Hollywood Studios Are Acquiring More Inventive Material Causing Spec Sales to Spike.

Good news for screenwriters! October spec script sales set mark for highest in 5 years. We’ve seen an enormous amount of remakes, sequels, and Madea(Ha Ha). Hollywood picked up 18 non-contract scripts written in October the highest since the Writer’s Guild strike in 2007/2008.

“A lot of the safe bets in terms of branded[intellectual property], the Harry Potters or the Hasbro products, have had their run , or have not worked  out,“ Brooklyn Weaver, owner of the literary management company Energy Entertainment, told TheWrap. “When you look at things such as ‘Inception,’ what’s working is the original ideas from original voices.”

Major Studios have increased their spec buys over the last 10 months. Sony and Warner Bros. lead the way with seven and fourteen respectively while Fox, Paramount, and Universal all picked up five.

“As the recession tapers off, [studios] are feeling a lot more free with their money,’ Goldberg of New Wave Entertainment said. “They’re back in the development game, but they’re doing it smartly so there’s not excessive waste.”

More info on Spec script sales can be found via The Scroggins Report.

Warner Bros. Makes $167 Million Dollar Tweak on Harry Potter Financials

I understand that these Hollywood Studios have the power and technology to create just about anything but going from $938 million in gross profits worldwide to a $167 million loss isn’t exactly color correction.

I guess that’s why stakeholders of “Twilight” asked for a percentage of gross profits and not net. Members of Harry Potter and the Order of the Phoenix weren’t as fortunate.

Harry Potter is just one example. I mean one large one too but it’s not the first or last. I’m sure Hollywood uses these accounting practices whenever possible. Ultimately it’s done to justify not paying writers, actors, etc….

It’s obvious that if Hollywood were taking losses in the range of hundreds of millions per project there wouldn’t be filmmaking or Hollywood itself!

Official Financials from Harry Potter