The Return of the Kingmaker: Russell Binder's Vision for Entertainment's Connected Future
When Russell Binder joins me in my Riverside.fm studio, he's relaxed and ready to talk. This is our second deep dive conversation, following our initial discussion that led to last week's exploration of how he helps "turn pixels and moving pictures into global phenomena." Today, we're picking up where we left off, delving deeper into the evolving landscape of entertainment IP.
"If you ask me what I love about my job," Binder says, leaning slightly forward, "as much as I love movies, as much as I love video games, it's the people I've had the pleasure to work and collaborate with. Steven Spielberg, Sean Levy, Guillermo del Toro, Kevin Eastman, Jason Blum, Matthew Vaugn – some of the most influential and visionary storytellers, artists, and filmmakers of the last several generations."
In our previous conversation, we explored how Binder has mastered the art of spotting hidden value in entertainment properties that traditional studios overlook – much like Billy Beane did with baseball statistics in Moneyball. Today, he's diving deeper into how these properties evolve across platforms and how the entertainment ecosystem continues to transform.
From Restaurants to Revolutionising IP: The Continuing Story
In our previous conversation, Binder shared how his unusual path from the restaurant business to entertainment shaped his perspective. "I started my career 35 years ago in the restaurant business," he revealed. "I learned that I didn't want to be in the restaurant business, but I learned so much from that experience – about spoilage, managing people, real time problem solving, and customer service – that I've brought into my entertainment, consumer products, and transmedia experiences."
When he joined his stepfather's company roughly 30 years ago, the entertainment landscape looked entirely different. "There were the five families," Binder explains, referencing Warner Bros., Disney, Universal, Sony, and Paramount. "They were generally the gatekeepers of the big IPs."
His first clients set the tone for what would become his speciality: Jim Lee's Wild Storm Productions and Kevin Eastman at Heavy Metal, co-creator of the Teenage Mutant Ninja Turtles. He was building relationships with comic book creators while learning about both consumer products and content production – a dual focus that would eventually create his unique position in the industry.
"I started representing writers and directors and intellectual property owners on the film and television side," Binder recalls. "I learned about packaging, representation, and getting things from idea to production."
The magic happened when these worlds collided. As his network expanded, executives he'd met as junior staffers were rising through the ranks – and suddenly needed someone who understood licensing.
"A friend of mine went from a junior executive to an executive at Revolution Studios and called me in saying, 'Hey, you know licensing, we need help.'" This thrust Binder into representing companies like Lionsgate and Revolution Studios, handling franchises from Terminator Salvation to the Twilight Saga.
Over time, studio heads began asking him the same question: "What do you see in your world that can be our LEGO movie? What do you see that can be our Transformers movie?"
This question changed everything. "I started thinking about IP a little differently at that point," Binder says. "When I found properties from the toy business, or the video game business, or the comic book business, I started bringing those into the studios for film and television adaptations."
He pauses, as if only now recognising the significance. "So by accident, we found ourselves in the transmedia business before they even had a name for it."
Drinking from the Fire Hose: When Twilight Changed Everything
Nothing prepared Binder for what happened with Twilight. He had just launched Striker Entertainment with a skeleton crew including his friend and associate Marc Mostman – "two and a half people," as he puts it – when the property exploded.
"We had this property that the licensing industry and community probably wasn't thinking was a potential opportunity," he explains. "It was based on a book series that had 4 million books sold at the time the first movie came out."
The first sign that something unprecedented was happening came when Borders Books ordered 75,000 Twilight calendars featuring the film's talent. They sold out in a weekend.
"We knew we had a tiger by the tail," Binder says. "All of a sudden we were, as Peter Y. Levin likes to say, drinking from a fire hose."
The challenge wasn't just the scale but the speed. "We started in June and the first movie came out in October. Normally we have a year and a half because products take time to manufacture and time to sell in."
They were literally flying products in that were selling out as fast as they hit shelves. What made it more remarkable was that Twilight wasn't a typical licensing blockbuster.
"If you talk to most people in my business at the time, they'd say, 'What do you do with a teen vampire romance?'" Binder laughs. "But the elements – the fashion, the clothing, the jewellery, the actors and actresses – were so desirable to such a massive demographic."
The operation scaled from two people to eight almost overnight, developing thousands of SKUs across every category imaginable – from collector dolls and Barbies to fashion jewellery, cosmetics, publishing, and location-based entertainment.
For Binder, who didn’t come out of the Hollywood studio system, this wasn't just a commercial triumph; it was an education in global franchise building. "It taught us process. It taught us how to work with a first-time licensor who hadn't done this before. It taught us the potential of what these genre IPs could become."
Most importantly, it showcased how licensing isn't just about revenue – it's about marketing.?
"Nancy Kirkpatrick, who was the VP of marketing at Summit at the time, had a very specific perspective. Licensing wasn't their business; putting bums on seats was their business."
This insight led to what Binder calls "the double bottom line" – consumer products as both revenue stream and marketing vehicle. "If I have products on the shelves of Hot Topic, Spencer's, FYE, Walmart, Target, and Sephora, there's constant consumer engagement with these IPs. That's a permanent reminder of this property and its value in the ecosystem."
The Evolution: From Gatekeepers to Creators
As our conversation shifts to how the industry has transformed, Binder's eyes light up. The change he's witnessed isn't incremental – it's tectonic.
"When I started, there were the five families," he reiterates. "You also couldn't be in the kids' business because that was controlled by Nickelodeon, Cartoon Network, and Disney."
Then the independent film financing model began growing. Smaller studios emerged, renting distribution from the big five while retaining ownership. Television evolved next, with episodic content creating year-after-year engagement with audiences.
"And then streaming came," Binder says, "and it really changed the landscape of what we do in a big way."
The shift was profound. Traditional film releases created extended theatrical runs that cemented audience relationships. "When I was a kid, waiting two hours in line to see Star Wars at the Fox theatre in Westwood, that movie stayed in the movie theatre for eight or nine months."
Streaming collapsed this timeline. "With binging, that went away. It was 'what's next?' You might see a show today and wait two years to see season two."
This acceleration transformed how licensing operates. "TV used to be brick by brick," explains Binder. "When we started on The Walking Dead, we began with maybe four or five licensees doing core categories. Season one did well, turned into season two, we added more licensees. Season three is when the show really took off, and at the height, we probably had 60-70 licensees."
Movies, meanwhile, were "eventised" – requiring a fully-formed consumer products programme ready when theatrical marketing begins. "Your window to sell product is four weeks prior to the movie and maybe a little bit after, and then it's gone because there's no more promotion."? Although there were secondary and tertiary windows, the real consumer products pop was during the window leading up to, and through, the theatrical release.
Streaming created a hybrid model that demanded both brick-by-brick patience and eventised preparedness.
The most revolutionary change, however, has been democratisation. "Layer on gaming. Layer on YouTube. Layer on all these sources of user-generated content," Binder says, gesturing expansively. "There is so much IP out there because it's no longer gate kept by the big studios. Anybody can make anything for anyone."
From Five Nights to Future Nights: Building Sustainable IP
Among Binder's current crown jewels is Five Nights at Freddy's, a horror game franchise that has defied industry expectations by maintaining relevance for nearly a decade – an eternity in gaming.
What made it different from Angry Birds, which had "a meteoric rise and a meteoric fall"?
"The game was unique," Binder explains. "Scott Cawthon perfected the jump scare with these characters." But the true catalyst was social media. "Whether intentional or not, the virality of these jump scares and watching people play this game introduced this property to a massive social audience."
Interestingly, Striker Entertainment LLC. didn't discover Five Nights through their own scouting. "We got a call from a t-shirt licensee who said, 'You guys should go after Five Nights at Freddy's,'” Binder recalls. "Thank goodness for that prompt."?
Binder mentioned that the relationships he and his company have built with the manufacturing and retail communities have given Striker an undeniable network of industry friends and associates who reach out to them because of how the company has access, transacts, and has the ability to respond and capture the moment while building a long-term approach to managing and sustaining the IP.
The approach to building the franchise has been deliberately patient. "The conventional wisdom is you've got two to three years, and if you don't maximise those years, it's over. We said no – we're going to slow-build this."
Central to this strategy was respecting the creator's vision. "Scott's intimacy and passion for his fans – as much as they love the game and what he's doing, he cares as much, if not more, about them," Binder says. "We're that intermediary ensuring his vision is executed."
This creator-fan relationship represents another seismic shift in entertainment. "I've seen this with indie gaming and YouTube – the relationship creators are now having directly with their fans. You're not just a director or filmmaker who built your own fandom; you have a relationship directly with the fans."
He cites YouTube phenomena like Helluva Boss, Hazbin Hotel, and The Amazing Digital Circus. "There are people who are so passionate about these properties, but they're also passionate about the team behind them. That relationship builds fandom – rooting for the creator, feeling like you've got a stake in that IP."
The Creator Economy: YouTube's Untapped Gold Mine
As our conversation winds toward the future, Binder identifies a territory ripe for disruption: YouTube content investment.
"There are thousands of new games offered every month, and there's a lot of money being poured into that hit-risk business," he observes. "I don't know anybody doing that for YouTube."
He's perplexed by this oversight. "If I quit my job today and someone asked what I'd want to do tomorrow, I'd say I want to raise money, get some of the most talented creators I've met, build content on YouTube, and get it to a point where we can leverage it off the platform."
He sees the same pattern that transformed comic book properties. "Men in Black sold 2,500 comics before it became a movie," he points out. "That would never happen today."
The opportunity lies in YouTube creators building massive audiences that traditional media companies can't ignore. "Take The Amazing Digital Circus. This was built by Glitch for YouTube, for their audience. They had another series called Murder Drones that did well. They launched this new one and really captivated an audience. And guess what? Netflix comes knocking."
This new pathway – from YouTube to broader platforms – resembles what Cocomelon achieved in the preschool space. "I think you're going to start seeing more of that for YouTube creators who are building their own audiences, their own content, and then lending that content agnostically to as many platforms as want to stream it."
The Spielberg Factor: Moments That Matter
As our time nears its end, I can't resist asking what it was like to meet Steven Spielberg. Binder's face lights up with the memory.
"We did the consumer products for Real Steel, and also The BFG," he recounts. "I got to show Stephen toys from Real Steel. He was conducting the Lincoln score on the Fox lot, and we set up all the action figures in a room to the side."
Binder still seems slightly awestruck by the encounter. "He comes in and you're just like, 'Oh, it's Steven Spielberg.' He's looking and touching the toys, checking the scale."
What struck Binder most wasn't just being in the presence of greatness, but observing how that greatness operates. "His ability to compartmentalise the amount of things he's working on and to be completely focused and present for each moment is what I noticed most."
It's a lesson that has stayed with him. "I can't remember what I had for breakfast today, but I remember that moment explicitly because it was so special."
The Future: Young Creators and Transmedia Evolution
As we reach the end of our conversation, I ask what's drawing Binder's gaze now.
"My gaze is on young creators developing IP on platforms that allow them to own and control their destiny," he answers without hesitation. "Whether it's young developers on Roblox coming up with the next big concept that will be exposed to hundreds of millions of players, or YouTube where content gives someone enough resources to produce short-form animation."
He's particularly intrigued by how these creators are managing the entire ecosystem themselves. "We're seeing a generation of creators coming up that are basically trying to manage the entire process – creating, producing, delivering, and even manufacturing and selling around their content."
This DIY approach is enabled by new tools that didn't exist before. "There are companies like Makeshift that make plush to order. There are companies that don't need retail to be in the business of collectibles. Smaller creators whom most people have never heard of are doing great business servicing their fans directly without ever stepping into a brick-and-mortar location."
His advice to these emerging creators echoes a story from one of his first clients. "Kevin Eastman told me when he was starting with Turtles, he posted every rejection letter on his wall. And there were a lot of rejection letters. But you just need one. You just need one to make it happen."
For Binder, the key is ownership and control. "The more you do on your own, the more you build, the more you can accommodate through your own resources – if you can own more of that IP, the better off you are in your deal-making."
He cites authors as an example. "When they do movie deals or TV deals, they reserve publishing rights. Going back to Stephanie Meyer, who sold 60-plus million more books after the Twilight movies came out – there's not a lot of hands in the till on that."
As for whether transmedia is the future or a passing phase, Binder is emphatic: "It's not going anywhere. I don't think you can look at any IP anymore as a singular vehicle. If you're doing something in action, fantasy, sci-fi, horror, you should expect it to have multiple legs and multiple pathways."
He leans back, reflecting on all he's witnessed and helped create. "I think we're just getting started."
Beyond Games: The Evolution of Entertainment Ecosystems
As I reflect on my conversation with Russell, I'm increasingly convinced that the most effective play isn't just within the confines of games, but entertainment as a whole.
The future belongs to IP built around three fundamental pillars:
We're facing what appears to be a significant contraction in the games industry over the next 2-3 years. The wiser strategy isn't to limit horizons but to broaden them. NetEase shopping around more of its non-Chinese studios doesn't bode well for Western studios, and there's a broader concern about geopolitical instability that may prove to be the most damaging factor.
Yet none of these challenges are insurmountable if you're willing to play in a bigger playground – hence the wider focus on entertainment ecosystems rather than siloed experiences.
As counterintuitive as it sounds, today's instability will likely prove to be a positive catalyst for tomorrow's entertainment landscape. The key, as always, is to build while others lament the fallen status quo. Without naming names, we know many firms have historically copied their competitors' successful strategies. Today, however, the playbook isn't so clear-cut. You cannot copy what many do not currently see.
The present climate resembles something of a last stand. Before systems collapse, they tend to make a tremendous amount of noise. The industry is at an existential inflection point – layoffs, failing business models, leadership crises, economic pressures – the list continues.
Yet the fundamental truth remains: systems change when people change. And people have changed.
We've reached a point where audiences demand far more sophistication and interoperability from their entertainment experiences than ever before. The market simply won't tolerate siloed content or static IP anymore. Those who can architect interconnected entertainment ecosystems – where stories and experiences flow seamlessly across platforms, where IP resonates globally, and where fan engagement drives genuine value creation – these are the players who will define the next era of entertainment. Everyone else risks becoming a cautionary tale, regardless of their previous success.
Legacy thinking about standalone content is becoming obsolete faster than most realise. We're entering a new paradigm where the winners won't just be creating great games or shows or films – they'll be building immersive worlds that players and audiences can engage with across multiple touchpoints, each adding unique value while strengthening the core IP.
This is where I see the real opportunity, and frankly, where I'm focusing my attention as I consider the possibilities ahead. Binder's journey from accidental transmedia pioneer to strategic ecosystem builder provides a roadmap for navigating this exciting frontier.
Five Bold Predictions for Entertainment's Next Chapter
Drawing from both my conversation with Binder and broader industry patterns, here are five specific predictions I'm willing to stake my reputation on:
A Personal Confession: How I Got It Wrong
I'll admit something I rarely share: for years, I was dead wrong about entertainment ecosystems. As someone who cut his teeth in traditional gaming studios, I once scoffed at the idea of transmedia, dismissing it as a marketing buzzword rather than a fundamental shift in how entertainment properties should be conceived and built.
When Marvel began constructing its cinematic universe, I remember telling colleagues it was an anomaly – a one-off success that couldn't be replicated outside of superhero content with decades of comic history. "Gaming is gaming, film is film, and books are books," I insisted. "The ones that try to do everything will excel at nothing."
Five years and countless failed predictions later, I had to confront an uncomfortable truth: my traditional, siloed thinking was becoming obsolete faster than I was willing to acknowledge. The success of properties like The Witcher (book to game to Netflix phenomenon) and Arcane (game to animated series to expanded universe) forced me to re-evaluate my fundamental assumptions about how entertainment value is created and sustained.
What changed my mind wasn't just seeing successful transmedia examples, but observing how audience behaviour was transforming. Younger generations don't see platforms as separate worlds – they see them as different doorways into the same universe. Their loyalty isn't to delivery mechanisms but to worlds, characters, and stories they can engage with however and whenever they choose.
This personal evolution has been humbling but ultimately liberating. It's allowed me to stop evaluating entertainment properties through outdated lenses and start seeing the interconnected potential that visionaries like Binder recognised years ago. If there's one thing I've learned, it's that in entertainment, the moment you become comfortable with your understanding of "how things work" is precisely when the ground is shifting beneath your feet.?
Key Takeaways:
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Before 5 on Friday is Peter Bell's weekly newsletter exploring leadership, innovation, and cultural transformation in primarily the gaming and entertainment industries. Join us every Friday for more insights that challenge, inspire, and spark your imagination, delivered straight to you every week.
Peter George Bell you sir know how to polish a stone. Thanks again for a great exchange and for talking with me about what I have learned and enjoyed doing for the last 30 years.