Mumbai: As 2023 came to a close, it marked a turbulent year for the media and entertainment industry. Extended strikes by the Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists led to a standstill for months, leaving wounds that are still healing.
Major layoffs followed, with big players like Netflix and Spotify facing tough new realities. Some studios even dimmed their lights, while others closed their doors for good, unable to withstand the storm.
But as the old saying goes, the show must go on. As the entertainment industry gears up for 2024, it’s grappling with the aftermath of the strikes while also looking ahead to the opportunities that digital technology offers.
Production delays might cast a shadow over the coming months, but there’s also excitement about a potential boom in Visual Effects work that could bring dormant screens back to life. However, the road ahead is filled with uncertainty.
Two rising stars in the digital ecosystem, artificial intelligence (AI) and Virtual Production, are eagerly waiting to shine in 2024.
AI allows creators to bring their wildest imaginations to life digitally, automating repetitive tasks and freeing them to focus on more valuable work. But not everyone in the industry is ready to roll out the red carpet for AI, with some fearing that it might overshadow their roles.
On the other hand, Virtual Production blends the physical and digital worlds, giving directors unprecedented control over the creative process. Its potential is limitless, constrained only by one’s imagination. However, significant financial and technical challenges need to be addressed before Virtual Production can take a bow as the next big thing in entertainment.
India’s smaller VFX studios, known for their meticulous visual work for foreign firms, are particularly unsettled by the upheavals of 2023 and the digital transition of 2024.
As AI continues to rise, there are concerns that it might master even these niche visual skills, especially after 2025. With their success tied to the ever-changing international market, India’s boutique studios face complex decisions about their future.
The main drama of the next act lies in the interplay between digital promise and disruption.
As the industry moves towards virtual platforms, it’s a delicate balancing act to progress without losing too many of its current stars before new ones can take their place. This profound change calls for careful, compassionate steps, gradually embracing new technologies while staying true to the creative traditions that continue to captivate audiences worldwide.
If the industry can strike the right balance between the past and the future, 2024 might see a broader revival from the creative low point of 2023.
Just as the bitter end of this year’s strikes planted the seeds for collective renewal, digital disruption can also bring new opportunities. Despite the apprehension surrounding the coming year, with careful planning, the entertainment industry can continue to write its next exciting chapter. As the curtains rise on 2024, it’s ready to weave both virtual and genuine digital magic into creative existence.
