This year’s Award season has come to an end. All the Oscars and Golden Globes are handed out. What happens on the movie screen is no longer just a fictive dream world but more and more impacting society at large, including politics and business. From futuristic movies driving innovation to companies going public after a blockbuster movie, in this blog post, we dive deeper into the influence of Hollywood on corporate decision-making.
From the big screen to the top table
On an individual level, there is an increasing presence of celebrities in boardrooms, as well as prominent business professionals showing up on the big screen. Top executives, including Jeff Bezos, Elon Musk, Bill Gates, and Michael Bloomberg, appeared in popular TV series and movies. Similarly, many celebrities, like Ryan Reynolds and Ashton Kutcher, capitalize on their success by (co-)founding companies and venture capital firms and use their extensive networks and brand power in corporate settings. From tech startups to established conglomerates, celebrities are leveraging their fame and expertise to make an impact on business strategies.
Driving innovation
However, the connection between the boardroom and the big screen extends beyond the individuals involved. The film industry itself plays a role in shaping corporate decisions through its storytelling and portrayal of future possibilities. Futuristic movies, in particular, have the power to inspire innovation and drive change within companies.
Movies like Blade Runner, The Matrix, and Minority Report all depicted futuristic worlds filled with advanced technology, like gesture-based touchless interfaces, artificial intelligence, robots, and virtual reality (VR). Each of these movies served as a catalyst for imaginative thinking and strategic planning within boardrooms. For example, when The Matrix came out in 1999, VR had already been explored in research labs. However, the movie helped bring the concept to mainstream attention, which lead to increased investment and development in VR hardware and software. The concept of VR, as portrayed in the 2018 movie Ready Player One, pushed the technology beyond entertainment and caused a surge in companies seeking innovative ways to engage consumers and enhance employee training. By envisioning possibilities, these movies encourage businesses to explore new avenues for growth and competitiveness and boost emerging tech industries.
Making it big
The hype generated by blockbuster films can also affect the bottom line. One recent notable example of how cinematic influence can impact corporate decisions is the connection between the Barbie movie and Birkenstock's Initial Public Offering (IPO). The popular Barbie movie featured the 60s classic Birkenstock sandal in a key movie scene. It made the 80-year-old shoe trendy overnight and boosted sales by 1800%. Several months later, the holding company behind the 250-year-old footwear brand, Birkenstock Holding PLC, introduced its IPO.
In the age of social media and digital marketing, the buzz surrounding a popular film can quickly translate into increased brand visibility and consumer engagement. Boardrooms are keenly aware of these trends and often capitalize on them to stay relevant and take advantage of emerging opportunities. However, the pendulum can also swing the other way.
No happy end
The 2004 documentary Super Size Me by Morgan Spurlock, for example, explored the health risks associated with fast food, particularly McDonald's. Following its release, the chain faced increased scrutiny over its menu offerings and marketing practices. The film directly impacted the profits of the fast food company as it contributed to changes in consumer behavior and forced McDonald's to reevaluate its menu options. Similarly, Erin Brockovich, the biographical film starring Julia Roberts, depicted a legal battle against the Pacific Gas and Electric Company (PG&E) over water contamination. The film brought significant attention to environmental issues and corporate accountability, leading to increased public scrutiny of PG&E's practices. The stock price was not directly impacted, but the company’s boardroom and leadership were confronted with an increased negative public perception and legal challenges.
When business meets entertainment, a symbiotic relationship between the boardroom and the big screen emerges. While traditionally separate domains, the boundaries have blurred in recent times, with celebrities entering boardrooms and cinematic narratives influencing corporate decisions. This convergence is not merely coincidental; it's a reflection of the interconnectedness of popular culture and the business world.
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