Hollywood Accounting facts
While investigating facts about Hollywood Accounting Examples and Hollywood Accounting Illegal, I found out little known, but curios details like:
Alcatraz's reputation as a tough as nails prison was a Hollywood myth. Many inmates requested transfer there on account of its good food and one man per cell policy.
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Winston Groom was paid $350,000 for the screenplay rights to his novel Forrest Gump and was contracted for a 3 percent share of the film's net profits but never received his share due to hollywood accounting which posits that the movie lost money
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In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across. Here are 15 of the best facts about Hollywood Accounting Lawsuit and Hollywood Accounting Harry Potter I managed to collect.
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David Prowse hasn't yet received his residual checks for Return of The Jedi because according to Hollywood Accounting, the film hasn't turned a profit
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According to Hollywood accounting "My Big Fat Greek Wedding", which cost $6 million to produce and grossed over $600 million in theaters worldwide somehow managed to lose $20 million in order to avoid paying any royalties.
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That, in order to evade taxes, "Hollywood accounting" is so egregious that the Lord of the Rings trilogy "made horrendous losses and no profit at all"
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Because of "Hollywood accounting," Harry Potter and the Order of the Phoenix lost money, despite being in one of the highest grossing film franchises.
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According to "Hollywood Accounting", Harry Potter and the Order of the Phoenix was a 167 million dollar loss, while actually being one of the top grossing movies of the last decade.
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Many highly successful Hollywood films are a net loss on paper, because of quasi-legal studio accounting practices designed to avoid paying out net profits to the people who made the movie.
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Harry Potter and the Order of the Phoenix ended up with a $167 million "loss" under Hollywood accounting. Warner Bros. charged itself about $350 million in distribution & advertising etc to this external corporation.
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Despite Forrest Gump generating over $650m in revenue, the book's author, Winston Groom, didn't receive a single dollar from the movie's proceeds due to a practice called "Hollywood Accounting."
What is true about hollywood accounting?
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By using "Hollywood Accounting" the film industry claims hit movies like Harry Potter and the Order of the Phoenix, Spider-Man, Forrest Gump, Return of the Jedi and others made no profit. Especially egregious is the claim that the Lord of the Ring series suffered "horrendous losses."
Mock rock band Spinal Tap & co are suing Vivendi for $400M for the deliberate and persistent obfuscation known as Hollywood Accounting; allegedly Vivendi have only paid Spinal Tap $81 in merchandizing income and $98 for their contributions to the movie's soundtrack over a 22-year period. - source
Accounting and perverse money tracking methods in Hollywood movie studios are so outlandishly crooked that Lucasfilm reports "Return of the Jedi" has never posted a profit. A a budget of $32.5 million brought in $475 million at the box office. No profit there. - source
