2024 was a bad year for the TV and film business - and was particularly hard for a set of celebrity-backed production companies that previously raised large amounts of capital at eye-popping valuations.
The investment boom drove a celebrity production company bubble, said Paul Hardart, who directs the entertainment, media, and technology program at NYU's Stern business school. 'The prices they were garnering were probably bigger than the market could hold...'
Reese Witherspoon's Hello Sunshine fell far short of its profit expectations in 2023, leading parent Candle Media co-CEO Kevin Mayer to admit they 'paid at the top of the market.'
2024 was grim for many in Hollywood, with new TV series orders down 42% from their peak in mid-2022, per Ampere Analysis. The year brought more damage to some celebrity-backed outfits.
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