Anita Elberse
Anita Elberse
Anita Elberse is a Professor of Business Administration at Harvard Business School. She is a leading expert on the entertainment, media and sports sectors. She has published her research in top academic and practitioner journals in the fields of marketing, economics, and management. According to the Wall Street Journal, " takes the same statistically rigorous approach to entertainment and cultural industries that sabermetricians do to baseball."...
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One problem with relying on existing concepts is that it could stifle innovation, weakening the film sector over time.
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In investing, we intuitively think we should make a number of small bets. A blockbuster strategy is the opposite. It means making fewer huge investments. But it turns out to be safer.
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Think about trailers you see in theaters. If you're seeing a Warner Bros film, the studio might have three of the five trailers. So having a hit helps you create the next hit.
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For the first case I did with Octone, 360 deals were not at all being talked about. And then for the follow-up case, it was the focus. I wanted to see how things were changing and what the new challenges were.
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Because making movies is such an expensive endeavor, other media such as books and comics have long been a more feasible way to experiment with truly new ideas.
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If you're a film studio, you're making a movie for a foreign market. You're pursuing ideas that travel well. It changes the movies we see and how movies are made.
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Jay Z is building a range of businesses just on the strength of his brand. Lady Gaga has formed really interesting partnerships. Justin Bieber and his manager Scooter Braun are investing in a number of different companies and also promoting them in many ways.
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With so much money invested in their most promising projects, Hollywood executives will understandably do everything in their power to make their products a success in the marketplace. Therefore, the most expensive films often also get the highest marketing budgets, and are slotted into the most favorable opening weekends.