As 2024 winds to a close, this week we looked back on a couple of major highs and deep lows for the year. We reported on the 15,000 jobs that were lost in Hollywood and within the media with a deep-dive into 2024's biggest layoffs. We also reported on how 2024 became the biggest year for animation ever, with over half of the year's box office coming from animated hits, and we tackled MSNBC's lost audience (will they come back?) and the rocky road to make "Sonic the Hedgehog" an unlikely franchise hit for Sony.
— Adam Chitwood, Executive Editor
1. Entertainment and Media Suffers Another Major Blow in 2024 With 15,000 Job Cuts
By Sean Burch, Tess Patton, Lucas Manfredi and Jeremy Fuster | Source: WrapPRO
In 2024, nearly 15,000 jobs were cut across broadcasting, film, television, streaming, and news industries, continuing a harsh two-year trend that saw a 368% increase in layoffs compared to 2021-22. Key drivers include the shift to streaming, declining profitability in traditional media, and the aftermath of industry strikes.
Companies like Disney, Paramount, and Warner Bros. reduced headcount significantly due to cost-cutting, consolidation, and the transition from linear to streaming. Meanwhile, the news industry suffered due to shrinking advertising revenues, declining consumer trust, and competition from digital platforms.
The integration of AI into both media production and newsrooms raises concerns about job displacement. Despite growth opportunities in streaming and tech, experts predict continued consolidation and layoffs, signaling a challenging future for the industry.
2. MSNBC Viewers Still Haven’t Returned Post-Election – Will They Ever Come Back?
By Loree Seitz | Source: WrapPRO
MSNBC's primetime audience has dropped by 55% following Donald Trump's re-election, mirroring historical trends after Republican victories but raising concerns about whether viewers will return.
Viewers are increasingly turning to podcasts, YouTube, and other digital platforms, with younger and older demographics consuming news via vertical videos and intimate podcast formats. MSNBC's most-watched status on YouTube in 2024 reflects this trend but faces intense competition from alternative content.
Many viewers feel disillusioned with MSNBC's election coverage, citing unmet expectations and perceived network bias. Experts suggest this discontent, paired with political exhaustion, has led to temporary disengagement, though significant news events under Trump's presidency may reignite interest.
3. What Made 2024 the Biggest Year for Animation Ever | Analysis
By Drew Taylor | Source: WrapPRO
Animated films dominated 2024's box office, led by "Inside Out 2" with $1.69 billion alone, making it the highest-grossing animated film ever. Other major animated sequels like "Moana 2" and "Kung Fu Panda 4," along with original hits like "The Wild Robot," contributed to over $4.6 billion in global revenue.
Streaming platforms played a crucial role, with franchises thriving due to their presence on Disney+ and Netflix. A mix of visual styles, from polished CGI in "Inside Out 2" to indie innovation like Latvia's "Flow," showcased the growing range in animation.
Despite challenges from the 2023 actors' strike, studios rushed to complete films, with some setting records, like Pixar's 35 actors recorded in three weeks for "Inside Out 2." The year's success set the stage for a similarly diverse and ambitious animation slate in 2025.
4. Panic in Hollywood’s LGBTQ Community: Some Weigh Emigration Ahead of 2nd Trump Term
By Sharon Knolle and Tess Patton | Source: WrapPRO
Hollywood's LGBTQ+ community is experiencing heightened fear due to Donald Trump's reelection, with many considering emigration or other protective measures in anticipation of potential rights rollbacks and increased hostility.
High-profile figures like Ellen DeGeneres and Laverne Cox are exploring relocation to Europe or the Caribbean, citing safety concerns amidst fears of targeted discrimination and a lack of legal protections under proposed policies inside Project 2025.
While some choose to leave, others vow to stay and advocate for LGBTQ+ rights through storytelling and activism, emphasizing that conservative shifts in values are a global concern, not limited to the U.S.
5. ‘Sonic the Hedgehog’ Dodged Every Twist Thrown at Hollywood to Become a Hit Franchise
By Jeremy Fuster | Source: WrapPRO
After severe fan backlash over Sonic the Hedgehog's initial design for the first film, the pandemic-affected production of "Sonic 2" and the strikes delayed "Sonic 3," director Jeff Fowler and his team have navigated every major Hollywood curveball in the last five years to turn the franchise into a massive success, grossing over $720 million worldwide.
Despite the pandemic, production delays, and industry strikes, the team leveraged extensive pre-visualization and efficient collaboration to successfully deliver sequels and a spinoff series, building trust with fans and within the production team.
With the success of "Sonic the Hedgehog 3" and its highest reviews yet, the franchise is set to expand with a fourth installment and further spinoffs, establishing it as one of the defining video game adaptations of the 2020s.
With a focus on delivering actionable intelligence, the PRO Tip Sheet empowers readers to stay ahead of the game in the industry. Want to go deeper? Explore WrapPRO today.