Movie Studios Fail To Report Record Revenues

The US movie industry is being unduly modest in its annual report. According the NY Times, it is not reporting its historically high revenues from last year:

“It’s nothing to apologize for,” Mr. Glickman told ShoWest attendees Tuesday morning, a comment that appeared calculated to debunk recent articles in the trade press that said he was reluctant to trumpet a strong box office for fear of further hurting the industry’s lobbying efforts in Washington.

Lawmakers stripped millions of dollars in tax breaks for Hollywood from the recent stimulus package, prompting some studio chiefs to blame Mr. Glickman, whose job makes him the industry’s top lobbyist.

Most of the data that this year’s report did contain are widely available from other sources. The global box office reached an all-time high in 2008 of $28.1 billion, a 5 percent increase from the previous year, the association said. The North American box office reached $9.8 billion, 35 percent of the worldwide total, a 1.7 percent increase.

(emphasis added)

Recall how Hollywood came into its glory and profited very well during the First Depression. After all, one wouldn't want the facts to get in the way of a good story for Congress.

HK