Out-of-control costs. Box office bombs that should have been
foreseen. A mania for sequels at the expense of innovation.
Blockbusters of ever-diminishing merit. What other industry could
continue like this--and succeed as spectacularly as Hollywood has?
The American movie industry's extraordinary success at home and
abroad--in the face of dire threats from broadcast television and a
wealth of other entertainment media that have followed--is David
Waterman's focus in this book, the first full-length economic study
of the movie industry in over forty years.
Combining historical and economic analysis, "Hollywood's Road to
Riches" shows how, beginning in the 1950s, a largely predictable
business has been transformed into a volatile and complex
multimedia enterprise now commanding over 80 percent of the world's
film business. At the same time, the book asks how the economic
forces leading to this success--the forces of audience demand,
technology, and high risk--have combined to change the kinds of
movies Hollywood produces.
Waterman argues that the movie studios have multiplied their
revenues by effectively using pay television and home video media
to extract the maximum amounts that individual consumers are
willing to pay to watch the same movies in different venues. Along
the way, the Hollywood studios have masterfully handled piracy and
other economic challenges to the multimedia system they use to
distribute movies.
The author also looks ahead to what Internet file sharing and
digital production and distribution technologies might mean for
Hollywood's prosperity, as well as for the quality and variety of
the movies it makes.
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