The State of the Film Industry

The Toronto International Film Festival recently hosted a conversation with Donna Langley, the head of Universal, where she discussed the current state of her studio and the film industry as a whole. Langley shared her thoughts on the younger generation’s interest in film, premium theater formats, and the impact of social media on the industry.

Young Audiences and Premium Formats

According to Langley, young people are still very much interested in film, as evident from the success of movies like "Oppenheimer". She noted that this generation is eager to share their opinions and engage with others about the films they watch. Langley also pointed out that younger audiences are looking for a premium theater experience, such as IMAX, and are willing to pay for it. This is reflected in the quick sale of 70mm tickets to Christopher Nolan’s upcoming film, "The Odyssey", which were sold out a year before the film’s release.

The Economics of Premium Formats

Langley explained that the interest in premium formats is all about the value for money and time. However, she also noted that the downside of these formats is that studios end up competing for a limited number of available IMAX screens. This can create a challenging situation for studios, as they try to secure screens for their films.

The Role of Social Media

Langley also discussed the role of social media in generating conversation about films. She mentioned that Christopher Nolan had created a TikTok video about "Oppenheimer", which helped to attract a younger audience to the theater. Langley emphasized that social media conversations need to happen organically and cannot be forced. Studios can provide assets and information, but ultimately, it’s up to the audience to evangelize and share their enthusiasm for a film.

The Evolution of Franchises

Langley also talked about the evolution of franchises, such as the "Fast and Furious" series, which has become a global phenomenon. She explained that the studio had deliberately decided to take the franchise in a more global and ambitious direction, which has resulted in a combined gross of over $7 billion. However, Langley also jokingly apologized for taking the franchise to space in the ninth installment, saying "we can never get this genius back".