The Endeavor chief, speaking at an investor conference, contended that top talent deals aren't the ones to worry about as companies look to pull back their overall content spend.
And the agent had a few pointed remarks aimed at industry narratives about an overall pullback in content spending, as well as the thrifty commentary that studio chiefs have been doling out to Wall Street crowds as investors look for profit, rather than streaming growth. “When they say they’re going to cut back, instead of doing 30-day shoots they’re going to do 25 days,” Emanuel noted of studios. “They’re notpaying Keanu Reeves or Mark Wahlberg or Matt Damon or Ben Affleck or Marty Scorsese.
Over the last year, a spree of layoffs, mergers, and cost-cutting efforts have beset Hollywood’s major studios, as the imperative to grow subscribers for platforms like Disney+ or HBO Max or Paramount+ or Peacock dissolved into showing when those services can become profitable. “The streamers that are in the old linear business have to defend that linear business still,” the Endeavor chief noted.
Noting that WME also represents speakers, broadcasters, touring musicians and comedians as well as talent on film or TV, the exec added: “the movie and television business inside WME is less than 50 percent of the economics” of the firm.
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