By Kay H. Hofmann
Over the previous 20 years, traders from outdoor the movie have more and more provided fairness to U.S. movie productions. this present day, those so-called co-financing preparations are a standard phenomenon in Hollywood. whereas the massive studios often perform the operative projects of motion picture creation and distribution, the financiers as co-owners of the finished motion pictures have rights to the residual gains. Kay H. Hofmann analyzes the conflicts of curiosity and the organizational difficulties which could come up among the skilled significant studios and traders with comparably low services. Guided by means of imperative agent thought, the empirical research offers proof for hostile choice and a number of points of ethical chance in the course of construction in addition to distribution. according to those findings, the writer develops options that aren't in basic terms appropriate for present and destiny traders but additionally for flats and picture manufacturers who depend upon the long term availability of exterior funds.
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Extra info for Co-Financing Hollywood Film Productions with Outside Investors: An Economic Analysis of Principal Agent Relationships in the U.S. Motion Picture Industry
The exhibition industry runs well below its theoretical capacity. 4 times and the actual box office revenues of that year make up only nine percent of the theoretically feasible revenues if all showings were sold out (Vogel, 2007: p. 126). Obviously, this scenario is not realistic as many theater auditoriums remain almost empty for many matinee shows and even for many evening shows during the week. Overall, the exhibition business strongly depends on the large blockbuster releases: The combined gross revenues of the top 20 movies of a year usually account for an average of around 40 percent of the annual box office total.
Litman, 1998: p. 22). S. based subsidiary for filmed entertainment. e. S. motion pictures during the 1980s, the common financing practices for Hollywood films changed again. 31 The returns were either used to finance negative costs or as collateral for additional bank loans; the latter set-up was commonly referred to as ‘discountable contract finance’ (Foy, 2004). Although during the 1980s large parts of the budgets could be raised via this approach, in some cases additional bank loans covered any remaining gaps, a practice called ‘gap financing’.
Theaters with eight to 15 screens). S. motion picture industry, production firms may be categorized into three groups. 47, MGM, Paramount, Sony/Columbia Tri-Star, Twentieth Century Fox, Universal, Walt Disney and Warner. G. which was founded in the year 1994 the majors resemble more or less the dominant players that thrived during the early era of Hollywood. The fact that in the year 2000, these eight players received 95 percent of the North American box office revenues (Wasko, 2003: p. 48 Today, all major studios are fully integrated parts of multinational entertainment conglomerates that possess production and distribution units.