In the past, the success of talent agencies were defined by the amount of qualities that agencies could boast. Perhaps, also, the quality of the talent that these agencies acquired was also hugely beneficial for marking the level of success that talent agencies procured.
For example, the film industry used to be largely based around various studios that had certain stars attached to them. Fred Astaire and Ginger Rogers, for one, were tied to RKO Radio Pictures for many years.
Now, however, the model for successful talent agencies is shifting, as is the entire landscape for the entertainment industry. For one, talent agencies are increasingly more dependent on their own internal growth as well as generating revenue from outside sources. They cannot afford to be completely reliant on the star power of their celebrities.
One reason for this is because with the increase in popularity for services like Hulu and Netflix, actors are working for fewer episodes of television every year. Additionally, stars do not get people into movie theaters as effectively as they used to, with many considering Leonardo DiCaprio the last actor that could pull an audience based on name recognition alone.
WME-IMG is pursuing the option of owning their own content in 2017, while CAA is looking to making deals overseas. Both of these seem like viable options as the foreign market for films and television has only gotten larger over recent years (after all, it rescued Universal’s Dark Universe by buoying most of the profits made by 2017’s The Mummy) and the idea of producing your own content has come to be one of the most lucrative ones with every company getting into the game, from Apple to Netflix to even Amazon.
Time will tell which talent agency truly proved to be the victorious one this year.