What the Summer Taught Hollywood: Fear the Tentpole
With the Labor Day weekend over, the summer season as defined by Hollywood studios — which begins with the first Friday in May — is officially done. When it comes to the movie world, summer 2013 has been an interesting case study to discern what the future of the industry might hold. And according to an article by The Hollywood Reporter, there might be changes coming.
The summer has been a season of feast or famine for the studios, with not much in between. On one hand, Marvel and Disney’s (NYSE:DIS) Iron Man 3 and Universal’s (NASDAQ:CMCSA) Despicable Me 2 have led their respective studios to some of the most lucrative summers on record — the latter prompted NBC Universal CEO Steve Burke to proclaim during an earnings call that the animated film would “end up being the single most profitable film in the 100-year history of Universal Studios.”
But even those two studios were not infallible. Each had respective bombs come their way: for Disney, it was the Lone Ranger, and Universal had R.I.P.D. According to The Hollywood Reporter, the up-and-down nature of this summer has led the studios to seek new strategies moving forward, with a THR source over at Warner Bros. (NYSE:TWX) explaining that “a sense of budgets creeping up” was a huge topic at hand.