2023 proved to be a tumultuous year for the media and entertainment industry, marked by blockbuster successes in Hollywood, the emergence of artificial intelligence, and a decline in stock prices.
In the latest installment of the Variety radio show “Totally Business,” Cynthia Littleton and Andrew Wallenstein reflect on the various triumphs and setbacks of the past year.
Andrew Wallenstein, the president and chief internet scientist of the Variety Intelligence Platform’s information division, highlighted the proliferation of user-friendly AI tools as a significant disruptor in the industry. He emphasized that this technological advancement is still in its nascent stages, poised to revolutionize numerous processes, particularly in production, and extend its influence beyond the entertainment sector.
The discussion also delved into the fierce competition within the streaming landscape, as traditional Hollywood players navigated substantial transformations. The consensus among the guests was that Netflix’s continued global dominance in attracting streaming subscribers warranted recognition with a well-deserved “victory lap.”
While a market downturn was anticipated, the actual impact became palpable with Warner Bros. at the forefront. Cynthia Littleton, co-editor in chief of Variety, highlighted how Discovery CEO David Zaslav and Disney chief Bob Iger grappled with diminishing profits, leading to consequential decisions such as workforce reductions, financial belt-tightening, and other measures that reverberated throughout the entertainment industry.
Moreover, the “2023 Rewind” edition encapsulated key moments from the past year, including insightful interviews with industry leaders such as Mattel CEO Ynon Kreiz, HBO and Max chief content officer Casey Bloys, Barstool Sports CEO Erika Ayers, Disney gaming chief Sean Shoptaw, as well as notable figures like Nigerian producer Mo Abudu and South Korean producer Nah-Yung Suk.
