By Jason Cherubini
Summary Notes
Independent filmmakers should not try to fight the risk aversion of consumers, but rather package their projects in a familiar way. This will increase the chance that consumers will watch their films.
- Summary Notes
- The comfort of familiarity: why consumers prefer known stories and brands
- How large studios have learned to profit from the consumer demand for sequels and remakes
- How independent filmmakers can package their projects to draw in viewers without sacrificing their vision
The comfort of familiarity: why consumers prefer known stories and brands
"Recent the industry has seen a solid string of success born out of rebooting or upgrading content from the past. This is a risk-averse strategy."
Recently, there have been a lot of successful films that have been remakes or sequels of previous films. This is a risk-averse approach because it relies on content that people already know and are familiar with, rather than something new and different. This is a successful strategy because people are generally more likely to watch a film that they are already familiar with, rather than something completely new.
"It's why movie sequels really began. Tried and true and lessens the risk, as these companies are very risk averse and with millions of dollars being spent."
This quote is from Anita Busch of Deadline, and it speaks to the fact that Hollywood studios are very risk averse. They would rather make a sequel or remake of a successful film than take a chance on something new. This is because they know that people are familiar with these stories and characters, and are more likely to see the film. It is a less risky investment for the studio, and they are more likely to make their money back.
"While there may be some evidence that the domestic U.S. market is souring on the constant remakes and sequels, the same does not hold true internationally."
While some people in the US may be getting tired of seeing remakes and sequels, people in other countries are still interested in them. This is likely because people in other countries are less familiar with the original films and so they are more willing to give the remakes and sequels a chance.
How large studios have learned to profit from the consumer demand for sequels and remakes
"Risk aversion has really paid off, and studios and production companies have noticed this…Recently the industry has seen a solid string of success born out of rebooting or upgrading content from the past. This is a risk-averse strategy. You bank on content where people already have a sense of the characters, they have a sense of what the plot is, what the story is.” — Walt Hicky of FiveThirtyEight
Studios and production companies are more successful when they produce content that is familiar to audiences, rather than taking risks on new and original content. This is because people are generally risk-averse and prefer to watch things that they know and are comfortable with, rather than something that is new and unknown. Therefore, it is more financially successful for studios to produce sequels and remakes of familiar stories, rather than try to create something completely new.
"They already know these brands, and these combinations have worked on one generation and, if written properly, will work again…” — Anita Busch of Deadline
People are more likely to watch a sequel or a movie that is based on a familiar brand because they know what they are getting. This is why sequels exist, because the first movie was successful and the studio wants to capitalize on that.
How independent filmmakers can package their projects to draw in viewers without sacrificing their vision
"You bank on content where people already have a sense of the characters, they have a sense of what the plot is, what the story is."
When you are creating content, it is important to bank on content that people are already familiar with. This way, people will have a sense of the characters and the story, and they will be more likely to watch the film.
"The comfort of familiarity should not limit the filmmaker’s vision, but should act as a starting point to get the consumer’s attention and play to their risk aversion so that they sit and watch the film, instead of passing it by."
In order to get people to watch your film, you need to give them something familiar to latch onto. This doesn't mean that you should limit your vision as a filmmaker, but rather use the comfort of familiarity as a starting point. This way, you can play to people's risk aversion and get them to actually watch your film.