TikTok is the rage. This led to a number of other platforms adding short form video. What is the value in this?
Realistically, is there much that can be garnered from a 90 second clip? Even something that is a few minutes is likely not to contain a ton of information or even entertainment value.
Nevertheless, the success of this type of content cannot be ignored. We are looking at billions of people who regularly turn to it. This is coupled with the fact that short form content (i.e. tweets) have been equally as successful.
There are valid reasons for this, something these platforms seek to exploit. For this reason, there is a shift occurring in the video world. It is away from high quality content to something that comes under the title "social video".
In this article we will explore this along with why it is another nail in the death of Hollywood.
The End Of Hollywood: Shift To Low Value Stuff
Regular readers will know the term "social video". This is the phase that changes everything.
At the core of this is the acceptable of non-professional video. It can be anything from an individual filming using a phone to a fully edited video done using advanced tools. The point is we are not talking about something that comes out of Hollywood studios.
For decades, video was shot on very expensive cameras. This was coupled by the fact that trained personnel used advanced editing equipment. To a degree, this is still done by Hollywood, for both film and television.
Social media platforms are the destination for this content. The notable sites are YouTube, TikTok, Facebook, and X. People consume billions of hours worth of content each month, done by individuals who are not "in the industry".
It is something that truly rivals the establishment. Hollywood has continually seen its numbers going down. Whether it is someone switching away from ESPN (owned by Disney) to someone who is talking sports on a YouTube live stream or people getting their news and information, they are no longer tuning into the legacy channels.
This is evident in the box office numbers along with the television ratings.
We see this backed up in the numbers.
As shown here, roughly 1/4th of all video consumed by adults in 2023 fell under the social video category. Reels, YouTube, and TikTok picked up most of the viewing.
The Death of Hollywood
This is a trend that will continue.
Simply put, Hollywood cannot keep up with the production. The network effects are simply crushing. Each day, millions of hours of video shows up on YouTube alone. In fact, the total output of Hollywood (movie and television) in hours is eclipsed in 2 days with YouTube.
There is a reason why TikTok was such a hot topic item for this administration.
We cannot ignore the psychological techniques used. Why is this successful?
Simply, it taps into our desire to raise dopamine levels. This is what causes endless scrolling. By having more information fed to people, they simply keep consuming.
Social apps capitalize on System 1 by being mobile-first, so they are constantly accessible and habit forming; offering short form and easily skippable content, which requires no commitment and has no consequence; collecting vast amounts of personal data, which yield personalized recommendations that feel intuitively familiar and easy; and using all kinds of techniques—like one touch, infinite scroll, and no stopping cues—to eliminate launch, selection, and exit friction.
I think most anyone who used these platforms to any degree can agree with what was described. How often did we find ourselves in this situation?
The chart above tells the entire story. What does the plight of Hollywood look like when we have social video making up 50% or 60% of the content consumed? The numbers simply do not work out especially since social video is mostly free to the platforms. Hollywood runs up huge costs in making a feature length film.
Of course, an upcoming phase will be AI. How will that factor into this? While this is uncertain we can presume that it will not enhance Hollywood's chances. In other words, there is no way this trend is being reversed.
Posted Using INLEO
How can anyone compete with a 60 second YouTube Short
that goes viral and earns $1,000,000 in one day ?
Attention span, humans never had much of it and its shrinking as time goes on.