Angus Finney Once upon a time in Hollywood, the largest film library ever amassed in the world belonged to none other than Netflix.
More than 100,000 DVD titles offered by the streamer equaled an unmatched cinematic treasure trove back in 2010. That luminous library has been slashed by more than 85% to some 15,000 titles today, with typical members having access to just 4,000 films today.That shift shows that the strategic role and value of film libraries and the licensing of movie rights through second and third cycles and beyond, has been caught up in the seismic shifts afoot across the industry.
Key tenets that dictated longer term ancillary values have vanished, while free-to-air TV has taken the biggest hit, especially in North America.
Even Amazon’s recent purchase of MGM’s 4,000-strong film library plus 17,000 TV hours for $8.45 billion failed to excite media commentators, given the market’s current obsession with brand-new content, rather than what’s gone before.“With all the new high-quality content being created, audiences are watching older films less,” says Highland Film Group’s Todd Olsson. “Libraries still have value of course, but it’s not the same second- and third-run strength when compared to pre-streamer times.
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