The implosion of Hollywood is inevitable, Steven Spielberg said in 2013 as part of a prediction that’s now coming true.
The storied director predicted the coming years would alter the film industry forever as movies with half-billion dollar budgets would ultimately tank Hollywood which was already suffering from a top-down system of management – and abuses.
“That’s the big danger, and there’s eventually going to be an implosion — or a big meltdown,” he said during a speech at the University of Southern California. “There’s going to be an implosion where three or four or maybe even a half-dozen megabudget movies are going to go crashing into the ground, and that’s going to change the paradigm.”
Not only is his prediction coming true – Blade Runner 2049 is the latest major flop despite good reviews – but it’s now being amplified by the Harvey Weinstein scandal which will ultimately ruin box office numbers.
Already the Weinstein Company is collapsing as talent agencies and financiers pull away from the company stained by Weinstein’s alleged predation of hopeful women.
“Banks aren’t going to continue to lend to them,” one executive said. “You have agencies saying they will not allow talent to appear in their movies even if they re-brand.”
“The equity is likely to get wiped out.”
If anything, Spielberg’s prediction didn’t go far enough: he didn’t speak a word about the industry’s open secret of sexual abuse that’s the tipping point for flyover families who are already tired of Hollywood hypocrisy and $100 nights at the theatre for a family of four.
But the result is the same: Hollywood is collapsing and there’s no turning back.