June
16
Paramount Hits Overseas $1 Billion Mark
Paramount sent out a press release today (it's on the jump) proclaiming their billion dollar international gross at the the b.o., after only six months, which is a studio speed record.
But Indiana Jones and the Kingdom of the Crystal Skull was a Lucasfilm production; Iron Man was Marvel; and Kung Fu Panda was DreamWorks Animation. Paramount did a great job distributing and marketing these pics, but did not make them. They will share a sliver of the rewards.
And while Nickelodeon's The Spiderwick Chronicles, Cloverfield and No Country for Old Men generated some modest returns overseas, most of the Brad Grey management team's other biggest hits have come from the DreamWorks side of the ledger--Michael Bay's Transformers and its follow-up, currently filming, are co-productions. And Mike Myers' Love Guru is not likely to be a huge overseas performer.
What happens when Spielberg and Geffen raise their big bucks (I'm hearing they're courting global funds as we speak) and split? Then it will be up to John Lesher and Brad Weston to soldier on.
PARAMOUNT HITS $1BILLION INTERNATIONAL BOX OFFICE GROSS IN RECORD TIMEParamount Pictures International (PPI) has achieved a billion dollars in international box office less than six months into its second year of operation – a record for the studio.
PPI crossed $1 billion in grosses on 14 June, the first studio to achieve the mark in 2008, and over six weeks faster than its previous record in 2007 which saw PPI go on to gross $1.6 billion.
PPI’s President Andrew Cripps said this morning of the achievement:
“This achievement is testament to the continued growth of the international marketplace, the fantastic films that we have for international distribution, and the first class team we have working for PPI around the world. Everyone at Paramount should be very proud of this milestone and we look forward to continued success throughout the rest of 2008”.
The record success has been built on a host of strong box office hits demonstrating PPI’s talent for distributing a diverse range of product from its key partners.
A strong May saw two triumphant releases as one of the world’s favourite franchises returned and a brand new franchise was born. May 22 brought the return of Steven Spielberg and LucasFilm’s legendary adventurer Indiana Jones in his fourth whip-cracking adventure INDIANA JONES AND THE KINGDOM OF THE CRYSTAL SKULL.
The dream team of Steven Spielberg and George Lucas once again proved to have the Midas touch as the film exceeded the lifetime gross of the franchise’s previous best international performer, INDIANA JONES AND THE LAST CRUSADE ($277m), in just two weeks. It has now grossed over $350m from international markets with major international territory Japan still to launch the title next weekend (June 21).
Not content with one banner title in May, Paramount launched the summer season on May 2 with Marvel Studios’ IRON MAN. Paramount’s first release from Marvel Studios proved a major success, both with critics and audiences alike. Jon Favreau’s film has grossed $210m for PPI territories and over $250m internationally, making it the most successful comic-book superhero movie outside the Spider-Man franchise.
PPI has also seen great success from the early stages of its release of KUNG FU PANDA, the latest hit from Jeffrey Katzenberg’s DreamWorks Animation. KUNG FU PANDA claimed over $20m from just 9 territories in its first weekend when it launched day-and-date on June 6 breaking records as the best animated opening of all-time in Korea, Malaysia and Singapore. The animated hit had just barely started its second weekend as PPI crossed the $1billion mark with most major territories yet to release what is shaping up to be another smash hit from DreamWorks Animation. It’s current International cume is $41 million.
PPI’s success in 2008 has not only been built on the success of summer tent-pole releases, however. The company saw great success in the first quarter of the year with three incredibly diverse titles.
Nickelodeon Movies delivered a magical family fantasy with THE SPIDERWICK CHRONICLES. The film, based on the popular series of children’s books, grossed $91m internationally for PPI.
JJ Abrams, the mastermind behind TV hits Alias and Lost who is currently bringing a new and exciting rendition of STAR TREK to the big screen for Paramount in May 2009, produced the monster hit CLOVERFIELD. The movie thrilled audiences in January as the first “must see” of 2008 and went on to gross over $90m internationally.
PPI also saw tremendous success with the Paramount Vantage/Miramax co-production NO COUNTRY FOR OLD MEN. The Coen Brothers adaptation of Cormac McCarthy’s bestseller proved a critical and commercial triumph, winning numerous awards around the world before crowning its achievement with four Academy Awards, including Best Picture. With an international gross of $86m the thriller is the acclaimed filmmakers’ most successful international film.
And there is still more to come in 2008, with more than half the year set to deliver a multitude of exciting projects. These include the first production from PPI, ANGUS, THONGS AND PERFECT SNOGGING, from the acclaimed director of Bend It Like Beckham, Gurinder Chadha. The coming-of-age comedy opens first in the UK on July 25.
PPI will continue to roll-out DreamWorks Animation’s KUNG FU PANDA, with most of Europe and Latin America receiving the hit film in July. PPI will also distribute another DWA film at the end of the year, MADAGASCAR: ESCAPE 2 AFRICA, the sequel to the 2005 hit which earned $339m from international territories.
Paramount will be releasing comedies this year showcasing the best of today’s comic talent. The first, LOVE GURU, launches on July 10 in Australia and follows in most international territories in August and September. The comedy sees Mike Myers as Gura Pitka, the comedian’s first live-action creation since Austin Powers.
The autumn brings the following films from Dreamworks Pictures: The hilarious comedy TROPIC THUNDER, directed by Ben Stiller, about a group of actors forced to become the soldiers they are portraying. Stiller stars alongside Jack Black and Robert Downey Jr, as well as an ensemble of great comedic actors; thriller EAGLE EYE, which reunited director DJ Caruso with his DISTURBIA star Shia LaBeouf. In the film two ordinary people (LaBeouf) and a single mother (Michelle Monaghan) get caught in an extraordinary situation. Billy Bob Thornton and Rosario Dawson also star in EAGLE EYE, Exec Produced by Steven Spielberg; and finally, in October, GHOST TOWN, starring popular British comedian Ricky Gervais. Gervais plays an acerbic dentist who, after a botched operation, finds himself able to see ghosts who want his help. Greg Kinnear and Tea Leoni co-star.
Beyond that PPI looks forward to another incredible year in 2009, with a great slate of diverse projects. Visionary director Zack Snyder (300) will deliver his take on acclaimed graphic novel WATCHMEN in March; while DWA’s first 3D feature MONSTERS VS ALIENS will be launched for Easter. The summer season not only boasts JJ Abrams’ STAR TREK but also Stephen Sommer’s G.I. JOE and Michael Bay’s sequel to Paramount/DW’s 2007 smash hit TRANSFORMERS, which grossed $388m internationally. PPI is also proud in 2009 to be distributing new films from Oscar-winning directors Sam Mendes (REVOLUTIONARY ROAD), Martin Scorsese (SHUTTER ISLAND) and Peter Jackson (THE LOVELY BONES).
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PAR paid for IJ4 and so will make more than it would on Marvel films. From LAT ("Ford, Lucas, Spielberg on risky quest for treasure "):
According to these people, Paramount spent about $185 million to make the movie and will pay at least $150 million to market it worldwide. The studio will earn a distribution fee of 12.5% of the revenue it receives from the film's release in all media, including theaters, DVD and television.
In comparison, 20th Century Fox received a distribution fee of 6% to 8% for releasing Lucas' "Star Wars" movies. Fox's fee was smaller because Lucasfilm finances the "Star War" movies entirely and effectively pays the studio for distribution. Fox earned between $50 million and $75 million per picture, said a person familiar with the finances.
"Crystal Skull" will have to generate around $400 million for Paramount for the studio to make its money back and earn its distribution fee. Only at that point will Lucas, Spielberg, Ford and smaller profit participants, including screenwriter David Koepp, begin collecting their portion.
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Posted by: Ram | June 17, 2008 at 10:44 AM
To Ram :
According to the LAT article you use, Paramount will only earn 12.5% of this movie's profit.
http://www.latimes.com/business/la-fi-indianajones21apr21,1,4784324.story
[Paramount will take 12.5 cents from every dollar thereafter, while Lucas and company will earn 87.5 cents.]
Posted by: marychan | June 18, 2008 at 04:23 AM