Viacom chief notes Paramount was one of the only studios without a major summer flop
Paramount Pictures takes a more conservative approach to the films it produces than other major studios and that paid off during a summer that was characterized by the failure of a number of expensive productions like “R.I.P.D.” and “The Lone Ranger.”
“Paramount was probably unique in not having a tentpole that failed,” Philippe Dauman, president and chief executive officer of Paramount’s parent company Viacom, said during a quarterly earnings call with analysts on Thursday.
He noted that the summer of 2013 was fiercely competitive, with Superman, Iron Man and other well-established characters all jockeying for a piece of the box office pie.
“This was an unusually crowded tentpole summer,” Dauman said, noting that “Star Trek Into Darkness” ($467.4 million, worldwide) and “World War Z” ($540 million worldwide) were still able to find an audience.
Yet overall revenues for the filmed entertainment unit fell by $538 million for the fiscal year to $4.3 billion, which Dauman ascribed to lower television licensing fees.
Going forward, he projected the company would field stronger film slates. To that end, Paramount is currently developing sequels to “World War Z,” “Mission: Impossible,” “Star Trek” and “G.I. Joe.”