America's No. 1 financial conglomerate
Chapter 43 First Day Box Office
At 7:30 a.m., as the sun was just rising in Los Angeles, the lights were already on in the MGM president's office.
Since taking over this giant company, he has never clocked in on time; he always arrives about an hour early.
He knew very well that this situation was difficult to manage. At this time, MGM, despite its glorious history, was struggling in the face of the new era.
Robert Iger knew that MGM needed radical reforms to revitalize itself.
Firstly, in terms of content production, MGM has accumulated a wealth of classic IPs throughout its history. Therefore, upon taking office, MGM not only promoted the "Tomorrow Never Dies" project, but also formulated a plan for in-depth exploration and reshaping of some classic IPs.
At the same time, he also strongly supported the development of new IPs, established a dedicated creative incubation department, and encouraged screenwriters, directors and other creative personnel to come up with novel ideas.
Not only did it give the creative team full creative freedom, but it also made great efforts to improve the quality of the film.
Especially after learning about Ernst's Dolly Copyrights, Egger also set his sights on the novel field, acquiring the copyrights of works with adaptation potential.
In terms of development, Robert Iger prefers a diversified approach.
MGM has historically relied on a single business model focused on film production and distribution, but he hopes that the future MGM will be involved in more areas and not put all its revenue into the film industry.
However, these are all just plans; without money, it's impossible to realize them.
Reviving MGM's glory in the film industry and securing sustainable funding is the top priority right now.
In terms of management, Robert Iger revolutionized the company's internal management system.
Previously, MGM's internal management processes were cumbersome, and communication and collaboration between departments were not smooth, which seriously affected work efficiency and creative vitality.
Ernst discovered this problem after taking over, but he didn't have much experience in this area and didn't know much about the entertainment industry, so he handed it over to Iger.
MGM has now introduced modern project management software, making the entire process of film projects, from planning to distribution, transparent. Departments can understand the progress in real time, collaborate, and improve efficiency.
Regarding talent management, Robert Iger emphasizes that seniority is not a factor; as long as employees are capable, creative, and perform well in projects, they will have opportunities for promotion.
Finally, he believes that MGM's brand has a rich history, but its promotion in the new era is insufficient and it needs to strengthen its brand marketing.
The marketing team must be strengthened, and MGM's brand positioning and brand image must be redefined.
And all of this is inseparable from one thing: the success of the film.
Everything revolved around the success of the film and the support of funding. Ernst was not a philanthropist; he acquired MGM to make money, not to spend it.
The only way to obtain funding is through film production and distribution.
The James Bond franchise is a key project for Robert Iger, one of the greatest IPs in film history, which has saved MGM from disaster time and time again.
Besides this project, Iger also had his eye on a script called "The Wedding Singer," as well as an internally submitted script adapted from "Romeo and Juliet."
However, all of this needs to be done step by step because MGM has limited funds.
But who would have thought that his boss would give him such a big gift when he needed support the most?
Robert Iger knew at an internal screening of "The Man from Earth" that the film's box office performance wouldn't be too bad.
But the extent to which it became so popular truly exceeded Iger's expectations.
MGM originally prepared 1580 opening screens for this film, but it became a nationwide sensation on its opening day, and theaters increased the number of screens to make a profit – a phenomenon usually seen with blockbuster movies.
At nine o'clock in the morning, Iger picked up the phone on his desk and immediately inquired about the opening day box office figures for "The Man from Earth".
Not long after, Iger's confidant, who was also his secretary whom he had brought from Disney, walked in with some documents.
"Tell me about the box office results quickly," Robert Iger asked impatiently, looking up at me.
"Thursday's previews combined with yesterday's box office reached $1162 million. Due to positive word-of-mouth, many moviegoers have given it a score of eight or higher, and today's box office should break records again."
"According to data agencies, the box office for the first three days is likely to exceed $35 million, and many agencies predict that 'The Man from Earth' will gross over $100 million in North America."
"Beautiful!" Egger shouted, jumping up from his chair in excitement.
With such high box office numbers over the first three days, breaking 100 million is only a normal phenomenon.
If it weren't for the Thanksgiving holiday season two weeks later, with a plethora of blockbusters, Iger think he could have secured $1.5 million.
With a production cost of one million US dollars, a box office of over 100 million US dollars in the North American market, and a global box office of over 200 million US dollars should not be a problem. MGM has dropped a nuclear bomb this time.
Ernst's joke at the premiere was so far-fetched that even he thought the boss was being a bit too unrealistic.
But Ernst proved everyone wrong with just one day's box office figures, including his own.
"Three things: First, have the editorial department develop a sequel based on the script of the first film."
With such a rate of return, no Hollywood mogul would give up this cash cow flowing with golden milk, as long as there is even the slightest possibility.
The genre of this film dictates that the production cost will not be high. Even if the sequel is poorly received, the film can still recoup its costs thanks to the popularity of the first movie.
At worst, we can just make a quick buck and leave; we won't lose out.
"Secondly, we'll increase publicity and add another three million dollars to the publicity budget. Isn't everyone saying that this movie is a clash between science and theology? Then let's get experts to debate this and generate buzz."
"Another thing is to contact major theater chains and ask them to increase the number of screens for me, at least 3000 canvases."
The secretary shrugged, indicating that there was no need to contact them at all.
"It's the off-season now, and all the major film companies are preparing for the Thanksgiving season. There are simply no films that can compete with us. So we don't need to contact them; the theaters will increase the number of films we have on screen on their own."
"At this point in our conversation, the number of canvases in 'The Man from Earth' may have exceeded 3000."
It has indeed exceeded expectations, and all the major film and television companies whose screenings were cut have received notifications.
Not only was there a notice about the cancellation of screenings, but there were also box office figures for "The Man from Earth".
"Disney," Michael Eisner muttered to himself, looking at the data in his hand.
"I didn't expect this little guy to actually turn things around. But Hollywood isn't a place where you can dominate just because of one successful movie. We'll see how things go in the future."
Michael Eisner and Ernst had little interaction; his hatred for Ernst stemmed entirely from Robert Iger.
Although he had been suppressing his opponent, he had to admit Robert Iger's talent and ability.
Ernst poached talent from Disney, and Robert Iger actually agreed, which was like challenging a powerful figure to him.
Meanwhile, several other major Hollywood studios were all doing the same thing: trying to replicate the success of "The Man from Earth."
Relying solely on scriptwriting skills, without the need for special effects or large-scale scenes, it boasts high box office returns on a small budget, making it the envy of every company.
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