By Kay H. Hofmann
Over the earlier twenty years, traders from outdoors the movie have more and more provided fairness to U.S. movie productions. this day, those so-called co-financing preparations are a typical phenomenon in Hollywood. whereas the massive studios frequently perform the operative initiatives of motion picture construction and distribution, the financiers as co-owners of the finished motion pictures have rights to the residual gains. Kay H. Hofmann analyzes the conflicts of curiosity and the organizational difficulties that can come up among the skilled significant studios and traders with comparably low services. Guided via imperative agent concept, the empirical research offers proof for opposed choice and a number of facets of ethical risk in the course of construction in addition to distribution. in line with those findings, the writer develops options that aren't simply correct for present and destiny traders but additionally for residences and movie manufacturers who depend on 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
Besides outlining the fundamental differences in the two market functionalities, the researchers call for a clear-cut distinction in future research. 59 I follow Zuckerman and Kim’s (2003) definition of market segments in the motion picture industry by observing different identities of the distribution companies but depart from their approach insofar that I treat the segment served by the mini-majors as a separate group. I acknowledge that there is no consistent mini-major market but that the output of these studio-affiliated firms must rather be assigned either to the mass or the independent segment; however, this typically requires a case-by-case inspection.
With a combined total of 39,028 screens (MPAA, 2009a). S. e. theaters with eight to 15 screens). S. motion picture industry, production firms may be categorized into three groups. 47, MGM, Paramount, Sony/Columbia Tri-Star, Twentieth Century Fox, Universal, Walt Disney and Warner. G. which was founded in the year 1994 the majors resemble more or less the dominant players that thrived during the early era of Hollywood. The fact that in the year 2000, these eight players received 95 percent of the North American box office revenues (Wasko, 2003: p.
258). This compensation scheme clearly favors economies of scale and provides incentives for 44 Computations and examples of the terms of distributor-exhibitor contracts are discussed in more detail in Vogel (2007) and Cones (1997). 45 The percentages determining the distribution fees vary among distribution contracts based on the relative bargaining power of the parties involved and on the different markets in which the film is distributed. The highest percentages are typically commanded by the majors, followed by the mini-majors.
Co-Financing Hollywood Film Productions with Outside Investors: An Economic Analysis of Principal Agent Relationships in the U.S. Motion Picture Industry by Kay H. Hofmann