Industry Insider: Best And Worst In Entertainment In 2024

The entertainment industry experienced a rollercoaster year in 2024. There were notable highs, such as achievements by people of color in film, television, video games, and a groundbreaking new daytime series. However, the industry still grappled with issues of diversity, and one highly anticipated series was canceled after one season, representing some of the year's lows.

In the broader entertainment landscape, a major streaming service ended the year on a high note, while traditional linear TV lost further ground to non-linear platforms.

Reflecting on these events, A Hot Set presents our list of the best and worst in entertainment for 2024, and we also highlight our executive of the year.

Streaming Wars

netflix

Best: Netflix Hits Historic Subscriber High

Netflix continues to assert its dominance in the subscription video-on-demand (SVOD) sector. Netflix has reached an all-time high of 282 million subscribers. The rise demonstrates Netflix's ability to remain ahead of its competitors via its worldwide expansion and growth via its ad-tier subscription option. Despite increased competition from Netflix’s rivals, its subscriber base reached new heights, demonstrating that the streaming behemoth remained unrivaled in scale and content delivery.

Worst: Most Streaming Services Fail to Crack 5% Market Share

While Netflix thrives, most other free and paid video-on-demand streaming platforms fight for market share, as most fail to reach 5% of the total market. Despite significant investments, VOD platforms with lower users or subscriber bases fail to scale up, leading to questions about their long-term viability.

Worst: The Acolyte Canceled Due to Unstable Viewership

Disney+ experienced a significant blow when The Acolyte, a highly anticipated Star Wars series, was canceled after a single season due to an inability to bring in a sustainable viewership. The cancellation underlines persistent difficulty for VOD platforms aiming to keep audiences interested in large-scale, high-budget properties.

Sports

national basketball assocation

Best: NBA's Massive Media Rights Deals Usher in TV's Future

The NBA struck big with its unprecedented multibillion-dollar television rights deals with three major media entities,  The Walt Disney Company, NBCUniversal, and Amazon Prime Video. These beneficial agreements establish that the NBA's streamed games will continue to impact the media entities' ability to earn revenue as VOD services continue to overtake traditional broadcast and cable television as the dominant way people consume media.

Worst: TNT Loses Rights to the NBA

In a crucial blow for Warner Bros. Discovery, their subsidiary cable network TNT lost its NBA broadcasting rights after years of being a critical network airing their season's games. This loss has led to a major disruption in TNT's sports coverage and leaves the network trying to fill the void of a crucial organization that attracted millions of viewers and a large share of ad revenue.

Film

Martin Lawrence and will smith - Bad boys: ride or die/imdb

Best: Bad Boys: Ride or Die Delivers Financial Success

After a short hiatus, Will Smith and Martin Lawerence returned to the screen in Bad Boys: Ride or Die, while sequels don't often do well, Bad Boys: Ride or Die, grossed upwards of $400 million on a $100 million budget. The film's success underlines the star power that Will Smith has and solidifies that is Oscar slap controversy didn't hurt his career. It also underscored the sentiment that those film viewers clamor for action-packed films that rely on a sense of nostalgia. 

Worst: The Crow Reboot Flops at the Box Office

Singer, FKA Twigs' made her major film debut starring opposite Bill Skarsgård in the $50 million reboot of The Crow, which unfortunately failed to earn back its budget posting a disappointing $24 million return in box office revenue. The film's failure highlights concerns about reboot fatigue and the dangers of resurrecting iconic masterpieces without a proven market demand.

Television

Anna Sawai & Hiroyuki Sanada - Shogun

Best: CBS Greenlights Beyond The Gates, A Groundbreaking Daytime Soap

Making history, CBS is set to debut Beyond The Gates, the first daytime soap opera created by an African American Michele Val that features a predominantly African American cast. This breakthrough marks a significant step towards more representation in daytime television and provides a distinct cultural lens that helps to refresh the soap genre, which has become stale in recent years.

Worst: Latino Representation in Hollywood Stagnates

Despite the demand for change, Latino American representation in Hollywood remains unchanged, leaving hundreds of millions of dollars in possible profits on the table. This lack of major advancement is not just in television, but also film.  On top of that, there is a need for more Latino representation within the C-Suites in Hollywood. This issue especially highlights unresolved systemic issues that deeply impact the industry from adequately engaging the Latino audience and talent pool.

Best: Shogun Becomes FX's Powerhouse Success

FX original Shogun dominated the 2024 Emmy Awards, winning a record-breaking 18 wins, the most a television series has ever won in a single year. The series' success comes from the diverse cast, adding to its cultural relevance, and the high viewership. Shogun has become a crown jewel of FX's programming slate, making FX a potentially prestigious original television network.

Video Games 

Black Myth: Wukong

Best: Black Myth: Wukong Becomes a Global Gaming Phenomenon

The Chinese action RPG Black Myth: Wukong swept the field of gaming by storm, becoming one of the year's highest-selling and critically praised video games. With its spectacular visuals and creative gameplay, the video game surpassed its opponents, cementing China's expanding prominence in the global gaming business.

Worst: Video Game Actors Go on Strike

SAG-AFTRA represents Hollywood's gaming performers, who went on strike over AI concerns and appropriate remuneration. The strike heightened worries about AI's position in the entertainment business and slowed major game development deadlines, affecting publishers and creators worldwide.

Executive on the move 

bing chen - Steven Ferdman/Stringer

Bing Chen, the creator and founder of media conglomerate AU Holdings, continued to make waves in 2024 with innovative efforts that are changing and expanding Hollywood. This expansion led to opportunities for people of color, notably Asian Americans and Pacific Islanders (AAPI). To that end, Chen has been on the frontlines creating a more inclusive entertainment industry through one of AU Holdings' leading subsidiaries, Gold House.

Gold House, has been a longtime advocate for diversity and more representation in Hollywood, Gold house has increased its initiatives this year to help assure that AAPI performers, creators, and executives not only have a seat at the table, but also the power to change and lead. This year, the association's "Gold Open" campaign was created to promote box office successes of films that focus on the AAPI community and/or by members of the AAPI community. The goal is to expand the scope of AAPI representation in Hollywood. The program is developing a new generation of creative storytellers and corporate executives, who can run the business by creating opportunities via networking, mentoring, and direct access to major decision-makers.

Beyond Gold House, AU Holdings' larger business has mirrored Chen's dedication to innovation and diversity. The media conglomerate made investments in technology-driven media organizations that value diverse perspectives. One such venture in 2024 was in virtual reality storytelling systems that provide immersive experiences focused on cultural heritage and identity. These corporations not only increase the range of representation but also defy the limits of how stories can be visualized by taking charge of the narrative. 

Chen's dedication to diversity extends beyond media creation; he has been outspoken about the significance of equal funding for creators of color. This year, AU Holdings developed a venture fund to support ventures driven by underrepresented groups, emphasizing AAPI and women entrepreneurs. To that end, Chen lays the groundwork for a more equitable creative economy by addressing the financial hurdles that many individuals face.

As Hollywood grapples with efforts to increase diversity, Bing Chen's 2024 initiatives through AU Holdings and Gold House demonstrate the power of deliberate leadership. Thus, Chen is not only altering the narrative by advocating inclusivity and innovation but is also leaving a lasting influence on future generations.