Has Hollywood Given Up On NFTs?

Dawn Ostroff, the chief content officer at Spotify, approached her programming team with a fresh podcast concept at the start of the year. What if they created a television program with a nonfungible token setting and cast well-known people who had NFTs as the characters, such Jimmy Fallon, Kevin Hart, and Snoop Dogg? 

Like many other forward-thinking media CEOs, Ostroff had fallen victim to crypto-mania. She purchased a Bored Ape, one of the most well-liked varieties of NFTs, and changed DawnOstroff from her previous moniker. eth is short for ether, a well-known cryptocurrency. 

The podcast is one of several NFT-related initiatives that emerged amid a pandemic-driven rise in cryptocurrency value. According to Reese Witherspoon’s business, an unscripted TV series based on the world of NFTs will be produced. Pop sensation Shawn Mendes has optioned an NFT character for upcoming film and television projects. NFTs related to future films were produced by film companies and television networks. 

The subsequent drop in cryptocurrency values led to the abandonment of many of these concepts, but not all of them. Due to the project’s high cost, it could never take off. Networks were unwilling to invest in a reality show based around the NFT industry. Overnight, studio interest in the majority of NFT ideas as well as the pipeline of series based on those concepts, vanished. 

According to Bryce Anderson, a producer for “I, Tonya” producer Clubhouse Pictures, “many studios are avoiding NFTs right now.” 

It sounds lovely if you sit and listen to the explanation of how NFTs will change Hollywood. To collect money from admirers, creative individuals may create a work of digital art and convert it into an NFT. Those NFTs provide entrance to a gated community to only a limited number of buyers. Members interact with their colleagues and get early access to new items. 

NFTs hold up the possibility of a closer connection between a musician or filmmaker and their audience. Additionally, it enables artists to raise funds devoid of conventional gatekeepers like a record company or a movie studio. They may be a component of a decentralized internet in which we no longer rely on services provided by a small number of corporations. 

As appealing as that may seem, putting this reality into practice is far more complex. Many artists would like to delegate the difficult labor to agents, attorneys, and studios. The foundation of web3 is the broad deployment of blockchain technology and the acceptance of cryptocurrencies. NFTs attracted a lot of interest from crypto enthusiasts. 

Similar to the metaverse, both concepts are currently more theoretical than actual. The cryptocurrency market has shown to be unstable and unpredictable. The majority of the value of major currencies has been lost this year. Sales of NFT have decreased by almost 90% since the beginning of the year. 

Since 2013, Anderson has been involved in the cryptocurrency industry and has seen two market crashes. But he feels different this time. While most people have lost interest, a core group of business owners, investors, and artists are still working on their ventures. “Before this, every time, I thought it was an accident. Let’s finish up and go.

Working on the NFT project Runner are Anderson and his employer Bryan Unkeless. Four NFTs have joined forces with Celine Joshua, the creator of the record company 10:22, to establish a rock group. The Biggest Loser co-creator Dave Broome is a business co-founder that develops NFT initiatives for at least a dozen entertainment businesses.

The activity has not slowed down, according to Broome. He has a multi-year contract with AMC Networks, the network that airs “The Walking Dead,” and he is collaborating with director Barry Sonnenfeld on a project. 

Hollywood’s hunger, in my opinion, has not diminished, Broome added. “Everyone wants to take a breath, relax, and adopt the proper course of action.”

Everyone believes the crypto crisis has distinguished sincere believers from opportunists looking to make a fast profit. Broome likened the present situation to the dotcom crash, noting that even though many people perished, the internet continued to take over our life.

Most people will accept some of these new technologies if history is any guide. That does not imply that it will occur with cryptocurrency or that any individuals mentioned above will emerge as the major winners. The massive windfall for investors and business owners in virtual reality from 20 years ago is still on the horizon.  

The Next CEO Of Warner Music

The choice of the next CEO of Warner Music Group is almost complete. However, he must determine whether he wants the position.

The departing chief business officer of YouTube, Robert Kyncl, has been courted by the third-largest record label in the world. Early next year, Kyncl and Warner’s current CEO Steve Cooper would resign from their positions. 

Not all of Warner Music’s eggs are in the Kyncl basket. The business has spoken with several individuals about the position, including Scott Greenstein, a senior executive at Sirius XM, Max Lousada, the leader of Warner’s recorded music division, and Jody Gerson, the chairman of the publishing section of competitor Universal Music Group. 

Although there are at least a few more candidates, Kyncl is generally regarded as the front-runner. (Both Warner and Kyncl refused to comment. Gerson said that she is “completely dedicated” to Universal, while officials for Greenstein and Lousada declined to comment. Both of them are not actively looking for work.) 

With assistance from fellow board member Ceci Kurzman, chairman Michael Lynton—who formerly oversaw Sony Group’s entertainment businesses—is in charge of the hunt for a successor. The billionaire who controls Warner Music, Len Blavatnik, is also interviewing potential hires. 

The holdings of Warner Music include Warner Records, Atlantic Records, and Warner Chappell Music. Top musicians include Dua Lipa, Bruno Mars, and Ed Sheeran. 

Cooper came to the position from the financial industry, in contrast to the other two leading music labels, which long-time label executives control. An executive with expertise outside of the music industry, particularly one with a background in technology, is wanted by Blavatnik. That describes Kyncl, who has primarily worked for YouTube and Netflix throughout his career.

Kyncl made his YouTube exit public as soon as possible in part so he could look for work guilt-free. Although he will have various employment options, the negotiations with Warner are progressing. 

Throughout its seven national windows, the NFL averaged almost 19 million viewers throughout the opening weekend. “Sunday Night Football” drove a 5% rise in ratings over the previous year.

Since “Thursday Night Football” will be available on Amazon for the first time in week two, expect the ratings to be much down. HBO wins the least-watched Emmys in history. Twelve of the 25 awards on Monday night at the primetime Emmys went to HBO. The best drama went to “Succession,” while the best-limited series went to “The White Lotus.” Despite Netflix taking home the second-most awards overall, Apple TV+ took home the second-most awards of any network on Monday. 

The show’s viewership hit a new low after declining by 25% from a year earlier. Awards shows were created at a time when the majority of people watched the same TV series and films, and we were a monoculture. No one cares about the same things because our culture is fragmented and depends on algorithms. We also live in a social media era, so seeing famous people on TV doesn’t surprise us. Every day, we see them on our phones.

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