Hollywood’s annual gauntlet of upheavals didn’t stop the titans of the entertainment business from getting creative, as evidenced in Variety’s 2024 Dealmakers list. This year’s honorees managed to keep the wheels turning through a minefield of labor strikes, a deflating streaming bubble, and AI-induced anxiety. If there’s one takeaway, it’s that these dealmakers are the definition of resilience — pivoting, innovating, and pushing boundaries to redefine what’s possible in the entertainment industry.
The big question looming over the industry remains: How can Hollywood evolve without losing its creative soul?
AI: The Game-Changer (and Scapegoat)
It’s no surprise that artificial intelligence has been the talk of the town. From talent contracts to licensing, AI’s disruptive potential is both a threat and an opportunity. The Akin Gump team nailed it when they advised Hollywood to embrace AI for efficiency rather than fear it. While others, like Kevin Yorn, are wisely ensuring extra protections for their clients against AI misuse, the divide between innovation and caution is stark.
What’s clear is that the industry is at a crossroads: AI can either accelerate creativity or undermine it. For now, it’s a balancing act that even the sharpest minds are still figuring out.
Music Catalogs: The Bankable Asset
Another trend that continues to captivate Hollywood is the booming market for music catalogs. This year alone, we saw Blackstone’s $1.6 billion Hipgnosis acquisition and HarbourView’s relentless march through the catalog space. As John Branca said, it’s about protecting IP rights amid an ever-changing landscape.
But here’s the rub: Is this focus on catalog acquisitions sustainable, or are we heading for another bubble? The appetite for legacy content is strong, but as streaming platforms shift their priorities, the long-term play remains unclear.
Consolidation: A New Wave of Mergers
The industry’s dealmakers have also had to navigate a resurgence of mergers and acquisitions. From Skydance Media’s $8 billion merger with Paramount to Sony’s acquisition of Alamo Drafthouse Cinema, consolidation is reshaping the power dynamics in Hollywood. But as Maria Anguelova aptly pointed out, the key lies in nuanced deal structures that reflect the “new realities” of the market.
Consolidation offers opportunity, but it also risks stifling creativity. Smaller, independent voices may get squeezed out, leaving audiences with fewer choices. The trick for these dealmakers will be balancing scale with innovation.
A Nod to the Innovators
This year’s list isn’t just about the heavyweights—it’s about those who’ve dared to think differently. Audible’s leap into musicals, the Safdie brothers’ unique projects, and TikTok’s AI-enhanced licensing agreements highlight the fresh ideas bubbling beneath Hollywood’s corporate sheen.
As we look ahead to 2025, the entertainment industry faces a dual challenge: staying true to its creative roots while embracing innovation. Variety’s Dealmakers list proves that while the terrain may be treacherous, there’s no shortage of trailblazers willing to chart a path forward.
For those of us who love the movies and the magic that goes into making them, this resilience is reassuring. As the saying goes, the show must go on—and in Hollywood, it always does.
