The COVID-19 pandemic dramatically altered the American entertainment industry in 2020, forcing the near-total eradication of traditional production and distribution models. State-imposed shutdowns impacted major television corporations, responsible for 90% of television content. While streaming video on demand (SVOD) existed prior to the pandemic, the shutdowns significantly increased its demand and profitability, threatening the historical stability of the traditional system. This research explores the events leading to the pandemic, its consequences, and Hollywood's response and adaptation to maintain profitability.

The study draws upon the Frankfurt School's critique of commodification in media and the work of Ellen Mehan and John Fisk on the politicization of communication and the role of television as a social commodity. It examines how corporate media controls the television industry, influencing programming and audience consumption. The analysis focuses on the complex interrelationships between production, distribution, exhibition, and the resulting maximization of profits at the cost of innovation and competition. The research also considers how streaming media has accrued social value over time and the role of "corporatized" production processes in shaping content.

The research employs both discursive and historical analyses. Historical analysis is crucial for understanding the evolution of television and its current state. The analysis considers changes in production, distribution, and consumption over time and examines how streaming media has gained social value and capitalized on the conspicuous consumption of televisual content. Discursive analysis helps reveal macro-level social contexts and hidden politics within televisual texts, including streaming media. The analysis examines the degree to which viewers consume entertainment commodities produced within a commercially constrained environment and the social and economic consequences of the proliferation of streaming media.

The COVID-19 pandemic caused significant economic disruption to Hollywood, leading to postponed or canceled movie releases, theater closures, and widespread unemployment. Revenue dropped dramatically for movie theaters, while streaming services like Netflix and Disney+ experienced record subscriber growth. The pandemic accelerated the existing decline in theater attendance and cable subscriptions, further boosting the popularity and profitability of streaming services. The shift to streaming is financially advantageous for studios, eliminating the need to share profits with theaters and reducing the financial risks associated with traditional distribution models. The increased accessibility of streaming services through mobile devices and widespread broadband internet access has further contributed to the shift. While streaming has benefits, it also presents challenges, including account sharing, geolocation circumvention, and the increased cost of production due to health and safety measures. The industry is experiencing consolidation and a move towards in-house production, focusing on original streaming content to compete with established streaming giants.

The findings demonstrate a significant and permanent shift towards streaming platforms as the dominant distribution mechanism for film and television. This shift is driven by consumer behavior, technological advancements, and the economic advantages of streaming. The pandemic acted as a catalyst, accelerating pre-existing trends. The future of Hollywood is increasingly tied to the success of streaming services, demanding adaptation and innovation to compete in a rapidly evolving digital marketplace. However, this shift raises concerns about diversity and competition, as vertical integration within the industry might stifle innovation.

The COVID-19 pandemic dramatically accelerated the transition from traditional to digital entertainment consumption. The industry’s move toward streaming platforms appears to be permanent. Future research could explore the long-term effects of this shift on content diversity, competition, and the overall creative landscape of Hollywood. The implications for independent studios, and the potential for monopolies, also warrant further investigation.

The study primarily focuses on the American entertainment industry. While the trends observed likely apply globally, further research is needed to confirm this. The analysis relies on publicly available data and reports, which might not capture the full complexity of the industry's internal dynamics.