been undermined by the rise of private equity and monopolies. Daniel joins the podcast to talk about the movie industry and its discontents.

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