On Monday, Kevin Mayer, current co-CEO of Candle Media and a former high-ranking executive at Disney, engaged in a comprehensive discussion, known as the Paley Dialogue, primarily focusing on his views regarding the influence of social media on the movie industry.
Kevin Mayer’s discussion titled ‘The Future of Storytelling,’ moderated by Janelle Riley from Variety, took place at the Beverly Wilshire. It started with insights into his role in Disney’s acquisition of Marvel and his eventual departure from Disney in 2020 following the launch of Disney+. After leaving, he assumed the position of CEO at TikTok.
For a considerable period, representatives from ByteDance (TikTok’s parent company) had expressed interest in recruiting me. Initially, they wanted me to serve as their Chief Financial Officer, but I was deeply attached to Disney and believed I had a promising future there. When I didn’t secure the CEO position, which went to Bob Chapek, it was a matter of public knowledge, and another individual was chosen instead – such is life and business. Later, they proposed an intriguing opportunity: to become the CEO of TikTok.
Mayer expressed his view that TikTok represented “the future of storytelling,” given its robust algorithm. However, he left the company shortly after, stating that President Trump was ordering its shutdown through executive orders. Being the American CEO of such a company, he found it incredibly challenging under these circumstances.
Later on, he teamed up with his ex-Disney colleague Tom Staggs to establish entertainment venture Candle Media, understanding the significance of autonomous content as studios were producing and keeping their projects exclusively for their own streaming platforms, which could be referred to as the Hollywood industry’s vertical integration that Bob [Iger] and I had initiated.
However, as Netflix struggled to add new subscribers in 2022 and investors demanded profitability from streaming services, Mayer pointed out that there had been a significant decrease in the acquisition of content from independent studios. He also mentioned that it was now more challenging to sell content to streamers compared to three years ago when they first started, citing Candle Media’s two major assets: Reese Witherspoon’s Hello Sunshine and children’s media company Moonbug Entertainment, which is responsible for the popular show Cocomelon.
Moving forward, Mayer indicated that “the majority of our acquisitions will be focused on Moonbug, our second largest channel on YouTube.” Notably, as per the executive, Cocomelon has topped Netflix’s most-watched shows since 2021.
During his discussion, Mayer often touched upon the evolving landscape of the entertainment industry. He expressed his belief that influencers have grown to be the idols of the younger generation, perhaps even surpassing the fame of movie and TV stars today. Despite the fact that influencers might be more disposable than traditional celebrities, Mayer suggested that collectively, they wield a greater impact now than ever before.
He additionally stressed the point that “by 2025, the focus of young people will no longer be centered on Hollywood, given its displacement by social media platforms like TikTok and influencers, and it’s simply a matter of fact that Hollywood will diminish in size.
He stated, “Won’t it fade away? Not at all. Won’t its influence expand, remain vibrant, and relevant – will that expansion continue? It won’t,” he emphasized, gesturing towards the fact that pay TV was once a “dream realized for Hollywood” but has now been overshadowed by the significantly less profitable realm of streaming.
Hollywood’s influence is waning significantly, with fewer people spending time on it, and when they do, it’s less profitable,” Mayer emphasized. “The industry is grappling with a persistent and severe challenge that needs more attention than it has been getting. This trend is cause for genuine concern.
He emphasized that established news outlets should feel “extremely worried” and he envisions the future by significantly increasing involvement in YouTube. Furthermore, as the demand for conventional-length entertainment decreases, it’s crucial to be highly unique, which is why we acquired Hello Sunshine.
Mayer also voiced his thoughts on A.I. through the chat, saying “I don’t believe A.I. will overtake human ingenuity and creativity, but it can enhance it and even replace it in certain fields. I think that’s a reasonable worry.” He also predicted that social media platforms might soon need to compensate their creators fairly, similar to how YouTube does.
He stated that YouTube gives out around half of their earnings to the content creators, sometimes more or less. Platforms like TikTok and Instagram benefit greatly from this free content, generating substantial profits through advertising. While they may not be eager to compensate creators at present, it’s likely they will need to do so eventually.
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2025-04-01 18:55