When you think of the business of movies, what comes to mind? The millions of dollars that big-name actors earn from blockbuster releases? Or, if you’re up on your media and entertainment industry trends, you might be curious about the lineup of NFT-sponsored events, parties and panels that are adding a whole new creative crypto vibe to Hollywood.
In reality, the business of movies is much broader in scope. Professors at the Wharton School have long been researching and measuring parts of the movie-making process to improve how Hollywood operates. For example: how can movie executives predict whether a film will be a hit or a flop? Or what is involved in Jehoshua Eliashberg, Wharton’s Sebastian S. Kresge Professor Emeritus of Jonah Berger, are among those business school researchers who have used analysis to understand the business of Knowledge@Wharton podcast, Professor Berger described his research-driven approach to the business of movies like this: “Often, we watch movies and think it’s just some magic, creative process where things gel together and there’s no way to understand whether it will succeed or fail. That’s not exactly right. It feels like magic…But there’s a science. [For example], we can understand the science of stories, of content more generally, by understanding the progression of ideas. By using tools that have recently become available…we can shed a light on some questions that might otherwise seem impossible to uncover.”
Here are 3 ways that Professor Berger and Professor Eliashberg have brought science to the movie 🎥 In a study titled “How Quantifying the Shape of Stories Predicts Their Success,” Professors Berger and Eliashberg (along with co-author from Columbia University, Olivier Toubia) figured out a way to measure language in movies, TV shows and academic papers to determine what makes some narratives more successful than others. They measure three things: speed (how quickly do you deliver the ideas in your story?), volume (how much total ground do you cover in your story?), and circuitousness (How direct are your ideas?), applying them to thousands of texts and examining if and how they are linked to success. Says Berger: “As marketers, as leaders, as others, these findings really help us think about how to better lay out the content — whether that content is a presentation, an argument, a speech — in a way that will impact the audience. Should we try to cover a lot of ground or relate the ideas more closely to one another? If we’re covering the same ground, should we use a very direct path or more of a spiral, where we go back to the same ideas again and again to deepen the understanding around those things?”
🎥 Professor Eliashberg has spent his academic career developing models and methodologies to solve business problems, with particular interest in media and entertainment. His most recent research, conducted with the help of Wharton marketing doctoral student Yi Liu, looks at the role of trailers (pre-launch campaigns that get you excited about watching a movie or some other media) and the economic value of the comments that they generate. Eliashberg studies a dataset of 363 movies released between 2014 and 2018. The authors write: “Trailers are commonly employed in the pre-launch campaigns of new products as an advertising tool to generate awareness and interest among the potential audience. In this paper, we argue that such trailers, whose costs range and are rising, should also be considered as a…tool having additional economic value. The incremental value is driven by the audience comments 🎥 Are you starting to see how business research can inform all dimensions of the Hollywood dazzle and help studios make smarter decisions? In the past 30 years, Professor Eliashberg has published numerous papers in such academic journals as Wharton Business Daily on SiriusXM invited him and a research colleague to talk about the Source link