Hollywood and Social Media
http://vimeo.com/moogaloop.swf?clip_id=17674388&server=vimeo.com&show_title=0&show_byline=0&show_portrait=0&color=00ADEF&fullscreen=1&autoplay=0&loop=0PS: This video was shot using a Flip video MinoHD 8GB camcorder
Transcription
I’ve had this video transcribed below for those who prefer to read rather than listen or watch. The transcription provided by me.Hi everyone! Mark Regan here. Friday, December 9th. It’s another cold Friday in Tampa.Recently, I saw one of those movie previews where they use the prescreening people coming out of the theater to give those inauthentic testimonials and it reminded me of this technique that I learned about back in business school where Hollywood would use these prescreenings to determine to the best of their ability, whether the movie is going to be a success or a failure.And if they thought its going to be a failure, or not as successful, they would actually throw more marketing dollars into the movie so that they could recoup their production investment within the first few weeks so that before the word of mouth got out about the quality of the movie, the investment was made back.However, if the movie is thought to be successful, they will let word of mouth and the quality of the movie shine through, word of mouth to get out so that people might see it the second time, take other people with him to see it. Tell their friends and family about the movie.And while it won’t make this much in the first few weeks, in the long run, they will actually make more and have less marketing dollars put into it and obviously then turn into a higher profit. And it made me think a little bit about—I learned that that was before social media and it made me wonder the impact of social media on that technique.One of the—two of the dependencies that technique had is that requires the lack of information and a long delay in word of mouth getting around, and with the internet, number one being their—people have much more access to multiple forms of reviews and different types of information on a movie. And with social media, word of mouth spreads a lot faster so that a few weeks may get compressed down to a few days and possibly ruin the ability of the producers to get their money back.So I am wondering what do you think?The impact of social media on Hollywood in this tactic, how does Hollywood deal with bad movies in getting their investment back?They can’t just throw it away. And if word of mouth is so fast and information is so accessible, how does Hollywood make sure that enough people see their movie to get their money back?Leave me a comment below. I’d be interested to hear what you had to say. Take care.