Joe Adalian

So that means big things might not get made.

Or if they do get made, people will make a lot less money of it.

So from that sense, consolidation is bad.

Because they simply don't need to fill the pipeline as much as they did.

They don't need to compete as much.

Right now, you know, the studios compete against each other for every weekend, and they want to have the movie that's going to win.

And that doesn't mean that you can't have Disney.

Sometimes we'll have two movies in the marketplace.

It does happen.

But it means that you're not going to take as much risks because you're not going to want to cannibalize your bigger picture, your bigger project.

And you only need so much to fill your pipeline, too, because one of the reasons studios make movies is to fill their television pipeline.

So Warner Brothers now is making movies with the eye on what's going to play on HBO Max.

and what they can sell in the secondary market.

Paramount for Paramount Plus.

When you have one consolidated platform, you probably don't need as many movies.

And had this deal gone to Netflix, by the way, there also would have been fewer movies.

Not for the reason that everyone thinks because, oh, Netflix doesn't want to do movies.

I think Netflix would have continued, would have gotten into the theatrical business.

I really do.

But they probably would have made fewer Netflix original movies that were really expensive.