NEW YORK (TheStreet) - Laughter may be the best medicine and once upon a time, comedies were the cure for everything.
With an innate ability to provide happiness and tears in seconds, the comedic film was an affordable and effective remedy that could cure even the surliest of moods. But unfortunately, that is no longer the case. Major Hollywood studios, i.e. Paramount (VIAB) and Warner Bro. Entertainment (TWX) have been turning their backs on comedies in pursuit of the genre's more lucrative siblings.
According to data compiled by Nomura, the rate at which Hollywood's biggest studios have been churning out comedies has been on a steady decline since 2010.
This decline could very be attributed to evolving tastes: U.S. residents aren't going to the movies quite like they once did. With video streaming services such as Netflix (NFLX) and Hulu making popular titles available to stream from the comfort of one's home, why spend money at the movies?
Technology is another factor. With lagging DVD sales, studios have resorted to experimenting with shortening the theatrical release window for films before they are released on DVD. Consumers initially had to wait 6 months before films were released on DVD. These days, popular titles can be accessed almost instantly due to VOD (Video-On-Demand) services, the premium-priced programs broadband companies offer consumers.
Rio 2, the animated sequel to the family-friendly film starring Jesse Eisenberg and Jamie Foxx, is currently available to consumers via Comcast's (CMCSA) XfinityTV VOD services despite its July 15 scheduled home-media release.