The Big Picture: Money and Power in Hollywood
Random House (10 January 2006)
The Big Picture is a deep dive into just what goes into movie-making, and how studios make their money. If you’re interested in Hollywood and the biz, you would be remiss not to read any of his works.
Like with The Hollywood Economist, Epstein’s position is that everything in Hollywood is dictated by economics. While there is money to be made in films at the theatres, the business model of Hollywood studios has little to do with box office receipts. Video game spin-offs, soundtracks, fast food tie-ins, and even theme parks are major money-makers. Then you have the corporate interests behind it all. Actors, directors, and writers want to make art, but there is the never-ending challenge of appealing to investors and the studio execs. The latter group seem more interested in cable television and home video releases. Less glamorous than what’s on the surface, just all about crunching numbers. If you’ve ever watched Entourage, then you’d sort of have an idea of how this looks.
Money is one side of things, but power and status are just as important. In addition to all the financial examples and stats and whathaveyou, the text is full of insider stories. Actually, for me, the history of how Hollywood has changed over the years is more interesting than the business itself. It began as a parallel economy of sorts, with complete control of talent through the studio model. Ownership of movie theatres, and deciding what films could be shown, was another big earner. That was until the 1960s when it was decided that this represented a conflict of interest.
Then you have films that seem to be disappointments at the box office, but go on to generate huge amounts of revenue in DVD sales and other promotions. Gone in 60 Seconds with Nicholas Cage was one example in the text. These films are not just the exceptions — pretty much every cult classic people love has a history of underperforming in theatres before becoming staples in home collections. Fight Club, Requiem for a Dream, and others.
I like books on business, books on journalism, and books about the entertainment industry. The Big Picture manages to tick all the boxes. Epstein lays everything out in a way that is informative and complex, but entertaining at the same time. I enjoy just about all of his works, and this one is essential reading if you want to learn about the economics of the biz.
Lawrence Deveney 