The World Producers Organization held its 12th Annual Summit in Cannes under the organization of the AICP, APA and CFP-E. During their get-together, more than 100 production company owners and executives from 33 countries discussed pressing issues facing the global production industry. As a group, there was absolute resolve that in order to deliver the highest quality product to marketers in the most efficient fashion, bidding procedures must be fully transparent.
Major factors for transparency include marketer expectations such as disclosure for budget range, and complete knowledge of other bidding entities.
The concern that advertising agency-owned production entities could be involved as competitors continues to be of paramount concern to the industry, and is part of an ongoing investigation by the Department of Justice in the United States.
Several countries have issued industry-wide statements regarding anti-competitive bidding practices and the reluctance to engage in business under these conditions.
The open market–where production companies compete for work based on expertise and price–is the guarantor of value for advertisers. Anything that distorts that competitive balance, such as agency-owned entities engaged in multi-bidding for work, where they have access to insider information regarding independent production companies’ bids, is contrary to the interests of advertisers–as well as being unfair to the production companies also bidding.
“Sonic the Hedgehog 3” Tops Weekend Box Office
In the holiday season battle of big-budget family movies, Paramount Pictures' "Sonic the Hedgehog 3" sped past the Walt Disney Co.'s "Mufasa: The Lion King" to take the top spot at the box office ahead of the lucrative Christmas corridor in theaters.
"Sonic the Hedgehog 3" debuted with $62 million in ticket sales over the weekend, according to studio estimates. With strong reviews (86% fresh on Rotten Tomatoes) and a high score from audiences (an "A" on CinemaScore), "Sonic 3" is well positioned to be the top choice in cinemas during the busiest moviegoing period of the year.
It was telling of some wider trends that "Sonic 3" — made for $122 million — bested one of Disney's top properties. Videogame adaptations, once among the most derided movie genres, have emerged as one of the most dependable box office forces in recent years. The two previous "Sonic" movies together grossed more $700 million worldwide and the third installment appears likely to do better than both of them. A fourth "Sonic" movie is already in development.
"Mufasa," however, was humbled in its opening weekend, with its $35 million in domestic ticket sales coming in notably shy of expectations . The photorealistic "Lion King" prequel even opened wider than "Sonic 3," launching on 4,100 theaters and gobbling up most IMAX screens, compared with 3,761 locations for "Sonic 3."
Though "Mufasa's" reviews were poor (56% fresh on Rotten Tomatoes), audiences gave it an "A-" CinemaScore.
"Sonic 3" nearly doubled the haul for "Mufasa," which cost more than $200 million to make. Disney could look to $87.2 million in international sales to help make up the difference. The third "Sonic" will rollout in most overseas markets in the coming weeks.
In director Jeff... Read More