The current financial crisis undergoing in Wall Street and Corporate
America has begun to impact the entertainment industry, despite the fact that
Hollywood typically takes advantage of such hard times to allure frustrated
consumers into movie theaters.
Paramount Pictures is shuffling its fall and holiday season release schedule
by delaying two star-driven drama movies, probably due to the economic crisis,
studio budget woes and market competition, the Los Angeles Times reported
Friday.
The studio will push "The Soloist" from Thanksgiving week to March 13 and
"Defiance" from mid-December to a limited, Oscar-qualifying December 31 release,
followed by a wide expansion in January.
Paramount said this week that it would streamline its release slate going
forward, aiming to put out no more than 20 movies a year. The studio's
management is under heightened pressure from corporate parent Viacom to find
efficiencies amid a tough economic climate, according to the report.
"The Soloist," starring Academy Award-winning actor Jamie Foxx as a homeless
violin player, will still open the American Film Institute Festival in Los
Angeles late this month, but the release date change knocks it out of the 2008
race for the Academy Awards and other honors.
The economic crisis might have made November an awkward time to release a
movie about homelessness, studio executives privately told the newspaper,
although "The Soloist" is meant to be an uplifting tale.
Meanwhile, Paramount is delaying the release of World War II drama "Defiance"
starring Daniel Craig as the studio may want more distance from the latest James
Bond film "Quantum of Solace" from Sony Pictures. The 007 movie film, also
starring Craig, is scheduled to open November 14.
Another consideration is that the delay could allow the studio to push off
much of the movie's release costs to next year, according to the report.