The soap opera industry is in turmoil.
It’s been on the brink of collapse for decades, with industry analysts predicting it would go out of business by 2030.
This past February, the industry’s biggest players, like the Toronto-based WME-IMG, announced they were shutting down operations and laying off thousands of staff.
The industry is facing a critical point in its evolution.
The rise of internet-enabled, self-distributing content platforms like Netflix and Amazon are threatening the traditional soap opera model.
But there’s a silver lining.
It could be a way to revive the industry, which has largely been relegated to niche markets and niche audiences.
Story continues below advertisementThe rise of Internet-enabled self-publishing platforms, like Netflix, has put a new spin on the traditional model.
A decade ago, the soap operas that dominated the market were the kind of shows that were produced by Hollywood.
Now, they’re available on platforms like YouTube and Amazon, where viewers can find a wide variety of content and access it for free.
That’s because the internet has changed the way that we consume content, says Mark Krikorian, chief executive officer of the International Federation of the Dramatic Arts (IFDA), which represents the soap industry.
In a way, that means that the traditional industry can reinvent itself to match the needs of the digital world.
But the traditional business model isn’t sustainable.
While the traditional film industry has struggled financially, it continues to have an established audience, says Krikorians partner and president of the IFDA, Kevin Stoddart.
And, as the digital age shifts the distribution landscape and the economics of streaming services change, the traditional market will have to adapt.
“There are so many reasons why the traditional content model has been broken down, and it’s really about what you need to do to bring back the business model,” he says.
“And, the way we have to do it, is, what is the value proposition of our audience?
How can we build a business model that is sustainable?
And, how can we make it a compelling proposition to people?
And how can it make them want to be part of it?”
The key to success is to keep the old business model intact and make it sustainable, says Michael K. Brown, CEO of the Association of Independent Directors of Film and Television.
The more important aspect is to build a strong brand, Brown says.
The old model was built around a certain amount of money and a certain number of features.
“The modern model is built around that kind of model,” Brown says, adding that many of the most successful TV shows and movies have never been produced with a budget of $150 million or more.
“If you have to have the big stars and the stars of big franchises, and you have all these stars, and all the money is there, why would you even want to try to do something else?”
Brown says in an interview.
“I’m not saying the old model isn the way to go.
I’m just saying it’s a different model.
And it’s going to be a challenge.
And I’m not sure we’re going to get it right.”
One of the main challenges in reinventing the traditional genre is the rise of the internet, which is allowing producers to make a broad range of content with low-cost, high-quality production.
As such, the new models are facing a challenge that the old ones had never faced before: How do you bring the money from the old to the new?
“I think it’s something that the people that run these businesses, and those that run traditional industries, have to grapple with,” Brown said.
“How do you deliver value to the people who are buying the content and who are watching it?”
But it’s one that’s been talked about in the industry. “
It’s a long process.
But it’s one that’s been talked about in the industry.
And we need to get there.”
Story continues hereThe old model has worked in the past, but it’s not sustainable for the next generation of creators.
According to Krikoriaus research, the average audience for traditional soap operays was just over 2.5 million viewers in 2017.
That figure is expected to drop to 2.2 million in 2021, and 3.3 million in 2022.
And the traditional industries have had to adapt, too.
While online platforms like Amazon and Netflix have created new platforms that have brought viewers into the world of self-published content, traditional studios and networks are struggling to maintain their existing audiences.
“The traditional industry has been the bread and butter of our industry,” says Kriostorj, of the American Cinematographers Association.
“If you’re not making movies, then it’s just a waste of money.
But if you’re making movies and creating these huge audiences, then that’s the thing that