Monday, October 19, 2009
Hollywood Going Bust: 50% of Studios May Close
The number of films being produced by Hollywood is set to fall by more than a third as the major studios struggle against a twin threat, industry analysts say.
Their problems stem from a dearth of funding and from the digital revolution in the way people consume moving images.
Mark Gill, head of the Film Department, an independent film finance firm, predicted that last year's peak of 606 films to emerge from Hollywood would fall to fewer than 400 next year "and it may go lower than that in future".
The finances are in freefall, Gill said. In the wake of the financial meltdown, banks that had acted as the main funders of big- and middle-budget films have withdrawn their largesse, sucking $12bn (£7.4bn) out of the $18bn available to the top studios.
Other lines of income have also shrivelled, most importantly DVD sales, which have plummeted by up to 25% in some studios, partly as a result of piracy.
(snippet)
He told the Bloomberg news service that "it's a period of incredible change", predicting that two or three of the six big Hollywood studios were under such strain they would soon go bust.
That gloomy prognosis chimes with other industry analysts who claim that MGM in particular is on the edge, while other big studios are not far behind. Paramount Pictures registered a loss of almost $150m in the first half of this year.
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HILARIOUS!!!
ReplyDeleteI guess them hollywood stars will have to get food stamps like the REST of us!
Listen as I play the world's smallest violin for a moment of sadness.....
ReplyDeleteok, I am done being sad
They ran Charlie Chaplin out of Hollywood for making anti-bourgeoisie pro-proletariat films.
ReplyDeleteHollywood has always been an advertising branch of the capitalistic serf and slavery exploitation company
known as 'The United States of America'
Uncle Scam's got a planned World war III for YOU to PARTICIPATE in!
"Manifest Destiny" indeed.
good riddance!
ReplyDeleteGee, I guess instead of watching "cribs" on MTV, we will be watching "crates"?
ReplyDelete50% less crap has got to be something of a bonus.
ReplyDeleteThe sun goes down
ReplyDeleteover a scarlet horizon
the blood of the poor
is expunged from the dead
who walk through hollywood
and pretend to make art
but the clowns are laughing
a hearty laugh at them yet
Bad Poetry
ReplyDeleteI makes it
easily, you admire?
Random Visuals flashing
like a bad youtube creation
set to House music
Horses running, call it ClipHop
Also, allow me to throw a subtle
sidways referance to John Wayne Gacy
in here in self salutational indulgance
a tie in with the aforementioned blood
of a scarlet horizon
expunged from the dead
because this is obviously a cattle abduction
gone awry
a perfect example of the power of a
Hollywood education
*snicker*
I hope you are being self depricating dear dog runner among packs of dingos and cogs
ReplyDeletenovel conspiracies abating as the dead expunge their riddles ridiculous minds converge on a dirge selling ideas for dimes and limes line glasses for good times are coming let hollywood shine let it shine
4:09 sells
ReplyDeleteHope and Change
must be Obama