By Kay H. Hofmann
Over the earlier twenty years, traders from open air the movie have more and more provided fairness to U.S. movie productions. at the present time, those so-called co-financing preparations are a standard phenomenon in Hollywood. whereas the big studios often perform the operative projects of motion picture construction and distribution, the financiers as co-owners of the finished movies have rights to the residual gains. Kay H. Hofmann analyzes the conflicts of curiosity and the organizational difficulties which may come up among the skilled significant studios and traders with comparably low services. Guided by way of important agent conception, the empirical research presents proof for hostile choice and a number of elements of ethical possibility in the course of construction in addition to distribution. in keeping with those findings, the writer develops options that aren't simply appropriate for present and destiny traders but additionally for flats and movie manufacturers who depend upon the long term availability of exterior funds.
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Additional info for Co-Financing Hollywood Film Productions with Outside Investors: An Economic Analysis of Principal Agent Relationships in the U.S. Motion Picture Industry
In some cases, these individuals are star directors, actors, or prominent media executives but the majority of indies are run by rather unknown film aficionados. The term independent refers to the proprietary detachedness from the studios. However, as will be discussed later, independent production firms frequently collaborate with the majors and many of them even have fixed long-term contractual agreement with the leading studios. Concerning the pure quantity of independent firms and their productive output, indies clearly outnumber the aforementioned bigger players but compared to the latter, even their combined economic impact remains comparably small.
34 development reduces – to some degree – the risk associated with movie production from the perspective of producers and distributors. During the era of the video tape, studios and distributors predominately served the home entertainment market via the video rental system but the advent of the DVD format in 1997 significantly improved the profit margin on individual units and hence caused studios to favor the consumer purchase model with larger sell-through numbers. Today, mass retailers like Wal-Mart constitute the main outlets where consumers buy video tapes and DVDs.
The common rationale behind these suggestions is that ‘buzz’ created during North American theatrical exhibition is perishable and should be leveraged timely in other markets. 50 Another study has investigated the differing roles of success drivers between the domestic theatrical market and the sequential video rentals market and comes to the conclusion that certain determinants of economic performance indeed differ in their impact (Hennig-Thurau, Houston & Walsh, 2006). These findings are highly relevant for the management of sequential distribution channels and should be regarded by practitioners.