Universal Studio Group Chair Pearlena Igbokwe says the “arms race” to sign creative talent on exclusive deals is “subsiding” as the scripted market readjusts economically.
Igbokwe — whose studio houses Universal International Studios, Universal Cable Productions (UCP), Universal Television and Universal Television Alternative Studio — said the big-ticket ‘golden handcuffs’ deals of the past half-decade would become less commonplace and fewer creatives would be able to demand top dollar for their services in the future.
“I don’t know if the arms race that we were in for the last five years is still in effect,” she told journalists at on-record lunch in London yesterday. “I don’t think the agents are very happy at all. There will still be some people who command big dollars but they are proven entities with track records.”
She predicted the days of agents calling the shots and pushing up prices were numbered, as streamers and studios drill down into the returns on their investments. In some cases, high-cost talent deals have barely yielded any content — what Igbokwe’s colleague, President of UK-based UIS and UCP Beatrice Springborn called “over-developing and under-selling.”
“At one point, it seemed like everybody thought they were up ‘here’ but I think you’re going to see things normalize,” added Igbokwe.
NBCUniversal-owned USG has talent deals with the likes of Mr Robot creator Sam Esmail, while UIS owns a suite of production companies such as the UK’s Carnival Films and David Heyman’s Heyday Television. It recently struck a first-look deal with Call My Agent! writer and Nox creator Quoc Dang Tran, as Deadline revealed last month, and a similar agreement with Spain’s Buendia Estudios.
Igbokwe, Springborn and UIS Head David O’Donoghue all talked up UIS’s flexible approach to dealmaking, noting they would be looking to strike further first-look deals and company acquisitions.
“It’s about the producer wants [to achieve],” said O’Donoghue. “What do they want? Equity or a first-look deal? What is the arrangement that works for them? We try to figure out what’s right for us and them.”
UIS rebranded from NBCUniversal International Studios in November 2021 to closer align itself with its ‘Universal’-branded sister studios.