Barry Diller, the media powerhouse, classified the writers and actors strikes as "catastrophic" for the industry. He believed the older movie studios should keep Netflix and other streaming services out of the talks. According to Diller, this standoff "only does one thing and that is to reinforce Netflix," as he declared on the podcast.
Barry Diller believes that if the legacy Hollywood studios do not end the dual writers and actors strikes, it could be "catastrophic" for the industry. The media mogul expressed this sentiment on the podcast "On with Kara Swisher," saying that the strikes would only strengthen streaming giant Netflix during a time of upheaval for legacy media. He suggested that the studios should end negotiations with Netflix and other streamers in order to align themselves with the actors and writers instead. Diller compared the strike to a possible domino effect, indicating that it could lead to an "absolute collapse of an entire industry." He added that talks between the studios and writers had recently broken down, "it looks bleak" that the strike will end before September. Representatives from the Writers Guild of America, Screen Actors Guild, Alliance of Motion Picture and Television Producers, and Netflix did not respond to requests for comment.
Recently, high-profile media figures including Bob Iger, Donna Langley, Ted Sarandos, and David Zaslav met with the writers union in an attempt to reach a resolution. On earnings calls, Netflix and its peers have expressed a desire for a speedy resolution to the strikes. Diller said that if the strikes continue through the end of the year, the consequence of lacking fresh content on the streamers by the summer of 2024 could cause cancellations and revenue losses. He described Netflix as "an evil genius," claiming that legacy media has been left scrambling to make their streaming businesses profitable. Diller believes that legacy media should put their energy into rebuilding their broadcast and pay-TV networks, as cord-cutting is still going on but the business remains profitable.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers.
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