Planet Money Episode Summary: "Romance on the Screen and on the Page: Two Indicators"

In this engaging episode of Planet Money, hosted by Erica Barris, Danica McKeller, and Weylon Wong, listeners are taken on a deep dive into the flourishing worlds of holiday romantic comedies (rom-coms) and romance novels. The episode, titled "Romance on the Screen and on the Page: Two Indicators," unpacks the economic forces driving the popularity and success of these genres, explores the business models behind them, and discusses the evolving landscape in terms of diversity and inclusion.

I. The Rise of Holiday Rom-Coms: Hallmark’s Dominance

A. Early Days and Business Strategy

The conversation begins with a nostalgic look at the early 2000s when holiday rom-coms were sparse on television. Weylon Wong humorously outlines the generic formula of a holiday rom-com, highlighting its predictability yet enduring appeal:

Weylon Wong [00:24]: "So there's this running joke that you can basically generate a holiday rom com from a list of options."

Danica McKeller adds to the template, emphasizing the character archetypes and plot devices that have become staples of the genre:

Danica McKeller [00:29]: "Yeah. So start with your main character. Maybe she is a hairy corporate lawyer... Or maybe she has to save the family Christmas tree farm from ruin."

Recognizing an untapped market, Bill Abbott, former CEO of Hallmark Channel’s parent company, recounts the strategic decision to expand holiday content:

Bill Abbott [03:34]: "For the most part, the TV movie space was really only a few movies leading up to Christmas... We kind of thought, what's a good number? And 12 kind of made sense for the business model anyway." [04:21]

B. Production Strategies and Budgeting

In 2009, Hallmark launched “Countdown to Christmas,” significantly increasing the number of holiday films. Despite operating on a tighter budget—spending approximately $12 to $15 million on twelve movies compared to Hollywood’s $25 million for a single film like No Strings Attached—Hallmark focused on creating immersive Christmas settings and relatable storylines.

Bill Abbott [05:01]: "There are Christmas movies that had no snow... which is so critical to making the viewer become immersed in Christmas." [05:24]

C. Maintaining Affordability and Efficiency

As the genre grew, budgets increased, but Hallmark retained cost-saving measures such as filming in small-town settings and shooting movies quickly:

Danica McKeller [05:46]: "As the genre's expanded, so have budgets. But a lot of the cost saving measures from the early days have stuck around... they’re shot quickly in just a few weeks." [05:59]

II. Challenges of Diversity in Holiday Rom-Coms

Despite Hallmark’s success, the genre faced criticism for its lack of diversity and inclusivity. While Hallmark has begun to address these issues, the transition hasn’t been smooth for everyone involved.

A. Efforts Towards Diversity

Christine Larson, a media scholar, acknowledges the gradual inclusion of more diverse stories, noting significant milestones like Hulu’s Happiest Season:

Danica McKeller [08:01]: "Hello and welcome to Planet Money..." leading into the discussion on diversity.

Yuelene Kwong shares her personal experience attempting to infuse diversity into Hallmark’s workflow:

Yuelene Kwong [08:45]: "It's part of my lore that I was fired by Hallmark... They kept getting notes that the writing was too hip for Hallmark." [08:48]

Her efforts to include multicultural elements were met with resistance, leading to her departure but leaving a lasting impact on the push for more inclusive storytelling:

Yuelene Kwong [09:05]: "I'm still grateful for the Hallmark gig as a milestone in my early career." [09:29]

B. Balancing Sentimentality and Authenticity

Bill Abbott emphasizes the importance of avoiding excessive sentimentality to maintain authenticity:

Bill Abbott [10:17]: "There's a fine line... between familiarity and RePet, between earnestness and something that's too sentimental." [10:24]

This delicate balance is crucial in keeping the audience engaged without falling into cliché.

III. The Booming Romance Novel Industry

Shifting focus from the screen to the page, the episode explores the explosive growth and economic triumph of romance novels, attributing their success to early adoption of digital technologies and strong community networks.

A. Economic Success and Growth Factors

Christine Larson, a journalism professor and author, investigates why romance writers have thrived even as other genres struggled. Her research highlights a remarkable 73% rise in median income for romance authors between 2009 and 2014, contrasted with a 42% decline for other authors:

Christine Larson [13:37]: "Using data from author surveys, Christine found that during this period, romance writers saw their median income rise by 73%." [13:56]

B. Embracing Self-Publishing and Digital Platforms

One key to their success was the romance genre’s early embrace of self-publishing and digital platforms. Romance authors were pioneers in selling ebooks and PDFs online even before mainstream platforms like Kindle:

Christine Larson [14:19]: "Romance writers were actually the very first writers to start digitally self publishing." [14:35]

This adaptability allowed them to capitalize on the ebook boom, with by 2011, 60% of romance books sold were digital, maximizing their revenue through favorable payment structures:

Yuelene Kwong [15:15]: "If I'm self published, I sell the same book for $10, I get seven bucks... I can sell fewer books and make a lot more money." [15:27]

C. Open Elite Networks: Community and Collaboration

Another critical factor is the formation of Open Elite Networks—communities where established authors mentor newcomers, share industry insights, and support each other’s growth:

Christine Larson [16:02]: "In the romance industry, she's found a long history of authors helping each other get public and sharing information on how much they make." [16:16]

Priscilla Oliveras, a romance novelist, illustrates how these networks foster collaboration and mutual success:

Priscilla Oliveras [17:02]: "When you're offered this opportunity... I think it's that idea of there is enough for all of us and... who can we help?" [17:24]

D. Enhancing Diversity and Inclusion

While the romance novel industry has seen growth in diversity, significant challenges remain. Traditional publishing still predominantly features authors from non-marginalized backgrounds. Open Elite Networks are crucial in providing opportunities and fostering diversity:

Yuelene Kwong [18:10]: "Traditional publishing has long been criticized for excluding authors from marginalized backgrounds." [18:24]

Natalie Kanya, a newer author, credits these networks for her breakthrough, highlighting the importance of mentorship and community support:

Natalie Kanya [17:34]: "I instantly fell in love with romance and I decided that was what I was going to write." [17:42]

IV. Success Stories and Future Outlook

The episode concludes by showcasing how networking and community support within the romance genre have empowered authors like Priscilla Oliveras and Natalie Kanya to achieve success. Their stories exemplify the transformative power of collaboration and adaptability in a competitive industry.

Weylon Wong [19:24]: "Check out the indicator from Planet Money this week for the rest of their series on love." [19:39]

Conclusion

"Romance on the Screen and on the Page: Two Indicators" offers a comprehensive look at the economic and social dynamics fueling the success of holiday rom-coms and romance novels. By examining the strategic business models, community networks, and adaptability of creators, the Planet Money team underscores the significant impact of these genres on the economy and popular culture. The episode not only celebrates their popularity but also critically addresses ongoing challenges related to diversity and authenticity, providing listeners with a nuanced understanding of the romance industry’s evolution.

Notable Quotes:

• Bill Abbott [04:21]: "We kind of thought, what's a good number? And 12 kind of made sense for the business model anyway."

• Yuelene Kwong [08:48]: "After maybe like three or four rounds of that back and forth, I'm sure some beleaguered executive at Hallmark was like, pull the plug."

• Christine Larson [13:37]: "Romance writers were actually the very first writers to start digitally self publishing."

• Yuelene Kwong [18:35]: "It was like a very fangirl moment."

This in-depth exploration by Planet Money not only highlights the financial success behind beloved romantic narratives but also sheds light on the collaborative and adaptive spirit that drives these enduring genres.