11 June 2008 10:36 AM, PDT | From Studio Briefing - Film News | See recent Studio Briefing - Film News news
Each of the major studios is considering ways of scaling back the number of films it produces each year, even as they cram a surfeit of movies into this year's summer release schedule, the Los Angeles Times observed today (Wednesday), citing several studio executives. Fox Filmed Entertainment Co-Chairman/CEO Tom Rothman told the newspaper that the surplus of films represents "one of the biggest issues facing Hollywood today." With so many films vying for attention, the studios have also been forced to increase their marketing and promotional costs. "In order to break through the clutter, we all feel the pressure to spend more in marketing," said Warner Bros. President Alan Horn. And Disney chief Robert Iger was quoted by the newspaper as saying, "Too many movies are being released into the marketplace. They can't all be good enough or marketed well enough to drive good returns." As a result, Time Warner chief Jeff Bewkes has told analysts that his company plans to cut its movie output in half, while at the same time hoping to move its profit up. Other studio execs also forecast dramatically reduced release schedules.
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