New Media Tech Hubs Emerge as Industry Shifts

Over the past decade, streaming has changed how Americans consume television shows and movies. As movie theaters closed during the pandemic, streaming has gained even more momentum.

“How we consume that media because of COVID has clearly changed,” says Spencer Levy, chairman of Americas Research for CBRE and senior economic advisor for CBRE on the company’s Weekly Take podcast. “We’ve seen some of the very negative and unfortunate announcements from large movie theater chains recently that are struggling.”

For instance, the parent company of Regal Cinemas, UK-based Cineworld, recently announced that it would “temporarily suspend operations” at Regal theaters. 

Victor Coleman, CEO of Hudson Pacific Properties, one of the largest owners of studio and tech space, says there is an open question around how motion pictures companies are going to release content. In the future, Coleman wonders if studios might direct dollars into streaming videos or pay for play.

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