If Hollywood's strikes continue past the summer, it will have a real impact on “what 2024 looks like in terms of being able to put content out on all platforms,” one industry heavyweight tells joepompeo.
, talked about “making sure that our cost structure reflects the economic realities of the business,” and “dealing with businesses that are no-growth businesses and what to do about them, and particularly the linear business.” ”We have to be open-minded and objective about the future of those businesses.” Iger’s next comment was the one that made news: “They may not be core to Disney.”
Whether it was an off-script slip of the tongue or a flare fired in the direction of potential TV-network shoppers, Iger’s remark seemed to capture the ominous cloud hanging over earnings season. A subsequent CNBC headlineHollywood’s blackout is only magnifying such anxieties.
“If this goes past summer,” an industry heavyweight tells me, “it’s gonna start having a real impact on the content flow and what 2024 looks like in terms of being able to put content out on all platforms.” Another big shot says, “It’s time for the grown-ups to get in the room, close the door, and bring this to closure.”
In the short term, without any expensive movies or shows in the making, Wall Street can appreciate the free cash flow. The caveat, of course, is that the bill on those short-term gains will eventually come due. “We know traditional media companies are in dire need for incremental cash flows thanks to the pressure from the pivot to streaming, acceleration of cord-cutting, and secular challenges facing TV advertising,” reads a research note that MoffettNathanson issued Friday. “The strikes shutting down productions may benefit 2023 cashflow…but, as we saw post-COVID, any short-term gain is unlikely to last once production ramps back up.
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