by Andrew Stewart & Rachel Abrams.
While the movie industry is on track for a record summer box office, there’s blood on the streets of Hollywood.
The swing-for-fences strategy adopted by most of the majors can pay off big when it works. But judging from the hundreds of millions in red ink spilled by the studios between late May and this past weekend, it can also be a blueprint for disaster.
The overcrowded summer of 2013 will likely be remembered more for its costly misfires — Sony’s “After Earth” and “White House Down,” Disney’s “The Lone Ranger,” Warner Bros./Legendary’s “Pacific Rim” and Universal’s new release “R.I.P.D.” — than for its predictable hits, which include “Iron Man 3,” “Man of Steel” and “Despicable Me 2.”
Steven Spielberg and George Lucas look awfully prescient with the predictions they made last month during a panel discussion at the USC School of Cinematic Arts.
Read the rest of this article from Variety.