PRO Tip Sheet: 5 Insights From This Week

This week on WrapPRO, we dug into the mess behind HBO's cancellation of "The Idol," examined CNN's plans for a streaming reboot and questioned the health of the nonprofit news model. [5 Insights From WrapPRO]( This week on WrapPRO, we dug into the mess behind HBO's cancellation of "The Idol," examined CNN's plans for a streaming reboot and questioned the health of the nonprofit news model. [Read More on WrapPRO]( 1. [The Era of the Original Streaming Movie Is Over]( By Scott Mendelson | Source: [WrapPRO]( - Big-budget, English-language streaming-only movies are on the wane. Netflix plans to release just above 40 such films in 2023, compared to 75 in 2022. Blame Wall Street, which has shifted its focus from subscriber growth to profitability. Plus: Titles released in theaters generally outperform direct-to-streaming movies. - High-budget streaming tentpoles like "Red Notice" and "Don’t Look Up" failed to prevent subscription losses at Netflix, suggesting that big investments in feature films may not pay off. - With years of viewership data, streamers are becoming more strategic in content acquisition, focusing less on volume and more on value. Netflix and Amazon are producing fewer overall movies while expanding their audience globally. [Keep Reading]( 2. [Canceled! The Sad, Sordid Journey of ‘The Idol,’ HBO’s May-September Flop]( By Jose Alejandro Bastidas & Sharon Waxman | Source: [WrapPRO]( - "The Idol," a provocative HBO series starring Lily-Rose Depp and Abel "The Weeknd" Tesfaye, was canceled after failing to resonate with audiences and critics alike, marking a significant misstep for HBO. - The series underwent significant changes during its production, including the exit of original director Amy Seimetz, as HBO aimed to shift the tone closer to "Euphoria" and build a relationship with Tesfaye, who served as an executive producer and leading cast member. - Cultural critics slammed the show for its portrayal of its female lead as a sexual object without agency, pointing to a disconnect with contemporary audience expectations for more nuanced, empowered female characters. - The failure of "The Idol" suggests that edgy content alone isn't enough to engage modern viewers, highlighting the need for narrative depth and authentic character development, too. [Keep Reading]( Join the ranks of high-powered industry leaders who read [WrapPRO]( every day. Want unlimited access to in-depth reporting, analysis, and industry data? [Upgrade to a subscription today](. 3. [Netflix Is Revising Its Binge-Viewing Playbook]( By Kayla Cobb | Source: [WrapPRO]( - Netflix is increasingly adopting a two-part premiere model for its major shows like "The Witcher" and "The Lincoln Lawyer," aiming to extend social buzz and mainstream conversation around its content. - Data from Google Trends suggests that two-part premieres have been effective in sustaining longer windows of interest for shows like "Stranger Things," "Ozark," and "Money Heist." - However, analysis from PlumResearch indicates that two-part releases may lead to lower season completion rates, dropping from an average of around 71% for single-release seasons to as low as 44.6% for divided seasons. - Despite the trade-off between buzz and completion rates, Netflix's strategy may align with Wall Street's focus on growth and low subscriber churn, making the two-part premiere model a potentially successful experiment for the streamer. [Keep Reading]( 4. [The CNN Max Dilemma: Streaming Launch Could Leave CNN Cable Business Behind]( By Natalie Korach & Lucas Manfredi | Source: [WrapPRO]( - CNN is wading back into the streaming space with CNN Max. The move is vital as a significant number of U.S. households have cut the cord. - Carriage fees from cable and satellite providers make up 62% of CNN's revenue, complicating the shift to streaming. Streaming breaking news could dilute the value of the linear network. But adding CNN to Max is expected to drive more advertising impressions and revenue. - Critics and former executives expressed concern that the move might undermine CNN's brand. [Keep Reading]( 5. [Texas Tribune Layoffs Expose the Cracks in the Nonprofit Media Model]( By Natalie Korach | Source: [WrapPRO]( - Recent layoffs at the Texas Tribune and Futuro Media Group unnerved proponents of the nonprofit journalism model. But experts argued it's not inherently flawed — it just needs to evolve to meet new challenges in a changing media environment. - The Texas Tribune ended 2022 with 10,000 members and was expecting a 10% uptick in revenue this year, but instead saw a 5% decline, leading to layoffs that will save approximately $1.1 million. - A Brookings study highlighted the societal impact of local news, finding that the loss of local news outlets increased government borrowing costs due to less oversight, emphasizing the need for more philanthropic support in the sector. [Keep Reading]( With a focus on delivering actionable intelligence, the PRO Tip Sheet empowers readers to stay ahead of the game in the industry. Want to go deeper? [Explore WrapPRO today](. [LEARN MORE]( TheWrap | 2034 Armacost Ave Los Angeles, CA 90025 [Unsubscribe](