The Biggest Winners and Losers of 2026 So Far

Why Attendance Tells a Better Story Than Box Office

Jul 2, 202635 minSummary

In this episode, host Matthew Belloni explores the state of the movie industry by shifting the focus from box office revenue to actual theater attendance. Joined by Steve Buck, co-founder of the analytics firm EntTelligence, Belloni examines why admission numbers provide a more accurate picture of the industry's health than traditional gross receipts, which are often inflated by premium formats and fluctuating ticket prices. The discussion highlights that while the post-pandemic era saw a significant drop in theater visits, current data suggests a steadying of the market and a recent uptick in admissions. Buck argues that the industry’s shift toward longer theatrical windows is proving successful, as audiences are increasingly incentivized to see films in theaters when they know streaming availability is months away. The conversation also touches on changing demographics, noting that younger audiences are driving interest in horror and animation, while the "appointment-style" approach to moviegoing—where consumers choose a specific film rather than just visiting the cinema—has fundamentally altered the exhibition business. Ultimately, the episode offers a nuanced, data-driven look at the behaviors and motivations of modern moviegoers.

Will the Comcast-NBCU Split Lead to Another Huge Hollywood Deal?

Jun 29, 202633 minSummary

In this episode of The Town, host Matthew Belloni and Bloomberg’s Lucas Shaw break down the major news regarding Comcast’s decision to spin off its NBCUniversal media assets into a separate, publicly traded company. The hosts examine whether this move, which leaves Comcast to focus on connectivity while NBCUniversal operates as an independent media entity, is a strategic shift or a reaction to a stagnant stock price and a rapidly changing industry landscape. The discussion explores whether this separation is merely a prelude to a larger acquisition, potentially positioning NBCUniversal as a prime target for big tech companies like Netflix. Belloni and Shaw analyze the viability of the synergy argument, the ongoing struggles of Peacock in the streaming wars, and the implications of this spin-off on the future of high-stakes sports rights. They also look at how this shift fits into the broader consolidation of the media industry. Finally, the pair briefly touches upon Sony’s recent investment in the immersive viewing company Cosm, highlighting a growing trend of legacy players investing in experiential, AI-proof entertainment venues to capture audiences in an increasingly digital world.

How Larry Ellison’s Trump Bromance Is Helping WarnerMount

Jun 26, 202635 minSummary

In this episode, host Matthew Belloni sits down with Pulitzer Prize-winning reporter Emily Glazer of The Wall Street Journal to examine the pivotal, often obscured role Larry Ellison has played in the high-stakes merger between Skydance Media and Paramount. While David Ellison is often presented as the primary face of the deal, the discussion reveals that Larry Ellison has been a powerful force behind the scenes, utilizing his immense wealth and significant political influence to steer the outcome. The conversation explores the complex, personal relationship between Larry Ellison and Donald Trump, highlighting their shared ideological perspectives and the substantial, previously undisclosed financial support Ellison provided to the Trump campaign. Belloni and Glazer dive into how these connections have effectively greased the wheels for the Warnermount merger, raising questions about the influence of billionaire donors on regulatory outcomes. They also touch upon David Ellison’s active efforts to resolve legal hurdles through back-channel communications. Ultimately, the episode serves as a compelling look at the intersection of media, technology, and political power, questioning how much these billionaire-backed deals are driven by strategic vision versus unprecedented access in a shifting regulatory landscape.

Amazon Won’t Release Its Sam Altman Movie. Will Anyone?

Jun 22, 202633 minSummary

In this episode of The Town, Matthew Belloni explores the implications of Amazon MGM Studios’ decision to scrap the release of Artificial, an expensive, star-studded film directed by Luca Guadagnino that offers a highly critical portrayal of OpenAI CEO Sam Altman. Joined by Wall Street Journal reporter Keach Hagey, the author of a book on Altman, Belloni examines the shift from the film’s initial greenlight to its abrupt cancellation, questioning whether the studio’s massive cloud distribution partnership with OpenAI pressured them into suppressing the project. The discussion highlights growing concerns within Hollywood regarding the consolidation of media companies by big tech and the potential for a chilling effect on creative freedom. Hagey and Belloni debate whether the film’s quality influenced the decision or if studio executives are increasingly prioritizing risk management and corporate alliances over artistic integrity. They further analyze the uneasy intersection of Silicon Valley’s ambition and Hollywood’s content creators, noting that as tech companies become essential partners for distribution and growth, the entertainment industry may face unprecedented challenges in producing critical or controversial content that challenges powerful corporate interests.

The Secret Industry That Makes Movies Go Viral

Jun 19, 202635 minSummary

In this episode of The Town, host Matthew Belloni interviews Lane Brown, a features writer for New York Magazine, to explore the clandestine industry of social media clipping and trend manipulation. Brown explains that the digital landscape is increasingly dominated by professional firms hired to manufacture viral moments for movies, music, and celebrities. These companies employ vast networks of dummy accounts—sometimes numbering in the tens of thousands—to flood platforms like TikTok, X, and YouTube with carefully curated clips. The discussion highlights how Hollywood studios utilize these tactics to "simulate" trends, creating the illusion of organic enthusiasm to grab the attention of both the public and unsuspecting journalists. Brown details how these operations can be surprisingly inexpensive yet highly effective, often serving as the primary method for content to cut through the noise of a fractured media environment. The conversation also touches on the ethical implications of this practice, noting that while the Federal Trade Commission has rules regarding the disclosure of paid advertising, these mandates are rarely enforced. Ultimately, the episode serves as a sobering look at how the perception of popularity is being engineered, leaving consumers to wonder how much of their digital experience is authentic versus carefully constructed marketing.

Have Platforms Unseated Content as King in Hollywood?

Jun 17, 202632 minSummary

In this episode, host Matthew Belloni explores the shifting power dynamics in Hollywood, questioning whether the long-held adage that content is king has been eclipsed by the rise of platforms. Belloni is joined by John Mass, president of Content Partners, to analyze the evolving relationship between content creators and distributors. The discussion centers on how modern platforms like Netflix, YouTube, and Roku have transformed from mere gatekeepers into powerful controllers of data and audience engagement. They highlight how platforms can turn older, overlooked titles into massive hits through algorithmic placement, effectively "making" kings of content that previously lacked traction. Mass argues that the industry functions as a symbiotic relationship rather than a zero-sum game, noting that both content owners and platforms depend on each other to maximize value. They also touch upon the importance of libraries for platforms like Netflix, the decline of traditional cable, and the strategic necessity of consolidation to survive in an increasingly competitive landscape. Ultimately, the episode serves as a deep dive into how data and distribution are redefining the economics of film and television in the modern digital era.

Fox Is Buying Roku for $22B. Is It Now a Streaming Power Player?

Jun 16, 202635 minSummary

In this episode, Matthew Belloni and guest Lucas Shaw from Bloomberg analyze the significant acquisition of Roku by Fox Corp for $22 billion. The hosts explore the strategic logic behind the merger, noting that Fox is looking to pivot away from its image as a legacy linear television company. By acquiring Roku, Fox gains control of a massive connected TV platform that reaches 100 million households, essentially transforming Fox into a formidable streaming distributor overnight. The discussion highlights the potential benefits, including increased diversification, a stronger position for advertising negotiations, and a expanded footprint in streaming. However, the hosts also address significant concerns, particularly regarding Roku's long-standing status as a neutral Switzerland of streaming and how its acquisition might impact partner relations. They debate whether this consolidation will truly create synergies or if it will face the same pitfalls that have plagued previous content-and-distribution tie-ups in Hollywood history. Additionally, the episode touches on the potential winners and losers of the deal, including the implications for competitors like Comcast and the broader shift in power dynamics within the evolving media landscape.

Bonus Episode! Matt Risks His Life Eating Wings With Sean Evans of ‘Hot Ones.’

Jun 14, 202648 minSummary

In this bonus episode of The Town, Matthew Belloni welcomes Sean Evans, the host of the hit series Hot Ones, for a unique twist on the format. Instead of a traditional interview, Belloni steps into the guest chair to undergo an abbreviated wing-eating challenge. The conversation offers a fascinating look behind the curtain of the cultural phenomenon that is Hot Ones. Evans discusses his approach to research, explaining how he balances the disruptive, high-pressure nature of spicy wings with thoughtful, career-spanning questions to get beyond a celebrity’s rehearsed persona. He highlights the rewarding nature of interviewing rising stars and discusses the evolving relationship between the show and publicists. Additionally, Evans reflects on the shows he watched growing up that inspired his career, his deep love for architecture, and his interest in Chicago sports. Throughout the episode, the two hosts share personal anecdotes, discuss the nuances of building a successful interview format, and explore the reality of modern media in an era where traditional monoculture has shifted toward fragmented digital experiences.

The ‘Obsession’ Windfall and How Indie Hits Pay Out

Jun 12, 202640 minSummary

In this episode of The Town, host Matthew Belloni examines the complex financial structures of the independent film industry, specifically focusing on the recent success of the low-budget horror hit Obsession. Joined by professor and veteran producer Manette Louis, Belloni breaks down the often-misunderstood "revenue waterfall"—the sequential flow of money from theatrical and streaming earnings through to those who actually created the project. The discussion clarifies how a distributor’s minimum guarantee, distribution fees, and recoupment of marketing and promotional costs operate before any net profits are realized. Louis explains the significant deductions that occur, including fees for sales agents, lawyers, and collection agents, as well as the necessity of non-union labor on micro-budget films to maintain feasibility. The two also explore the reality of "back-end" points, explaining how producers, investors, and talent negotiate their shares of the final pie. By contrasting the public perception of windfall profits with the behind-the-scenes financial reality, Belloni and Louis highlight why successful indie films remain a rare, high-stakes game of economic trade-offs for everyone involved.

The Gen Z Box Office Boom and What They Think of Spielberg, Marvel, and Star Wars

Jun 11, 202628 minSummary

In this episode, host Matthew Belloni sits down with film researcher and author Kevin Getz to explore the evolving habits and preferences of Gen Z moviegoers. The conversation centers on how this influential demographic interacts with the current cinematic landscape, highlighting their high level of media literacy and "savviness" when it comes to identifying marketing tactics and film quality. Getz and Belloni discuss the importance of authenticity, noting that younger audiences are quick to reject projects that feel like corporate cash grabs or lack genuine creative vision. The hosts analyze recent box office performance, comparing the viral, fan-driven success of titles like Backrooms with the slower, word-of-mouth growth of films like Obsession. They also address the state of major franchises like Marvel and Star Wars, debating whether these legacy brands can successfully reinvent themselves for a new generation. Furthermore, the episode touches upon the changing status of movie stars and directors, examining why audiences remain skeptical of overexposed talent while simultaneously holding deep respect for established auteurs like Steven Spielberg. It is an insightful look at the intersection of data, audience behavior, and the future of the theatrical experience.