5555 Melrose Ave, Los Angeles, CA 90038
Paramount Pictures is the fifth oldest film studio in America. It is a Viacom company, and with over 1,000 titles and numerous awards, it continues to produce entertaining, lucrative, and successful content. Divisions within Paramount include Paramount Vantage, Paramount Home Entertainment, Paramount Digital Entertainment, Paramount Pictures International, Paramount Licensing Inc, Paramount Studio Group, Worldwide Television Distribution, Paramount Famous Production, and Paramount Parks and Resorts .
Brad Grey, C.E.O. and chairman of Paramount Pictures, has held his positions since 2005.
After succeeding Sherry Lansing, Grey is responsible for 8 of Paramount’s top 10 highest grossing films of all time, including the Transformers series, Star Trek, Iron Man 1 & 2, Shrek the Third, and Indiana Jones and the Kingdom of the Crystal Skull.
Paramount takes advantage of its rich historical value and prime location. It is the last remaining studio in the Hollywood neighborhood of Los Angeles.The studio hosts tours and many events within the studio. It is a major tourist destination in Los Angeles. An intimate tour of the studio leaves a visitor with a sense of the 100 year Hollywood history Paramount has to offer. Visiting offers opportunity to see where some of the most celebrated films and TV shows of all time were produced .
HERE AND NOW
Paramount is notorious for their highly grossing blockbuster films. Currently sitting at the top of the box office is Paramount Picture’s G.I. Joe: Retaliation. This science-fiction action, starring Dwayne Johnson, Bruce Willis, and Channing Tatum, has already grossed $86.4M . Despite the criticisms of the movie from fans and authors on websites such as rottentomato.com, the studio has still benefited from a lucrative return on their mediocre sequel to G.I. Joe: The Rise of Cobra. Scott Mendelson, a box office pundit and film market analyst, describes Paramount’s success:
Paramount did a few very smart things during the production of this Jon Chu-helmed sequel. In fact, other than the fact that it’s not a very good movie (arguably the hardest variable to plan on, natch), Paramount Pictures and MGM’s handling of G.I. Joe: Retaliation may be a primer on how to successfully launch a tentpole film in today’s marketplace .
Paramount held off on the release of the movie, which was planned to go into theaters in June 2012. Fast forward 9 months to March 2013, add in increased 3D ticket prices with Paramount’s decision to adapt the film to 3D, and G.I. Joe: Retaliation has pulled in $233M and counting worldwide. Because the international market went for the 3D option, the decision to wait 9 months to convert the movie into 3D really paid off .
The success can also be attributed to the films’s low budget and the decision not to reshoot parts of the film. With $233M made on worldwide sales, Paramount has already begun profiting heavily from the movie. Increasing its moderate $130M budget would not have made it an exponentially more entertaining film, according to Mendelson . By sticking to its budget, appropriating 9 months for the transition to 3D, and refraining from taking exessive reshoots during post production, this mediocre sequel translated into a lucrative worldwide film.
JUST AROUND THE BEND
Upcoming on Paramount’s agenda is the release of some huge titles. Star Trek Into the Darkness is set to release on May 17 . This sequel is being directed and produced by J.J Abrams, the man who previously produced and directed the recent 2009 Star Trek.
There are high expectations for this Paramount Picture franchise. Because Star Trek is such a storied franchise, fanatics are concerned about the anagonist’s role as well as overall expectations for the film. Benedict Cumberbatch, the man purportedly playing the role of “Khan,” speaks to these concerns :
“That way madness lies… I think that’s the thing, isn’t it? If you have an over preoccupation with perception and trying to please people’s expectations, then you can go mad. We’ve got J.J. Abrams, and he’s already beautifully cracked that nut in the first film, and I think it pleased a lot of the varying camps: people who were coming to the franchise for the first time, the J.J. Abrams fans and the Star Trek fans, so that was a big comfort to me .
Paramount hopes to capitalize on the excitement of the film following the extremely successful 2009 Star Trek that found its way into the top 10 highest grossing films in Paramount history.
FURTHER DOWN THE LINE
There are two films Paramount is set to release within the next six months that have gained the attention of film-fanatics.With the phenomenon of AMC’s The Walking Dead, Paramount is “feeding” on America’s cultural fetish with zombies in Marc Forster’s apocalyptic horror film World War Z starring Brad Pitt .
Set to release on June 21, there have been some setbacks during production and a reported thrift between Pitt and Forster. After initial production had finished, this $125M budget film had to reshoot for seven weeks and its entire third act was rewritten . Regardless, Paramount has high expectations for this gutty apocalyptic film, hoping it will be a summer blockbuster.
After the success and popularity of the 2004 film Anchorman: The Legend of Ron Burgundy, news of the sequel has been highly anticipated. Starring Will Ferrell, this goofy comedy’s plot is still up in the air. Anchorman The Legend Continues is set to release on December 20, and fans are gearing up for another round of laughs .
Paramount’s executive decisions to make these movie sequels shows the studio’s main goal-to make successful, lucrative films. By taking advantage of names like Will Ferrell in the upcoming Anchorman, franchise names like Star Trek, and cultural fetishes like zombie apocalypses, Paramount hedges their bets with expected profitable films.
PARAMOUNT’s GLOBAL REACH
In one of the most luxurious places in the world, Paramount Hotels and Resorts has partnered with the United Arab Emirates-based luxury developer DAMAC Properties to build a 540 room hotel in Dubai. This building, DAMAC Towers by Paramount, acts as a gateway for Paramount to spread their media content around the globe. The hotel will offer residences as well as temporary stays .
It will feature Paramount themed restaurants, bars, swimming pools, and contain a movie theater. The rooms will also have the accommodation to access exclussive Paramount films. According to initial reports, the Dubai venture has been a success, with the first level of residences already sold out. Construction is projected to be finished by the end of 2015. Paramount Hotels and Resorts is also extending its reach to Boao, China, where another hotel should be completed by the end of 2016 .