The U.S. Motion Pictures Industry: An Empirical Approach |
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Authors: | Canterbery E RayY Marvasti A |
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Institution: | (1) Florida State University, Tallahassee, FL, 32306, U.S.A;(2) University of Houston-Downtown, One Main Street, Houston, TX, 77002, U.S.A |
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Abstract: | We hypothesize that the U.S. motion pictures industry is structured so that star presence increases box office receipts and (less so) admissions, but places Ricardian limits on the output of blockbusters. The few dominant studios (majors) rely on a modified star system to generate supra-normal box office by stimulating admissions at exhibitors. Rising costs (from stars and their promotion) are required for rising revenues; that is, the majors gain revenue only at higher costs. Although the industry has unique features, the empirical results are surprisingly relevant to other industries. |
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Keywords: | Movie stars oligopoly Ricardian rents survey data U S motion pictures industry |
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