What can Hollywood do to fix the film industry to prevent its collapse?

Answer 1

There's not much evidence the film industry is on the verge of collapse. But like many industries, it is having some very real problems. The main one is adjusting to the new reality of our internet world, where people expect to see movies on their devices and don't necessarily want to pay big bucks to see a movie in a theater, nor wait for it to come to streaming video. Movie studios are also having to re-think their old strategy of having lots of sequels to blockbusters, and there is no longer the kind of star system where just having a big name in the film automatically guarantees success. Further, the audience today is more fragmented and there is a lot more competition for the viewer's attention. (By the way, this is not just a problem for movie-makers; television is also confronting changing audience preferences.)

Studios are trying to remain relevant by creating films that appeal to specific niches, such as the Christian market, Latino/Latina film-goers, parents with young kids, etc; they are also trying to find the next generation of up-and-coming stars who will bring young adults into the theater. So, while Hollywood is still making money, and certain big names do continue to have success, the industry is seeking new approaches, in addition to doing what has worked well in the past. Theaters too are reinventing themselves, providing better food or a more elegant experience for film-goers. It is also worth noting that some of the more interesting films are being produced by independent studios. Movies have been around since 1895, and the industry has constantly reinvented itself. I see no sign that this will change, and I expect movies to remain one of the choices available to a media-savvy audience.

Answer 2

The film industry will not collapse.