[ad_1]
Watch the market
As MarketWatch turns 25, we asked the former CEO of DreamWorks Animation and producer of hits like “Shrek” about the future of Hollywood.
In 25 years of MarketWatch covering business and finance, Jeffrey Katzenberg helped reshape Hollywood. He co-founded DreamWorks with Steven Spielberg and David Geffen, produced the hit animation Shrek, and ran DreamWorks Animation, which produced blockbusters like Madagascar.
Not everything Katzenberg tried was successful. His big bet on short-form streaming platform Quibi has a reputation for failing. But Katzenberg generally has a good understanding of where the media and entertainment business is headed, as well as technology in general.
As MarketWatch turns 25, we wanted to ask Katzenberg’s five-year outlook for showbiz and other areas of his focus, such as cybersecurity. He is currently backing cybersecurity startup Aura. This is his lightly edited comment.
What opportunities do you see today that you think may become clearer five years from now?
Katzenberg: When you look out five years and think about what’s going to happen, I go back five years and make that prediction. If you look back over the past five years, the impact of digital technology on every aspect of our lives, including MarketWatch, is staggering. It affects every aspect of our business, personal and social lives. What will happen in the next five years will be much bigger than the past five years. So I think the pace of innovation and impact will be more dizzying than going backwards. Going back, you would say, it was breathtaking.
What do you worry about what you might read in MarketWatch in the next five years?
My concern is that it’s just the weaponization of communication and the deterioration of facts in our business, in our social world, in our political world. I don’t know how we can come together as a civilization if we can’t be sure what’s true and what’s not. So when you talk about that, that’s why something like MarketWatch is essential and invaluable. Let’s start by agreeing on what is and isn’t true, and then we can go from there.
What opportunities do you see in film and entertainment today?
I don’t think you can look at today’s movie and TV streaming landscape and predict the next five years. The reason is that I think this is still the center of the storm. We are at a truly transformative, structural and transformational moment for consumers. In fact, I don’t believe consumers haven’t found a balance where their value is, whether it’s at home, on the go, on a device, or in an outdoor experience. These are all part of that ecosystem. So we were on a roller coaster. So you can sit here and talk about the demise of movie theaters. And then I’d say, ‘Great, we’re going to see Top Gun: Maverick. In my opinion, this would immediately show the fallacy of that idea. Or watch House of the Dragon, watching TV is still an undeniable experience. It’s great to have a cool moment every Monday morning, it’s very exciting.
What opportunities do you see in cybersecurity today that are likely to become more pronounced in the next five years?
For me, cybersecurity is one of the very clear directions for the next five years. What is clear is that we are all becoming more vulnerable and, as a result, our needs are becoming more and more important. Today, there are more thefts in our digital lives than burglaries and break-ins. It surpassed it 18 months ago and continues to accelerate and surpass it significantly. Why? Because if I come to your house and break into your house, the risk is very high. What is the reward? Some consumer electronics, TVs, computers, a little jewelry, and almost no cash. If I break into your phone, I can access your credit, bank accounts, Social Security, the damage done and being done to people every day is extraordinary and growing. So, as we become more connected, more and more of our lives exist on these digital devices. Cybersecurity isn’t a good thing. It will become a must-have. So five years from now, I think the business is going to be explosive. It’s global. This is not unique to the US or anywhere. Everyone in the world needs it.
Are you worried about what book you’ll read about cybersecurity?
I don’t know because I think we’re aggressively tackling it. I would like to be optimistic rather than afraid that we (Aura) are a solution, we are a very viable solution. Maybe the answer is that if we can provide consumer safety and security for the home, like Netflix (NFLX) or Disney (DIS) do for our media and entertainment, it’s not a necessity, and by the way, it’s a great Yes – to have, it’s a love, but it’s not a must have. And my thesis is that your cybersecurity is actually essential.
What are you worried about you’ll read about the entertainment industry?
I’m not afraid of the entertainment industry. I’m pretty optimistic about that. There has never been more content. More content has never been consumed. What’s not clear is the balance between what we watch at home, what we watch on our devices on the go, and what we’re going to experience in a movie theater, or what’s really the best consumer mix and experience. So all these things, whether it’s streaming or cable, or you know broadcast, all these things are constantly changing. It got to the point where I don’t know how to predict what it will look like in five years, except that there will be huge opportunities and huge winners. That doesn’t mean they’re big losers, because it’s not a zero-sum game. There can be many, many winners. There will only be winners of different sizes, with different scales, with different ambitions. Apple’s entertainment ambitions are unique. It’s brand building, and they’re doing a great job, but they’re not thinking about the investment. Nor is anyone investing in Apple (AAPL) because of Apple TV+. That’s not there. This is its ecosystem. All ships within the system are ascending. As brand building proceeds. That’s not what other people are doing. So how do you compare it to Warner Discovery (WBD) or Netflix? You can’t, it’s apples and subs. They have nothing in common.
– Market Watch
(End) Dow Jones Newswires
October 15, 22, 1817
Copyright (c) 2022 Dow Jones & Company, Inc.
[ad_2]
Source link