FOX Studio Lot, where some of Hollywood’s most lauded movies and television shows were born, is receiving a historic upgrade. Set to receive $1.5 billion to secure their future in film and media production, FOX is adding new office buildings, nine new soundstages, and developments in sustainability to reduce their environmental footprint.
Though these upgrades have been a long-time-coming for one of America’s biggest film production companies, FOX seems to be pushing for more modern tech to keep up with the rapid growth in streaming services.
Soundstages are hard to come by in Los Angeles, and with the addition of nine new soundstages on their property, the FOX Studio Lot will have a total of 24 stages after the production is completed. Furthermore, the stages, both new and old, will be equipped with advanced technology that is specially designed for film, television, and content creation.
The huge price tag that will hopefully make all of these improvements a reality can only be justified by the ever increasing market of streamable content.
As the desire to go to a theater to watch an upcoming movie declines, the demand for more accessible, at-home streamable content has increased significantly. People are now more prone to stay in when a major film releases rather than experience it as part of an audience.
With the explosion of streamable content has also come the significant increase in opportunities, especially for creators who are just beginning their film journey. Though major films like action movies and franchises are still huge culturally, streaming services allow creators to produce content that may not ever make it to a theater, but will still reach an audience sizeably comparable to a blockbuster hit.
In an effort to keep pace with this unfathomable growth and their dwindling studio space, FOX needs to drift away from making films for movie theaters and instead invest in the production of content for streaming services.