There's no question that the worsening economy is prompting some belt-tightening in the entertainment industry. NBC Universal is cutting $500 million from next year's budget and Viacom's Paramount Pictures is shrinking its slate from 25 movies a year to 20. But how bad the industry is hurt and which sectors are hit hardest will depend in part on an important calculation that consumers make how much is an hour of fun worth?
There must be an easier way to make money. For the cost of “Men in Black 3,” for instance, the studio could have become one of the world’s largest venture-capital funds, thereby owning a piece of hundreds of promising start-ups. Instead, it purchased the rights to a piece of intellectual property, paid a fortune for a big star and has no definitive idea why its movie didn’t make a huge profit. Why is anyone in the film industry?
Georgia’s burgeoning entertainment industry didn ..
All business requires guessing, but future predilections of moviegoers are especially opaque. If a large company wants to introduce a new car, it can at least base its predictions, in part, on factors like where oil prices are headed. Movie executives, on the other hand, come up with a host of new theories each summer about what audiences want — 3-D tent poles, 2-D tent poles, vampires, comics, board games and so on — then, sometimes over the course of a weekend, ricochet toward a new theory. Will the tepid economics of “Men in Black 3” spell trouble for “The Amazing Spider-Man,” this holiday weekend’s big release? Who knows.
Entertainment - Georgia Department of Economic …
People have predicted the demise of the film industry since the dawn of TV and, later, the appearance of VHS, cable and digital piracy. But Fabrizio Perretti, a management professor at the Università Bocconi in Italy, says that Hollywood is now actually destroying itself. Because it’s harder to get financing and audiences, companies are competing to make bigger, costlier films while eliminating risk, which is why ever-more movies are based on existing intellectual property. Eighteen of the all-time 100 top-grossing movies (adjusted for inflation) were sequels, and more than half of those were released since 2000.
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Predictability might win the weekend, Perretti says, but it could eventually make people weary. Meanwhile, Lieberman, from PricewaterhouseCoopers, sees significant growth in another entertainment business that’s constantly experimenting with different models, distribution methods and ways of telling stories. Maybe TV is finally going to kill movies after all.
Hollywood Reporter | Entertainment News
Georgia’s burgeoning entertainment industry didn’t get this way overnight, or by making a few Hollywood types happy.
It has taken years to assemble an impressive infrastructure of studios and related businesses, train enough crew workers, and get civic leaders to roll out the red carpet for producers seeking a Georgia backdrop.
IndieWire | The Voice of Creative Independence
BEVERLY HILLS, Calif. — Wang Jianlin, chairman of the Dalian Wanda Group, the Chinese conglomerate that is emerging — controversially — as a superpower in the entertainment business, sat in an opulent armchair at the Peninsula Hotel here on Sunday and discussed his business ventures with a casual efficiency.