With Dreamworks now over at Universal, Vantage re-incorporated back into the fold, and tough economic times ahead – it comes as no surprise that Paramount Pictures has officially reduced its yearly output of movies.
Under the new targets, Paramount plans to release twelve films directly – these include MTV Films and Nickelodeon Movies. There’ll also be up to four additional releases from its Paramount Vantage unit, and distribution of 2-4 films a year by DreamWorks Animation and Marvel Studios.
That adds up to about 20 films a year, down from the 25-26 per year amount released in recent times. The move follows a similar decision by Walt Disney Pictures a few years ago to cut back on the number of releases and focus on big event movies targeted more at a specific demographic – a formula which has yielded great success for the studio.
The announcement comes during an unusually overcrowded early Fall with at least 4-5 new wide releases (and as many again limited releases) per week opening, and almost all of them falling flat on their face. This is in contrast to this past Summer when 2-3 new wide releases opened each week and proved highly profitable for the studios.
With various media stocks taking a tumble and financial capital drying up – it’s expected other studios will soon follow suit and reduce output accordingly.