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They were watching the series finale of Breaking Bad. It’s the on-demand platform of choice for millions of viewers, perhaps even cannibalizing those viewers from the TV networks themselves. Ten million Americans can recall where they were the night of September 29th, 2013. We imagine she’ll be the Judge Judy of money. The Economics of Information, Communication, and Entertainment The European Heritage in Economics and the Social Sciences The Milken Institute Series on Financial Innovation and Economic Growth The New York University Salomon Center Series on Financial Markets and Institutions If everything gets the axe, there’s no time to develop something new. Of all the pilots aired on a new TV lineup, only 35% will air longer than a single season without cancellation. AMC saw the writing on the wall back in the late 2000s. On the show, real-life inventors and entrepreneurs pitch their products to real-life investors, the so-called sharks. Not a traditional finance show, but still a great source for information on the economy and the state of the world. It’s a must-watch for any budding entrepreneurs out there. CAA, Hollywood’s leading talent and literary agency, expects Microsoft to compete with Netflix on a similar pricing structure. So how can the TV business afford to operate this way? And its competitors are doing the same. To some extent, they’ll need to pay top dollar for the best actors, writers, scripts, and pitches. This could be a book, a newspaper article, a blog post, a video game, or even the rights to someone’s life story. Few industries would routinely pay millions per unit of an item, sight unseen, with minimal (and sometimes no) market research. Distribution fees are important to broadcast networks, but they’re extremely lucrative for the most in-demand cable channels, such as ESPN, that few people would subscribe to cable packages without getting. There are guest interviews, viewer calls and Cramer’s opinions about which stocks to watch and which ones to avoid. A pitch involves writers and agents presenting concepts to studios, production companies, or networks. Welcome to "The Economics of the Office," a compilation of curated video clips from the hit television series "The Office" that illustrate concepts in economics. But this handful of showsappears to have driven a $75 million increase in ad sales last year. NBC, which has languished near the bottom of the ratings pool for a few years in a row, now suffers from the lowest average advertising rates of all the major networks. So the odds of a script achieving success are actually closer to 2.1%. It covers both fictional and documentary films. Fictional films. Economics U$A is a telecourse series covering the subjects of microeconomics and macroeconomics. High spec prices usually result from bidding wars between the networks. Either way, the rerun business is a pretty boring one, and with the advent of Netflix and other VOD (video on demand) services, it’s also a dying one. A successful upfront presentation is more Steve Jobs than Steve Wozniak. To determine the show’s effect on the network’s revenue, we need to hit the books. Small changes can be made to the schedule – a shuffling of the deck chairs, so to speak – but it’s too late to shoot new pilots to fill any gaps that emerge during the upfronts. Breaking Bad started as a concept that X-Files veteran Vince Gilligan developed as a struggling and intermittently employed writer. 20th Century Fox is in turn a division of Fox Entertainment Group, itself a subsidiary of 21st Century Fox, which also happens to own the Fox movie studio. Instead they judge the confidence the network projects in its slate. As Amy Chozick of the Wall Street Journal puts it: “All kinds of things can turn a promising idea into a flop. The Hollywood Reporter, a trade paper, estimates that the networks spent $712 million shooting those pilots. Viewing Subscribers grew like gangbusters in 2009 at 23% year over year (Breaking Bad premiered in 2008 and first gained traction in 2009; Mad Men had premiered in 2007). They do conduct market research (usually in the form of focus groups) while in pilot production. TV will always depend on hits, but there are far less crazy ways to find them. Breaking Bad debuted in 2008 to an audience of only 1.4 million – not bad for cable, but by no means a hit. He’s also the author of Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves. It also teaches how to pitch to investors, what not to say and how to make your product irresistible. A show either looks good in May or it gets the axe. Season 5 Episode 14 "Two Weeks" Teaching of Economics (A20) Unemployment (J60) But almost nothing is certain about the fate of a show this far out. Why not let the market decide, without the pressure of advertisers or distribution partners? Microsoft recently opened an original content business under CBS veteran Nancy Tellem. Gilligan attracted the interest of Sony, who joined him in pitching the idea to networks around Hollywood. Finance documentaries are also a great way to gain insight and knowledge. Instead of trying to guess at viewers’ reactions, they should tap into them. By John P. Shanley. Of all the distributors of television programming, Netflix is in the best position to develop more lean and nimble proofs of concept and to serve them to the right audience. It competes on breadth, assortment, and convenience of delivery – but networks and studios have increasingly come to fear it. A hot spec – an original project from a writer with a hit-filled track record or the rare buzzworthy project from a newcomer – can easily fetch six figures. Casting may not click. It embraced the second option, choosing to bet the farm on original programming with the debut of Mad Men in 2007. Things could get even more expensive. The vertical and horizontal integration in the TV industry can be staggering. This one airs on CNN on Saturday mornings. In some ways, TV networks are like venture capital firms. Why, for instance, couldn’t Netflix buy scripts – or hell, get into the blind script business with established writers – and then test them out before fully committing to them? The answer has a lot to do with how networks make money, and the very structured way in which TV advertising is sold. Due to the fixed upfront schedule, iteration (improving or tweaking the show multiple times in response to viewer feedback) is also challenging. Uncertainty is the enemy. Now, digital technology has changed the economics of TV once again. Jerry: Well, maybe in philosophy. But judging the future success of a show is extremely difficult at all stages of development. Netflix paid $100 million up-front for two 13-episode seasons of its original series House of Cards, and CEO Reed Hastings has stated his intention to create at least five more originals per year at similar budgets. She’s now developing “Money Wars,” a new daily show where she will help friends, families and couples solve disputes they have over money. Many of those shows, especially the new ones, are still in various stages of production. (An audience of 10 million is huge for cable, but regular primetime programming on big networks routinely meets or exceeds that number. This is just the tip of the iceberg. With so many programs to choose from, it can be a daunting task finding the show that’s right for you, but rest assured that show is out there. But there is no valid reason why Netflix should have placed a blind, $100 million bet on a new series. Sourcing material is often the cheapest way to develop a concept. With the entrance of outsiders like AMC, Netflix, Amazon, and Microsoft, there are more buyers in the marketplace than ever before. Sorkin is financial columnist for The New York Times and the editor-at-large of "DealBook." One of those competitors is Netflix, the distribution partner largely responsible for Breaking Bad’s mainstream breakout. Find dates/times here. You’ll find out what costs are on the rise and what’s on the decline. (The Daily Variety, a Hollywood trade publication, credits a 2011 partnership with Netflix for the big jump. Why can’t they find a more scalable, more efficient, less expensive way to test concepts? Depending on the stage of the idea, a would-be show could be bought or optioned by a production company, a studio, a distribution company, an individual producer, or a network. Weekly viewership increased to an average of 2 million in 2009, then to 2.58 million in 2010. This is why networks often hand off sourced concepts to established writers to flesh out. This is a list of economics films. It’s hosted by Christine Romans, and she breaks down the business news of the week and shows you how it impacts your bottom line. Turn your company data into content marketing people actually like. The Cramer bounce refers to the sudden overnight rise of a stock's price after it has been recommended by Jim Cramer on his CNBC show, Mad Money. A writer who sells her script has a depressingly small chance of ever seeing it on the air. This system forces networks to place a polished facade over the chaos of the creative process. This author worked at 20th Century Fox Television in the mid-2000s and couldn’t tell you who signed his paychecks. Basically, this is revenue earned from selling the rights to cable companies, satellite providers, and other major distribution channels to carry the networks’ branding and programming. The networks of the future – the ones with built-in audiences and distribution systems – should make better use of their ability to do so. But wait – it gets worse. Follow him on Twitter here. Why sit around watching an old movie channel when you can push a button on Netflix and get exactly what you want, when you want it? Viewing Subscribers is, as the name implies, a measurement of how many people are actually watching the network. Reality TV changed the economics of television, and now it's paying for it. For those keeping score, that’s a pilot-to-series rate of 56% for Fox and 33% for ABC. The best business films and TV shows on Netflix. A 30,000+ word blog post about how to write about information and make it spread. But even nothing is something. -- Seinfeld, “The Pitch”. By using Investopedia, you accept our. And that’s just for shooting the pilots themselves; those costs don’t include the millions of dollars spent acquiring and developing scripts, pitches, and talent deals. Find dates/times here. To take one example: 20th Century Fox, a holding company, owns Fox Television Studios (a production company), 20th Century Fox Television (a production group and studio), 20th Television (a syndication and distribution company), and Fox Broadcasting Company (the network, also known as FBC or simply as Fox). Alternatively, a show could develop from a speculative or “spec” script pitched “around town” by a writer’s agent. But keeping Breaking Bad on the air was a big investment. Keep reading to learn how to best utilize these clips in the classroom or click on the button below to browse and search our full catalog of clips. A poorly received pilot is unlikely to attract advertising dollars. If the sharks believe in the product, they invest their own money. Learn how to create content marketing that performs. ABC’s Shark Tank isn’t a straight-up finance show, but it will teach you about smart investing if you watch closely. But they also make quite a bit of money (sometimes 50% or more) from licensing and distribution fees. Spec sales occur throughout the year, though a lot more specs get shelved than sold. A writer or producer with a strong track record, on the other hand, can sometimes sell a pitch with little more than George Costanza’s logline. Will order about 20 pilots and bring 6 to the air was a big investment staffed right away and writing! Fate of a show is extremely difficult at all stages of production, AMC has had a of. ” before AMC purchased it wars between the networks had a string of hits elevated AMC from a $ million! Respectable clip in 2010 put it another way, any given year saving retirement. For information on the rise and what ’ s revenue, we need to rely on itself... 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