Studio Report Card: Sony Pictures Entertainment
Sony keeps pic pipeline packed
The year after winning the World Series is never easy. Thus for Sony Pictures Entertainment it was difficult trying to top 1997, when the studio fetched a record-breaking $1.3 billion at the domestic B.O. For 1998, Sony's score dropped to $748.5 million. Though comfortably higher than the dog days of the early- to mid-'90s, this figure must be slightly disappointing for the studio, which entered the year with high hopes for "Godzilla" and "The Mask of Zorro," among other pics. In terms of market share, Sony dropped to fourth place with $748.5 million in 1998, behind Disney, Paramount and -- by just a hair -- Warner Bros. The top SPE brass insist the market-share figures disguise a healthy set of financials for the studio. "This was the second most profitable year Sony has ever had," Columbia Pictures prexy Amy Pascal pointed out. MIDDLING TO HIGH POINTS: Faint praise, indeed -- SPE chairman John Calley said 1998 was a year of "singles and doubles" for SPE, and lists pics such as "The Big Hit," "Madeline," "Can't Hardly Wait" and "Spiceworld" as solid moneymakers. On the other end of the scale, while neither "Godzilla" nor "Zorro" made as much as Sony would have liked, neither can be considered a dud. "Godzilla" has grossed $375 million worldwide to date, and execs expect it to top $400 million. Pic has spun off a successful TV cartoon and "given us insight as to how we'll approach the sequel," Calley said. Although Sony hasn't officially greenlit "Godzilla 2," the pic's robust perf overseas has reopened the debate about whether the lizard should spawn a dynasty. "There are only a handful of films at this level," opined Columbia Motion Picture Group president Ken Lemberger. "It would be irresponsible, given the $400 million revenues of this film, not to do a sequel." "Zorro," another potential franchise, ended up shy of $100 million in the U.S., with $93 million, but is performing well overseas. The studio's third event release of the year, Chris Columbus' "Stepmom," starring Julia Roberts and Susan Sarandon, came out Dec. 25 and has racked up $50 million as of Jan. 5. Also filling Sony's coffers were Mandalay's "Wild Things," which grossed $23 million, and "Urban Legend," with $36 million. Indeed, Sony seems to have found a niche in the teen/horror market (its other releases for that demographic in 1998 included "I Still Know What You Did Last Summer" and "Can't Hardly Wait"). The studio continues with this trend into 1999 with the release of "Cruel Intentions," "Idle Hands" and "Go." "Amy found a real vein in teenage young profiles," Calley commented. EXEC CALM: Despite its less-than-stellar year, Sony didn't suffer from the negative press and aspersions that it has felt in the past. Pundits put this down to the sea of calm that exists at the studio under Calley. Sony leadership finally teamed the forces at Columbia and TriStar with little attrition among the senior execs. Former TriStar prexy of production Chris Lee was the only senior exec to ankle the company. LOOKING AHEAD: The combined force will seek to finance, produce, market and distribute some 20 to 25 features per year. Sony also wants to maintain full domestic and international rights. Unlike many studios around town, Sony is eschewing split-rights deals to keep full rights within the company. According to Columbia Motion Picture Group vice chairman Gareth Wigan, in 1999 the studio is expecting big things from its Adam Sandler vehicle "Big Daddy," which it has positioned for a June 25 release. Family event film "Stuart Little," from producer Doug Wick and "The Lion King" director Rob Minkoff, is set for December 1999. Also on the 1999 slate are thriller "8MM," with Nicolas Cage; action-caper "Blue Streak," starring Martin Lawrence; Sydney Pollack's "Random Hearts," starring Harrison Ford and Kristin Scott-Thomas; and Luc Besson's "Joan of Arc," with Dustin Hoffman. SPE has been a big spouter of the corporate benefits of international production, and in 1998 it opened up production satellites in Germany and Hong Kong to produce local pics. On the flip side, Sony's joint production venture with Canal Plus in the U.K., the Bridge, collapsed, but Sony execs insist their commitment to U.K. production remains strong. Sony also announced its new Screen Gems division, which will look to market and distribute a handful of low- to midsize-budget pics. The product will fall somewhere between Columbia's big-ticket pics and Sony Classics' arthouse fare. SUPPLY SIDE ECONOMICS: Mandalay Entertainment (five pics), Castle Rock Entertainment (four pics), and Phoenix Pictures (two pics) were the biggest contributors to Sony's 1997 slate. Sony's deal with Castle Rock, which has now expired, ended on a sour note indeed, with the non-performance of "Zero Effect," "Palmetto," "My Giant" and "Sour Grapes." Mandalay's "I Still Know What You Did Last Summer" and "Wild Things" performed respectably, while "Desperate Measures," "Les Miserables" and "Dance With Me" were strikeouts. Sony has two more Mandalay pics to release in 1999, "Gloria" and "Deep End of the Ocean." Mandalay has moved to Paramount. Phoenix didn't make much box office noise for Sony in 1998, with "Swept from the Sea" and "Apt Pupil." (Phoenix's "The Thin Red Line" is being financed and distributed by Fox 2000). Phoenix has one release scheduled for next year, the comedy "Dick," in April.
