Jeff Goldblum Needs To Teach Hollywood Honchos About Chaos
from the better-betting dept
But just because there's a large element of chance, it doesn't follow that the studios can't do anything to improve their performance. For example, instead of looking for studio heads who put out hot pictures, they should look for executives who -- like executives in any other business -- push cost cutting. Remember, films don't need to cost $200 million to produce anymore. New technology allows for films to be produced with a much smaller initial buy-in. Much of the costs are, of course, for actor pay, but randomness applies to them too. You can't buy a hit just be hiring a hot actor, so the studios should press against their high prices. Importantly, appreciating the consequences of chaos should also help them deal with the changing media landscape. The current system of theatrical releases lends itself to winner-take-all releases. When a film like the Da Vinci Code comes out it dominates the available screens, leaving the other works unlucky enough to be released the same week to fight for the scraps. By embracing the multi-channel approach, something the studios are currently in fear of, they can avoid the consequences of a bad release window. Investing money into a new project will never be a sure thing, but it's clear that Hollywood can improve its fortunes by pushing back against some of the ways it's always been done.