Connect with us

Entertainment

Netflix Passes Disney in the Stock Market, Here’s What This Could Mean for the Entertainment Industry

Published

on

  • Netflix passed the Walt Disney Company in the stock market, signaling what could be a potential shift in the entertainment industry as lockdowns continue. 
  • As streaming becomes a go-to form of media consumption, Netflix has already seen massive success with projects like Tiger King.
  • In the next few months, other major new shows and movies are slated for release, making it one of the few platforms regularly releasing new, original content right now.
  • Meanwhile, traditional studios and movie theaters have been put on hold and are looking at the future. Right now, plans for reopening theaters could include half capacity seating and playing old classics if new releases continue to be delayed.

Netflix Passes Disney

Netflix passed the Walt Disney Company in the stock market in a move that could be very telling about what is to come for the entertainment industry as the country, and much of the world, stays at home.

On Tuesday night, Netflix closed up 3.2% with a market capitalization of $187.3 billion. Disney’s market cap sat just under at $186.6 billion, and closed by going up 2.5%. This could be a significant step up for Netflix as investors see potential for streaming to shine and traditional studios to fall behind as people are stuck at home. 

According to Forbes’ Tom Nunan, this is something that could have long-term impacts on Netflix.

“For Netflix itself, a high market cap not only means it’s worth more and will therefore have greater resources at its disposal to invest in programming and distribution,” Nunan wrote, “but the company’s leadership – – Reed Hastings and Ted Sarandos – – can rightly congratulate themselves for creating a streaming service that the world loves and uses so much…it’s now worth more than the Magic Kingdom.”

As streaming becomes the thing to do in lockdown, Disney does have a horse in the race. Its service Disney+ has seen boosts since stay at home measures began, but for the media giant, Disney+ is just a small piece of its puzzle. The company is also home to huge blockbusters, theme parks, hotels, cruises, retail, and other branches that usually rake in money, but are relatively dormant right now. As a result, the company has furloughed employees in multiple departments. 

For Netflix, however, streaming is its meat and potatoes, and its appetizer and dessert, too. Meaning that while other studios lie in wait, it has the chance to take the spotlight. 

What Lies Ahead for Netflix

In many ways, it already has. According to data shared with Business Insider, visits to its sign up page have seen quite the surge. Throughout the whole month of March, “visits to Netflix’s US sign-up page rose year over year” by significant amounts. In the second week of of the month, when social isolation started to become the new normal, visits to the page rose by almost 40%.

In the third week, when stay-at-home measures became widespread, it was up 123%. Traffic on the sign-up page has remained at an increase of over 100% since then. 

While not everyone visiting the sign-up page may actually sign up, it’s safe to assume that a good chunk do, and the increases at least signify an elevated interest in the platform. And as subscribers go up, Netflix is also faced with the challenge of putting up new content. 

For the most part, Netflix is in the same boat as most major studios when it comes to current productions being put on pause. But, it still has an advantage, because its strategy ensures that there are almost always a plethora of new projects coming down the pipeline, making it one of the few places audiences can regularly stream new content right now. 

Between now and the end of April, there are several new releases for Netflix originals, including a new show from Mindy Kaling titled Never Have I Ever, a Ryan Murphy documentary called Circus of Books, a Chris Hemsworth-led action film called Extraction, and The Willoughbys, which is an animated feature with a star-studded voiceover cast. 

The month of May will bring more new content, including another Ryan Murphy project starring Darren Criss called Hollywood; and a limited series titled The Eddy, which comes from Oscar-winning La La Land director Damien Chazelle. 

So far, new content has served Netflix well during lockdown measures. It’s jaw-dropping docuseries Tiger King saw 34 million views in its first ten days and was the most-streamed title on the platform for two weeks. Buzz on social media generated a lot of interest for the series, which ended up getting a bonus episode shot in isolation. Comedian Joel McHale hosted a reunion among many of the documentary’s participants via web chatting, showing that the streaming giant knows how to capitalize on its quarantine popularity right now.

Movies Plan for the Future

While Netflix is seizing the day, pretty much the rest of the film industry is spending their time planning for the future. Movie theaters and studios are deciding what the plan should be when they return back to normal. But it’s still unclear what that “normal” might actually look like. 

As things currently stand, no big pictures are set to hit theaters until mid-July when Mulan and Tenet hit screens, assuming they do not get further delayed. With these dates in mind, Cinemark, one of the largest theater chains in the country, is developing a game plan to open its doors. 

According to CNBC Cinemark is looking to let people back in, but only filling theaters up to 50% of their capacity. They are also considering implementing staggered seating arrangements to allow for social distancing. If movies keep getting pushed back and a lack of new films end up being an issue, they could also dive back into their library and get audiences by playing some of the classics.

While opening up theaters to only partially filled crowds sounds like a financial risk, Cinemark maintains that this will be profitable. They claim they can easily profit if only under a third of the available seating is full, and have even turned profits when turnouts are as low as 10%. 

See what others are saying: (Variety) (Vanity Fair) (The Verge)

Entertainment

Lil Nas X Starts Bail Project Fund After Releasing Prison-Set Video for “Industry Baby”

Published

on

The singer said he is working to address “the disproportionate impact that cash bail has on the black community.


Lil Nas X Starts Bail X Fund

Following the release of his latest single “Industry Baby,” Lil Nas X launched a partnership with The Bail Project that aims to cover bail funds for people across the country. 

The music video for the song took place in the fictional “Montero State Prison,” a reference to the title of his upcoming album and the singer’s real name. While Lil Nas X spent much of his time online promoting the video with memes, he put a pause on the jokes Saturday to announce the Bail X Fund and bring attention to issues regarding incarceration in the United States. 

“On a serious note, I know the pain that incarceration brings to a family,” Lil Nas X tweeted. “And the disproportionate impact that cash bail has on the black community. That’s why I teamed up with @bailproject to create the Bail X Fund.”

The Bail Project aims to eliminate cash bail in the U.S.  It has posted over $47 million in free bail for over 17,000 low-income people across the country. It also provides post-release support and services to those who need them.

“Music is the way I fight for liberation. It’s my act of resistance,” Lil Nas X wrote in a statement on the fund’s website. “But I also know that true freedom requires real change in how the criminal justice system works. Starting with cash bail.”

The Fight to End Cash Bail

According to the Prison Policy Initiative, like many issues within the criminal justice system, cash bail disproportionately harms Black Americans. The group claims that Black and brown defendants are somewhere between 10% to 25% “more likely than white defendants to be detained pretrial or to have to pay money bail.” It also argues that Black men are 50% more likely to be detained pretrial than white defendants, and says Black and brown defendants generally “receive bail amounts that are twice as high as bail set for white defendants – and they are less likely to be able to afford it.”

Lil Nas X said he is “doing something” to address these issues and invited his fans to join him. He hopes that his efforts will encourage other artists to use their platforms to likewise speak about these injustices.

“Ending cash bail is one of the most important civil rights issues of our time,” he wrote. “Donate what you can to the Bail X Fund. Let’s bring people home & let’s fight for freedom and equality.”

A donation tab was attached to the song’s music video, where it says nearly $44,000 has been raised for the Bail X Fund. The video has blown up on YouTube, racking up over 31 million views. It remains the number one trending video in music as of Monday morning. 

The song has likewise found success on Spotify, where it debuted at number two and eventually reached the number one spot.

See what others are saying: (Billboard) (NBC News) (A.V. Club)

Continue Reading

Entertainment

Fire at Home Reportedly Owned by Beyoncé and Jay-Z Under Arson Investigation

Published

on

Officials said there were no injuries or evacuations during the fire, which was put out in around two hours.


Fire Breaks Out at Famed Couple’s Reported Residence

A Wednesday fire at a historic home in New Orleans, Louisiana believed to be owned by music titans Beyoncé and Jay-Z is being investigated as a possible arson. 

On Thursday, a New Orleans Police Department spokesperson confirmed to multiple outlets that it had received a tip about a suspicious person in the area. Further details about the suspicious person and the cause of the fire have not been revealed.

Neighbors told local media that there is an unlocked gate on the property that outsiders sometimes use to gain entry.

Officials told The New York Post that it took 22 firefighters over two hours to extinguish the blaze, with no reported injuries or evacuations. The extent of the damage currently remains unclear, but a spokesperson told The Post that given the age of the residence, the situation could have been far more severe. 

“If [the firefighters] didn’t get there when they did, it could have been much worse,” the spokesperson said. “It’s a historic home.”

About the Home

The building was first built in the Garden District neighborhood of the city in the 1920s as a church. It was later used as a ballet school and then became a high-end residence in 2000. Realtor.com says it is currently valued at $3 million.

The home was purchased in 2015 by Sugarcane Parkin LLC. According to The Washington Post, this company has the same registered address as other entities owned by Beyoncé. Sugarcane Parkin is also allegedly managed by Beyoncé’s mother, Celestine Lawson, better known as Tina Knowles.

Representatives for the “Lemonade” singer and her husband have not issued any public statements about the incident, nor have they confirmed that the home is owned by the couple. 

In March of this year, storage units in Los Angeles belonging to Beyonce were burglarized. According to TMZ, over a million dollars of goods were stolen, including expensive dresses and handbags.

See what others are saying: (The Washington Post) (The New York Post) (NOLA)

Continue Reading

Entertainment

Cleveland’s Baseball Team Changes Name From Indians to Guardians

Published

on

The move marks the team’s first name change since 1915, and it comes after decades of criticism from Native Americans. 


Name Change Announced

Cleveland’s Major League Baseball team said Friday that it will change its name after the 2021 season from the Indians to the Guardians.

The team announced the name change with a just over two-minute video narrated by actor Tom Hanks.

“You see, there’s always been a Cleveland — that’s the best part of our name,” Hanks says in the clip. “And now it’s time to unite as one family, one community, to build the next era for this team and this city.”

This marks the team’s first name change since 1915, and it comes after decades of criticism from Native Americans. 

Despite long-running calls to change racist and offensive team names — including the Washington Redskins — such campaigns did not gain significant momentum until the nationwide racial reckoning that followed the murder of George Floyd.

Why Guardians?

Officials behind the Cleveland team first pledged to change the name last year and previously removed the “Chief Wahoo” logo, a caricature of a Native American character, from its uniforms following the 2018 season.

It toyed with several options before ultimately landing on Guardians, which draws from Cleveland’s architectural history. 

“We are excited to usher in the next era of the deep history of baseball in Cleveland,” team owner and chairman Paul Dolan said in a news release. 

“Cleveland has and always will be the most important part of our identity. Therefore, we wanted a name that strongly represents the pride, resiliency and loyalty of Clevelanders.”

“‘Guardians’ reflects those attributes that define us while drawing on the iconic Guardians of Traffic just outside the ballpark on the Hope Memorial Bridge. It brings to life the pride Clevelanders take in our city and the way we fight together for all who choose to be part of the Cleveland baseball family. While ‘Indians’ will always be a part of our history, our new name will help unify our fans and city as we are all Cleveland Guardians.”

Guardians will be the fifth name in franchise history, joining Blues (1901), Bronchos (1902), Naps (1903-14), and Indians (1915-2021).

See what others are saying:(ESPN)(Axios) (Cleveland)

Continue Reading