Content Creation and Streaming During COVID-19
While companies suffer layoffs and furloughs as a terrible consequence of the Coronavirus pandemic, Netflix is enjoying one of its most successful first quarters to date. Confined to our homes, many of us around the world seem to be finding solace, or at least distraction, with the wide array of film and television content Netflix provides. According to the New York Times, more than 15.7 million subscribers signed up for the streaming service within the first three months of the year — a record for the company.
But with nearly all original productions halted, will Netflix run out of new content in a way that damages its reputation, subscriber base, usage and financial standing? Unlikely.
Will we as viewers care less about high production value as we adapt to DIY broadcasts from late night hosts and celebrities alike? Also unlikely, though it may pave the way for new shows and creators to emerge.
Netflix CEO Reed Hastings addressed the concern around the platform having enough content directly in a recent letter to investors:
“Since we have a large library with thousands of titles for viewing and very strong recommendations, our member satisfaction may be less impacted than our peers’ by a shortage of new content,” he wrote. But, he had the wisdom and humility to admit that “…it will take time to tell.”
A perk of halting all scripted film and TV productions is that Netflix has substantially more cash on hand than usual. According to The New York Times, “Because the company pays for all of its productions up front — before they are available to be watched — it does not account for those costs until later, sometimes a year or more after it has spent the money…On a yearly basis, the company burns through as much as $3 billion in cash, but it anticipates that figure could fall to $1 billion this year.”
Film studios are also reeling from the halt in live action production and are not enjoying the same excess of cash as Netflix. Several major film release dates, including Disney’s Mulan, Marvel’s Black Widow and MGM’s new Bond film, No Time to Die, have been pushed back. Studios and conglomerates like NBCUniversal are, perhaps begrudgingly, partnering with streaming services to release films on their platforms that were originally set for theatrical release during the pandemic.
Late night shows are adapting to these strange circumstances with patchwork broadcasts from home featuring lots of heart and no laugh tracks. While such broadcasts boast a certain charm and vulnerability, audiences will likely welcome the higher production values of Late Night with Stephen Colbert, Saturday Night Live and live entertainment at large when they return.
While moviegoers are likely to remain skittish about sitting in a crowded theater for some time, cinemas will eventually enjoy their audiences once again and audiences will relish visual flair that often goes hand in hand with stronger, and more expensive, production value.
As Kaleem Aftab noted in BBC online with history as his guide, “Crowds flocked to the cinema after the 1918 pandemic, and videos only made people more interested in cinema, not less. After several weeks or, more likely, months cooped up indoors, watching films on our television sets and computer, the experience of seeing a film in cinemas the way they were meant to be seen will be all the more magical.”
Conversely, efforts like John Krasinksi’s popular new YouTube series, Some Good News, might have lasting power and appeal beyond this quarantine. The series’ first episode enjoyed 16 million views and though subsequent episodes have not hit that peak, viewership, press and celebrity appearances have remained strong. (Though Krasinski himself must also lament the loss of theatrical releases given his film, A Quiet Place 2, has also had its release date pushed back.)
Similarly, Lady Gaga’s and Global Citizen’s virtual initiative — a live-streamed, eight-hour concert special, One World: Together At Home, was quite a success. It amassed more than 20 million views as it was broadcast on more than sixty networks and nine digital platforms, raising $127 million for the World Health Organization.
Both efforts show that slick production value is not a prerequisite for success in the digital age. However, both efforts have also benefited from the pandemic by catering to people’s desires for connection, generosity and positivity during trying times.
Content remains king and so while high production value will maintain its place in the world when film and television productions resume, more low-fi series and creators with fewer resources might be inspired to take their content online more quickly and with less fanfare moving forward.
