🎬 Production Plunge

👋 Good morning! Did you know the iconic green code in ‘The Matrix’ is actually made from Japanese sushi recipes? 🍣 Simon Whiteley, the genius production designer behind this cinematic masterpiece shared that he used his wife’s sushi cookbooks to create the characters for the digital code rain. Next time you're watching Neo dodge bullets, remember it's all thanks to some delicious sushi secrets.

Welcome aboard the Dailies. As you sip your morning brew, we’ll get you caught up with the fast-paced world of Hollywood - no need to chase down a newsstand, we’ve got everything you need right here.

🎞 Here’s what’s on the reel today:

• The Hollywood Slowdown

• BBC Bets Big on AI

• Walking Dead Profit Fight

• Last Looks: 👀 Bite-sized scoops on developing stories/projects

• Video Village: The latest trailers

• Martini Shot 🍸

Hollywood Slowdown
Unpacking the Industry’s Comprehensive Downturn

Hollywood is grappling with a significant contraction. Many had anticipated that the industry would rebound after last year’s strikes, becoming busier than ever, but the reality has been starkly different. Industry news outlets have been reporting on veterans who once navigated the ups and downs of showbiz with seasoned ease, but are now confronting unprecedented challenges. Here are some of the ways this downturn is manifesting:

• Production Plunge: There’s a sharp reduction in the number of TV and film productions. Studios are now quieter, with fewer projects in development and production.

• Employment Impact: Support sectors like prop houses and studio services face cuts as demand declines, altering the industry’s foundation.

• Hiring Slump: Cast and crew hires are falling faster than production permits, hinting at a trend towards smaller, cost-efficient teams and projects.

These symptoms of the downturn are interlinked, each affecting the other and contributing to a transformed landscape. Behind them are deeper currents reshaping the industry—let’s take a look:

• IATSE Negotiations: The industry is on edge due to ongoing negotiations with the International Alliance of Theatrical Stage Employees (IATSE). Some think fears of a potential strike looming has studios taking a cautious approach with new productions.

• Tax Incentives Competition: California's less competitive tax incentives are driving productions to relocate to states like New Mexico, Georgia, and Texas, or even abroad, where financial benefits are more enticing, impacting local Hollywood business.

• Shift in Hiring Trends: There's a noticeable pivot in employment patterns, with fewer creative roles being filled and a surge in tech positions, especially as AI starts to make its mark in the industry.

• Economic Factors: The industry's challenges are exacerbated by broader economic shifts, including the struggle to maintain profitability in the streaming model and the ongoing repercussions of the COVID-19.

• Streaming and Tech Evolution: The rise of streaming services and technological advancements are shifting financial priorities, reducing demand for large-scale productions, and leading to job cuts in conventional creative roles. This transition challenges the existing industry structure and necessitates adaptation to the evolving entertainment landscape.

The road to recovery might be slow, with expectations of a full rebound not until around 2025 or later. However, there's a hopeful sign as studios begin to invest in new facilities and soundstage bookings start to increase again. This indicates that, despite the challenges, Hollywood is adapting and could eventually bounce back stronger.

🌐🤖 BBC Bets Big on AI: In a recent London address, BBC’s Director General, Tim Davie, outlined a future for the century-old broadcaster, emphasizing the strategic embrace of artificial intelligence and global tech partnerships. Davie’s vision to “radically transform and renew” the BBC includes leveraging AI responsibly, while ensuring creative human control and high editorial standards. Despite a recent AI hiccup with 'Doctor Who,' the BBC is forging ahead with tech company collaborations, focusing on enhancing content accessibility and accuracy. Amid financial pressures and declining license fee revenues, Davie calls for “aggressive” international growth and a reimagined license fee structure. His blueprint signals a major pivot towards innovation, with the BBC aiming to not only survive but thrive in the digital age.

🧟💰Walking Dead Profit Fight: In a legal saga as enduring as the undead themselves, the ‘Walking Dead’ creators have clinched a crucial victory against AMC. The recent ruling ensures the producers' profits lawsuit will stumble forward. The lawsuit filed by ‘The Walking Dead’ producers against AMC alleges that they were not fairly compensated for their share of the profits generated by the show and its spin-offs, claiming that contractual terms were not honored, particularly in light of the substantial settlement previously awarded to former showrunner Frank Darabont. The ruling could set a new precedent, forcing networks to reevaluate their profit distribution frameworks, ensuring more transparent and fair deals for creators. It's a clear signal to the industry: the stakes in contractual agreements are as high as ever, and this legal brawl may just reshape how Hollywood's financial spoils are split.

Development 🗒️

• Cillian Murphy to star in Universal's 'Blood Runs Coal,' a union drama adapted by the Butterworth brothers. (more)

• Lily James to star in and produce a 20th Century Studios film inspired by Bumble founder Whitney Wolfe Herd's story. (more)

• Elizabeth Banks and Matthew Macfadyen to star in Peacock's new romantic dramedy 'The Miniature Wife.' (more)

• 'Euphoria' S3 production is postponed, with HBO affirming its commitment to the series amid rumors of cancellation. (more)

• Catherine O’Hara, Ike Barinholtz, and Kathryn Hahn will lead Apple TV+'s comedy ‘The Studio.’ (more)

• Scott Stuber is set to produce a film about Bruce Springsteen's 'Nebraska' album, with Scott Cooper directing and Jeremy Allen White in talks to star. (more)

• Universal International Studios is set to adapt Christie Watson’s 'Moral Injuries' into a TV series. (more)

• A Beach Boys documentary is coming to Disney+ in May. (more)

• John Cameron Mitchell joins as executive producer for Zackary Drucker's directed biopic on Warhol superstar Candy Darling. (more)

• Tony Cavalero joins Woody Harrelson and Owen Wilson in 'Lips Like Sugar.’ (more)

• Brett Goldstein joins 'Shrinking' S2. (more)

• MGM+ announces 'Earth Abides,' a limited series adaptation of George R. Stewart's sci-fi novel. (more)

• ‘John Tucker Must Die 2’ is in the works with its original cast. (more)

• ‘Quiet on Set’ adds a fifth episode featuring new interviews and discussions on the challenges within the kids TV industry. (more)

• Kerry Washington and Elisabeth Moss to lead Apple TV+'s 'Imperfect Women,' a psychological thriller series adapted by Annie Weisman from Araminta Hall’s novel. (more)

• Noah Wyle teams up again with John Wells for Max's new medical drama series 'The Pitt,' exploring the complexities of healthcare in contemporary America. (more)

• The biopic 'Reagan,' starring Dennis Quaid, secures North American distribution with ShowBiz Direct. (more)

• Netflix announces cast for 'Fear Street: Prom Queen,' featuring Suzanna Son, Lily Taylor, and Katherine Waterston in the next installment of the horror series. (more)

• Amazon MGM acquires Julia Roberts thriller ‘After the Hunt.’ (more)

• Amazon MGM Studios will adapt Audible podcasts like 'The Prophecy,' 'Hot White Heist,' and 'Nut Jobs' for TV and film. (more)

✅ Renewed & Cancelled ❌

• ‘The Last Thing He Told Me’ is renewed for S2 at Apple. (more)

• ‘Haus of Vicious’ is renewed for S2 at BET+. (more)

Business 🤝

• Timothée Chalamet inks a first-look deal with Warner Bros. (more)

• Fremantle finalizes its acquisition of Asacha Media Group. (more)

• UTA appoints Eric Iverson, former Amazon MGM Studios executive, as Chief Technology Officer. (more)

Other News 🚨

• James Corden's Fulwell 73 secures approval for a $568M film and TV studio in Sunderland, UK. (more)

• IATSE Local 695 secures tentative agreement with studios, making significant progress on issues like staffing, pay, and safety. (more)

• CBS's 'Ghosts' will be featured in a screening and panel at the Library of Congress. (more)

• CBS secures a five-year deal to broadcast the Golden Globes and adds the American Music Awards to its lineup, reflecting a renewed interest in award shows post-ratings rebound. (more)

• OpenAI debuts creations by external artists using its Sora model amid broader industry skepticism. (more)