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Paramount Pictures Reduces Yearly Releases to 20

Source:Paramount Pictures

October 15, 2008

Paramount Pictures made the official announcement today that it is reducing its yearly output of movies:

Paramount Pictures said today it has reduced its release target to twenty films annually to more effectively compete in the changing marketplace and to realize the maximum financial benefit of the series of new operating efficiencies achieved by the studio. Under the new targets, Paramount plans to release twelve films, including MTV Films and Nickelodeon Movies, and up to four additional releases from its Paramount Vantage unit. Paramount will also continue to distribute 2-4 films a year produced by DreamWorks Animation and Marvel Studios.

The new release strategy complements proactive efficiency efforts announced earlier in the year. In June, Paramount restructured the Vantage operation to combine its marketing, distribution and physical production departments with Paramount’s, which eliminated redundancies and resulted in overhead savings. Moving forward, Vantage’s new creative strategy will be to release up to four lower priced, cutting edge films a year.

The recently announced departure of the DreamWorks principals and many of its staff enables Paramount to further integrate creative operations to maximize its top talent. Adam Goodman will be moving from DreamWorks to Paramount Pictures as President of Production, overseeing a creative staff who will manage the current DreamWorks projects and creative relationships, as well as new development now for Paramount. Brad Weston will continue as President of Production for Paramount Pictures, and will continue to supervise existing creative staff overseeing their ongoing development, talent relationships and new development. Both will be supported by shared functions and both will work in tandem with their respective creative staffs on developing projects for Paramount, as well as its labels, MTV Films and Nickelodeon Movies. Goodman will report dually to John Lesher, President of Paramount Film Group, on creative areas and to Rob Moore, Vice Chairman of Paramount Pictures on business issues.

"Viacom CEO Philippe Dauman has laid out a very smart strategy that will put Viacom in great position to prosper in the current economic climate," said Brad Grey, Chairman and CEO of Paramount Pictures Corporation. "In line with that strategy, we at Paramount are taking steps to ensure our business and creative plans are sound and viable for the long term. Today’s changes leverage the improvements we have already made and update our output in alignment with our global ambitions. We have a strong team and structure in place; we have right-sized our overhead; and we have established a slate volume that balances our financial goals with our creative objectives. I am confident we can continue to meet our long-term financial targets and offer a strong and diverse slate of films."

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COMMENTS (21)

Posted by:

?????

October 15, 2008

what were they orignally putting out? 20 is a lot!

Posted by:

RicoSuave

October 15, 2008

Guess the credit crunch must be getting to Hollywood. A bit less crap and a bit more quality ? One can hope.

Posted by:

DegenX

October 15, 2008

guess they're running out of movies to remake :P

Posted by:

Alex

October 15, 2008

if 1 of 20is good is ok. the problems is in past for 300 hust 1 good. =(

Posted by:

dylansdad

October 15, 2008

This puts more pressure on each film to perform well at the box office, and makes it less likely that the studio will take chances on new and different projects that try to push the envelope.

Posted by:

Moviegoer

October 15, 2008

Paramount could have been BIG in the winter had they not moved Trek to next year. That was a dumb ass move.

Posted by:

Brad L. Wooldridge

October 15, 2008

Geez, they act like they're short-changing us with twenty. Why not just put out four or five really good movies? Warner Bros. had a rocky start with "Speed Racer," but we can all safely say that they more than made it up with "The Dark Knight," a quality film that made a ****load of money and put @sses in seats.

Posted by:

Clarkpaco

October 15, 2008

Yeah... 12 MTV and Nickelodeon movies!
Lets make a TRL the movie. That will be swell, gosh golly gee willikers!

Now MTV can ruin the film industry like it did the music industry, thanks fellas!

Posted by:

Cerebral Excess

October 15, 2008

Now if they can only have Sumner Redstone retire. Isn't anybody tired of his sanctimonious nonsense?!!

Posted by:

c5vtman

October 15, 2008

Makes perfect sense to me, but I bet their going to half to make better quality movies as well because credit crunch has started to hit their budgets. When you don't have the money like you used to throw around, you end up having to make some hard decisions in the long run. I can see the actor's salaries being capped off. Actors like Jim Carey, Wil Ferrel, Cameron Diaz, and so forth are going to realize that like everybody else they will have to deal with the money they make, and that will be it. I will be laughing myself to sleep when I hear one of them complain that a hollywood studio refuses to pay their obscene salaries and decides to hire some younger, fresher talent for less money that is willing to do it to get themselves recognized. These actors think their irreplaceable when really like every job, the studios will do what they half to make a good movie and like every job, even actors can be replaced for someone else. I am glad this is happening in some ways, because it makes people realize and wake up that good times do not last forever.