Since the turn of the millennium, there have been four major innovations that have propelled film making into levels never before thought possible: the digital camera; the innovation of cell phones;
streaming data; US securities laws that enhance film financing. These innovations are complex and more complicated than previous film innovations. They involve virtually all film customers, nearly all film businesses, the US and state governments, foreign governments, and foreign markets. These film innovations are solidly integrated with other innovations such as voice and data network systems and home video theaters. Leading into the next ten years, the film industry should experience even more significant film innovations with cloud technology, the continuing innovation of 3D and HDTV, and the continuing innovation of internet video platforms.
1. The Digital Camera in Cinematography – vs 35mm Film Camera
The biggest name in changing Hollywood movies from 35mm Film to Video is George Lucas. Lucas’s major achievement was his daring decision to create the special effects of Star Wars Episode 1 in advanced digital format. He also shot some of the movies with digital cameras instead of 35mm film cameras. In today’s world, nearly all movies are shot in digital. Not only is a video movie clearer and more pristine, but it is less expensive due to forgoing the cost of film, the cameras are less expensive, and the post-production cost is less.
The innovation of cell phones:
Most would vision the innovation of cell phones, related to movie achievements, as the ability to watch movies at the Dentist’s office or on your lunch break. While it is true that the innovation of cell phones lets the movie customer do that, the cell phone has created improvements in the movie industry in many other significant ways.
For those that lived before the cell phone, do you remember when parents with small children refused to go to the movies because they had to be at home with their kids? When they did, they would have to run out in the middle of the movie to use the payphone to call the babysitter? To those that were born after the innovation, yep… that was real. In today’s world, when mom and dad are sitting in the theater, they can give a quick text to the babysitter or Facetime the kids for those nervous parents.
Or how about that spouse who incidentally forgets the Redbox DVD during their busy day and calls that significant other, asking them to pick up a video on the way home. How many times has that happened? Do you think the movie business gets more business with a world on cell phones?
Never have we had a cell phone that could video record like the iPhone 11 pro. Combined with streaming video through 5G networks, we can shoot an entertainment video and upload it to our fans, on the fly while going out for dinner at that restaurant you want to tell everybody about. We can now make our movies in real life.
3. Streaming Data
The innovation of high-speed data networks using fiber to the door and advanced 5G mobile networks has revolutionized the consumers’ options on watching movies. Today, no DVD players are needed with the new Smart HDTVs to stream today’s current hits or yesteryears blockbusters. We can watch them in the comfort of our homes on regular HDTVs or in elaborate home theaters, or the Doctor’s office on your iPhone 11 pro.
Let us not forget the effect on the film business marketing efforts. Streaming data has created a whole new venue for filmmakers to market and a whole new profit center for the film producer to add to his revenue.
Streaming data has also harmed the Box Office receipts as more customers are electing to stay home and watch the latest flicks on HDTV.
4. The US financial Institutions, the US and State Laws that keep amending for the interest of the citizens, and Crowdfunding
Funding movies has always been the most challenging task in making a commercial film. Thousands of filmmakers spend the largest amount of their time and resources negotiating and chasing the almighty dollar than any other part of the film. Before 2000, the laws for “boiler rooms,” (calling centers who sold film partnerships) and for individuals who engaged in selling partnerships to investors were lax.
There was a lot of fraud in the movie finance sector, stopping many financiers and equity players from investing in movie packages. Federal SEC laws prohibiting scrupulous selling of film production partnerships and corporate securities now affords legitimate film investing to be offered to sophisticated investors. This means to the industry, reduced investment risk, and more film investors for the deserving projects and companies.