Hollywood may be eager to say goodbye to 2017 which was one of the worst and craziest years in its history, and there’s a number of reasons for that.
Statistics show Americans are falling out of love with going to the movies. Audiences have steadily shrunk as home entertainment options improved and movie theater attendance fell to a 22-year low.
“It’s not a sea change, it’s a tsunami,” Jeff Bock, an analyst with Exhibitor Relations, was cited as saying by Variety magazine. “The tide has moved against movies. They used to be the hub of what entertainment is, but that core has shifted to streaming and television. Back in the day, people talked about ‘Back to the Future’ or ‘E.T.’ when they talked about entertainment. Today, it’s ‘Stranger Things’ or ‘Game of Thrones.'”
Box office revenue in 2017 was the worst in a decade. Fifty-one percent of its total revenue was gobbled up by just 20 titles, leaving 145 other releases to split up the rest. Forty percent of the shrinking earnings have been eaten by two large studios, Disney and Warner Brothers.
The end of franchises such as Pirates of the Caribbean, Transformers, Star Trek, Independence Day, and Ghostbusters has become another major blow for the Hollywood. The irreplaceable brands were vital for the industry, which has been releasing fewer titles lately.
But Hollywood will mostly remember 2017 for the sex abuse scandals which rocked the industry. The victims alleged decades of sexual misconduct and discrimination by some of Tinseltown's most influential movie figures. Since the first allegations emerged against movie mogul Harvey Weinstein in October, hundreds of other alleged victims have come forward to claim they have been harassed or assaulted by high profile industry figures. Though this year is coming to an end, it is likely the sexual harassment scandal, and its long-lasting ramifications will be felt throughout 2018.
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