Is the not-so-hot economy affecting Hollywood? Let’s investigate.
According to a press release on the Disney (including Miramax) official site, profits decreased by 2% for the months of April, May and June compared to January, February and March with total profits of $1,433 million. They are also down 2% from the same quarter last year. Biggest Box Office Hit for April, May & June, “Wall E.”
In an article on the Examiner.com it states that Paramount/Viacom’s (including DreamWorks) profits are up 35% for April, May and June in comparison to a year ago. By this three months’ end their profits equal $1,771 million. They are up 55% from the previous quarter. Biggest Box Office Hit for April, May & June, “Iron Man.”
A Time Warner press release showed a 14% increase for April, May and June over last year (“The Dark Knight” was not in theaters yet). Profits for filmed entertainment totaled $2,564 million, which is a 9% decrease from January, February and March’s totals. Biggest Box Office Hit for April, May & June, “Sex and the City.”
NBC Universal (GE) profits are up 7% from April, May and June of 2007 and up 8% from January, February and March as stated in a GE release. Biggest Box Office Hit for April, May & June, “Wanted.”
News Corp’s earnings release for 20th Century Fox for April, May, and June quarter showed their total profits equaled $220 million a 16% decrease from January, February and March. Their profits only equaled $106 million during April, May, and June 2007. Biggest Box Office Hit for April, May & June, “What Happens in Vegas.”
In the end, we have 4 areas of decreasing profits, showing the economy may be affecting things. But there are also 5 areas with increasing profits, possibly a sign that movie goers haven’t given up their popcorn addictions just yet. With an incredible summer of blockbusters and A List ensemble casts, it seems that although Wall Street is a buzz with red down arrows, Hollywood is still a buzz with millions of green, maybe just not as many as last year.
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