Will Hollywood’s Cutbacks Prevent Comebacks? The Moment of Truth is Near

The news of the moment toggles between cutbacks and comebacks. Keep your therapist’s number handy.

Paramount is laying off thousands and closing its TV studio, but Skydance’s David Ellison, its new owner, promises an important new slate is on its way. Disney is reducing its workforce as park attendance declines, but it’s also investing billions in new theme park attractions and a solid entertainment lineup (Bob Iger calls it a “turbocharge”).

Even United Artists, battle-scarred but with Scott Stuber as its new leader, promises yet another comeback after alternating decades of success and failure.

Amid all this, the ongoing drama surrounding Warner Bros Discovery’s David Zaslav seems almost comforting.

My interest in all this isn’t just academic; I’ve been through both the ups and downs, with the highs at ’70s Paramount being particularly memorable. Tom Cruise, having just become head of UA, once told me, “This will be a death-defying experience, won’t it?” He was right; I had been a predecessor in that challenging role.

Hollywood seems to thrive on periods of turbulence, almost encouraging them. In the 1920s, actress-entrepreneur Mary Pickford couldn’t handle the budget overruns of her partner at UA, D.W. Griffith. To stabilize her company, she invited a slew of quixotic showmen including Howard Hughes, Charlie Chaplin, and cowboy star William S. Hart; Hart was the first to leave. Her company floundered, and Griffith’s “The Birth of a Nation” was blatantly racist.

A pressing question now is whether Hollywood’s cutbacks will stifle potential comebacks. We’re nearing a crucial moment.

Paramount is stripping down to its core and faces a year of federal and banking constraints before it can launch its ambitious plans. Stuber, the former movie chief at Netflix, has to navigate a corporate maze of brands at Amazon MGM while gearing up for takeoff.

The consensus is that a blockbuster hit could trigger a renaissance. But what genre will it be?

Ellison’s executive experience led to partnerships in franchise films like “Top Gun: Maverick.” Stuber’s early career also involved big-budget action films like “Battleship” and “Volcano.” Disney’s upcoming movie slate is heavy on sequels and prequels, including “Frozen 3” and “Toy Story 5.” Its new park plans feature freshly reimagined Avatar and Frozen lands.

A glimpse at past studio comebacks suggests a range of genres and directions. Paramount’s resurgence in the late ’60s and ’70s was fueled by modestly budgeted films such as “Love Story” and “Rosemary’s Baby.” Even “The Godfather” had a modest $7 million budget and was based on a then-obscure novel.

Sherry Lansing led a remarkable recovery at Paramount in the mid-‘80s with hits like “Fatal Attraction,” “The Accused,” and “Indecent Proposal” – all of which attracted substantial female audiences. She understood her audience.

During UA’s second heyday under Arthur Krim and David Picker, big titles included “Tom Jones” and “One Flew Over the Cuckoo’s Nest” – unique yet modest in cost.

This route was not without its traps. Cruise and Paula Wagner’s era at UA offered thoughtful adult films that failed to find audiences: “Lions for Lambs” with Robert Redford and “Valkyrie” with Cruise himself. He would later embrace his “Mission: Impossible” franchise once again.

The future of hits is uncertain, but in my book titled “Boffo,” I suggested a common denominator: The big hits of the past, regardless of size, reflected a singular voice.

It was usually one from the wilderness.

Source: Particle News