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Entertainment Business: Miramax - Research Paper Example

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Entertainment Business: Miramax The purpose of this paper is to provide further insight into the inner workings of Miramax Films and will provide a sort of current snapshot of the organization. The format that this paper will utilize is to first highlight a key learning concept of the company and then provide a critical response based on relevant literature…
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Entertainment Business: Miramax
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Download file to see previous pages One must take into consideration that the current company is owned outright by Filmyard Holdings LLC since 2010. This acquisition made Mike Lang, the former News Corp executive the current CEO of the company. In regards to what skills are necessary to lead this company is a complex issue. The major role of Miramax films is to produce films that other major studios may neglect simply because these major studies do not have the necessary resources to adequately promote and distribute these films. In order to ensure the skills that are necessary for this function, effective leaders must be able to understand the current market demand for speciality films and be able to gauge what financial resources are required to effectively market these films. The way that Miramax films makes money is primarily to purchase the distribution rights for films that other companies have neglected. So from this perspective the mechanism for making money is to purchase the rights to these films as inexpensively as possible. After this point, the films are marketed through popular media channels (Television radio, print etc). Revenue is generated through a portion of ticket sales in major cinema chains, DVD & Blu-Ray rights, DVD & Blu-Ray sales, merchandise sales and a portion of box office returns. Effectively, if the financial returns outweigh the factor costs of marketing these films as well as the purchase costs of these films than the company will have effectively recognized positive financial returns. However, an interesting point to be considered is the fact that many films represent a significant financial loss for the company, for example the film Albino Alligator directed by Kevin Spacey which Miramax films distributed. The film received more or less negative reviews and was a huge financial failure. However in the same year the company released the film Good Will Hunting which could be considered a commercial and artistic success. One other major source of revenue for the organization is to produce films. In this process, the organization puts their financial backing, film experience as well as understanding of the film industry behind projects that they consider will be an ultimate commercial and artistic success. After these films are created the company then proceeds with its traditional distribution channel. The company sells their products to major movie cinemas for first run movies. Alternate sources of revenue comes from film merchandise in which major product retailers would be a prime client. Finally DVD/Blu-Ray sales are usually conducted through intermediaries such as electronics retailers and video rental outlets. The ultimate consumers of Miramax's products would be movie fans that have an appreciation for non-blockbuster style movies. In essence any major film domestic or international distribution company could be considered a competitor. Although it is the case that Miramax focuses on films that are neglected by other companies, Miramax has not pigeonholed themselves into a specific genre. In the domestic market IFC Films, and Lionsgate films would be considered as operating in the same markets as Miramax. The competitive differentiators for the company are fairly broad considering the industry that they operate in. Part of the whole marketing proposition of the company is that they lend support to films that they believe have an artistic significance. ...Download file to see next pagesRead More
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