PRO Tip Sheet: 5 Insights From This Week

This week we reported how Hollywood is embracing movie biopics, on Meghan Markle and Prince Harry’s $100 million Netflix deal, on Paramount’s race to make streaming profitable and how “The Dark Crystal” and “Labyrinth” became crucial IP. [5 Insights From WrapPRO]( This week we delved into how Hollywood is embracing movie biopics about music stars like Elvis, Elton John and Bob Marley. We also revealed how little has been produced from Meghan Markle and Prince Harry’s $100 million Netflix deal, analyzed Paramount’s race to make streaming profitable, reported how “The Dark Crystal” and “Labyrinth” emerged as the crown jewels of The Jim Henson Company and on how theater chains are selling collectible popcorn buckets to boost revenues. 1. [After Elvis, Elton and Bob Marley, Music Biopics Are Hollywood’s Latest Theatrical Trend]( By Fuster | Source:WrapPRO]( - Driven by recent successes like “Bohemian Rhapsody” and “Elvis,” studios are investing heavily in biopics of diverse artists, from Bob Marley to The Beatles. - Compared to other genres, music biopics cater to a broad audience with familiar music, appealing especially to older demographics and generating consistent box office returns. - Compared to superhero tentpoles, these biopics have moderate budgets, making them financially attractive for studios. - Biopics introduce artists and their music to new generations, leading to increased streaming and potentially boosting record sales. - Successful biopics like “Bohemian Rhapsody” strike a balance between pleasing existing fans with accurate portrayals and performances while piquing the interest of non-fans through a captivating narrative or addressing controversial aspects of the artist's life. [Keep Reading]( 2. [Meghan and Harry’s $100 Million Netflix Deal Is a Hollywood Miss | Exclusive]( By Emily Smith | Source: [WrapPRO]( - Prince Harry and Meghan Markle have delivered minimal content on their $100 million deal with Netflix signed in 2020 due to their desire for control and difficulty collaborating with partners. - Their production company, Archewell, has experienced significant executive turnover and the couple has been criticized for their work ethic and control issues. - While their initial Netflix series was a success, subsequent projects haven't materialized, and the future of the deal is unclear. - The couple faces financial pressure to maintain their lifestyle, and their new partnerships, like with Lemonada Media, aren't expected to be major sources of income. - Public interest in the couple's content beyond potential “tell-all” revelations remains uncertain, requiring careful consideration in their content strategy. [Keep Reading]( 3. [Paramount Global Races to Make Streaming a Profit Center - But the Clock Is Ticking]( By Alexei Barrionuevo| Source:WrapPRO]( - Despite progress, Paramount faces a tough battle, like other studios, to achieve streaming profitability while linear TV declines. - Paramount's success in raising prices suggests this strategy can help offset streaming losses while scaling subscriber growth. - Declining linear revenue, exacerbated by recent strikes, weighs heavily on entertainment companies' overall profitability. - The complexities of merging linear and streaming assets create challenges that outweigh potential benefits, making deals less likely. - Aggressive cost-cutting measures like layoffs and programming adjustments are essential for studios to achieve financial sustainability in the evolving media landscape. [Keep Reading]( 4. [How ‘The Dark Crystal’ and ‘Labyrinth’ Became the Crown Jewels of the Jim Henson Company]( By Drew Taylor| Source:WrapPRO]( - “The Dark Crystal” and “Labyrinth” initially underperformed in theaters but gained cult followings on home video, highlighting the potential for long-term success beyond initial box office results. - Retaining ownership of “The Dark Crystal” and “Labyrinth” allowed the Jim Henson Company to capitalize on their later success through various projects like sequels, prequels, and merchandise. - Company founder Jim Henson had intended to sell all his IP to Disney but later his children only sold rights to The Muppets, retaining the two fantasy films. - The Jim Henson Company's cautious approach to sequels and reboots, prioritizing quality over rushed production, can be a valuable strategy for safeguarding beloved intellectual property. - The success of "The Dark Crystal" and "Labyrinth" showcases the potential profitability of catering to specific audience interests, even in the realm of fantasy films with limited mainstream appeal. [Keep Reading]( 5. [‘I Spent $60 for Popcorn’: Collectible Buckets Are Turning a Tidy Profit for Movie Theaters]( By Jeremy Fuster | Source: [WrapPRO]( - Movie theaters are finding success with high-margin collectible popcorn buckets and other merchandise, appealing to moviegoers willing to spend more beyond just tickets. - Pairing popcorn buckets with thematically relevant films like “Barbie” or “Dune: Part Two” can drive sales, while mismatched choices like “Taylor Swift: The Eras Tour” can backfire. - While collectible buckets offer higher profits, setting the right price point is crucial to avoid alienating customers, especially for smaller theater chains. - The need to order collectibles months in advance necessitates careful forecasting to avoid overstocking or missing out on potential trends. - While family films and major franchises offer safer bets for collectible merchandise, exploring options for niche audiences can be rewarding, requiring careful audience research. [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](. TheWrap | 2034 Armacost Ave Los Angeles, CA 90025 [Unsubscribe](