Instead of focusing on distractions, such as fiddling while Rome burns, Kevin Mayer, co-CEO of Candle Media, emphasized that Hollywood should prioritize addressing demographic shifts and evolving consumer habits. He suggests that the numbers don’t support the sustainability of the conventional TV and film industry as we know it.
On Monday evening, Mayer appeared at a discussion held by the Paley Center for Media, specifically the Paley Dialogue session, which took place at the Beverly Wilshire Hotel in Beverly Hills. This event was moderated by Jenelle Riley, who is the deputy awards and features editor for EbMaster. During the conversation, Mayer emphasized that the conventional entertainment industry should respond more promptly to devise innovative methods for engaging consumers. He pointed out that since the advent of the millennial generation, viewing time for traditional TV shows and films has decreased by double digits approximately every two decades, he argued.
Mayer pointed out that Hollywood is gradually losing its significance and profitability, as more time is spent on streaming content rather than traditional linear TV. He noted that this trend poses a significant, long-term challenge to the industry, though there may not be enough concern yet.
As a seasoned executive with over 15 years under my belt at Disney, followed by a brief stint as CEO of TikTok’s U.S. operations in 2020, I’ve witnessed significant transformations in the content marketplace post-pandemic. The double blows that hit our industry hard in 2023 have underscored these changes. Recognizing the growing importance of high-end independent production amidst the rise of vertically integrated studios and streamers, my colleague Tom Staggs and I founded Candle Media in 2021.
Candle faced some difficulties due to the significant decrease in content commissions from major corporations following a strike. However, another core concept of the company has shown remarkable foresight considering the upheavals within the industry and the growing preference among younger audiences for social media-based video platforms.
According to Mayer, it’s been more challenging to sell content compared to three years ago when we first started, as he pointed out. The initial part of our assumption was off the mark. However, the other part of our assumption was that a flywheel would emerge, and this is based on my experience with TikTok. This flywheel concept involves blending social media storytelling with traditional media storytelling, such as film and TV, on interactive platforms where you can engage with your audience, build trust, and ultimately sell them products. We refer to this as content, community, and commerce. This flywheel, which we believed would be powerful, is indeed true in today’s context.
Initially, Candle made several acquisitions, such as Reese Witherspoon’s Hello Sunshine and Moonbug Entertainment, the producer of “Cocomelon.” These purchases were funded by money from the private equity giant, Blackrock. Even though the content marketplace is experiencing changes, Mayer reassured the gathering of industry experts that Blackrock continues to be committed to its investment in Candle.
Mayer mentioned that we have an exceptionally strong private equity partner in Blackstone, the world’s largest alternative investment manager by a significant gap. They are incredibly supportive, having stood by our side through all challenges. Furthermore, when we discover excellent acquisition opportunities, they are quick to offer their assistance and support.
Mayer hinted at upcoming purchases leaning towards “Moonbug-style” content, which appears to center around digitally native material heavily integrated with social media platforms. Mayer and Riley frequently discussed the significance of YouTube as a dissemination channel.
YouTube, which has been in operation for 20 years now, stands as the largest platform in its category,” Mayer noted. Crucially, he emphasized, YouTube offers financial compensation to its top content producers, a feature that no other platform currently provides. “Unlike Instagram and TikTok, where creators can earn money by directly negotiating with marketers for influencer marketing campaigns, YouTube is unique in that it pays its creators directly – and substantially so,” Mayer explained.
The discussion eventually steered towards Artificial Intelligence (AI) and the influence of advanced AI-driven creative tools and machine learning on the art and commerce of entertainment. Mayer shared significant insights he gained during his four-month tenure as head of TikTok in the United States.
He stated that TikTok’s true worth lies in its AI recommendation system. Essentially, this AI is like a personal assistant, learning your preferences and tailoring content accordingly. In essence, the TikTok algorithm functions as an advanced AI, deciphering your subtle app usage patterns to serve you recommendations that often surprise you, even though they perfectly match your interests.
During his four-month tenure as CEO of TikTok USA and COO of Bytedance, his experience was far rockier than he initially anticipated. It quickly became apparent that the role was unsustainable during President Donald Trump’s first term. However, four years later, Trump granted a reprieve from digital execution to TikTok when he resumed office. The app was permitted to restart limited operations, following the Biden administration’s deadline for its sale to an American-owned company or its shutdown in the U.S. Simultaneously, efforts were intensified to find a potential buyer.
He explained that he temporarily left his role as the head of the company due to Trump’s actions, which involved closing down TikTok through executive orders and business shutdowns. It was a challenging time for an American executive in that position. He added that it appears TikTok may continue to exist, but the situation remains uncertain. He found the developments surrounding TikTok almost as fascinating as using the app itself.
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2025-04-01 19:47