The autobot Optimus Prime in a scene from the movie Transformers: Revenge of the Fallen. Hollywood studios are more likely to produce a film that’s a remake, sequel, television adaptation or video game spinoff than a small or medium-sized movie that might not have wide appeal, according to Edward Jay Epstein, the author of The Hollywood Economist. Paramount Pictures via Bloomberg News
The autobot Optimus Prime in a scene from the movie Transformers: Revenge of the Fallen. Hollywood studios are more likely to produce a film that’s a remake, sequel, television adaptation or video gamShow more

Low-risk, low-art Hollywood



Saul Austerlitz

It sounds like a fable: an independent-film producer approaches a studio with a project. It has two stars and a name director attached, and will cost US$20m (Dh73m) to produce. “After running the numbers,” Edward Jay Epstein tells us in his book The Hollywood Economist, “the studio estimated … its potential box-office in America at $100 million, which would yield it, just from its 30 per cent distribution fee and a locked-in output deal with HBO, a 100 per cent profit on its investment.”

Could mere mortals ask for better than an investment likely to return 100 per cent? Not so fast: “One of the studio’s top executives told the producer, ‘We don’t do films that do not have a projected box office of at least $150 million.’”

The effects of this only-in-Hollywood tale are to be felt everywhere in the contemporary film industry. Feverishly dedicated to the pursuit of jumbo-sized profit, the six major studios increasingly prefer to push their chips in only for the likes of Iron Man 3 or Battleship. The small- or medium-sized film is increasingly out of favour in today’s Hollywood, even its potential high-water profit margin is too insubstantial for multinational corporations in search of the next Avatar.

As Epstein amply documents in his book, and as the list of upcoming studio releases underscores – The Lego Movie and Stretch Armstrong are due in American cinemas early next year – the movies have become a playground for loud, splashy spectacles intended to get teenagers out of the house and into the multiplexes, where they will likely purchase large tubs of popcorn and jumbo-size Cokes. Only four genres, according to Epstein, are likely to be greenlit today by the studios: remakes, sequels, TV adaptations and video-game spinoffs.

In a recent speech that made the rounds online after it was printed in Film Comment magazine, Steven Soderbergh offered his own thoughts on the subject. Given his recently announced retirement from feature filmmaking, Soderbergh’s speech felt like an unburdening, detailing the financial and creative reasons for why films like his were increasingly unpopular among Hollywood decision makers.

In his example, a modestly budgeted $30 million film requires, in the studios’ estimation, $30 million in marketing and publicity costs to spread the word to a potential audience. Given that exhibitors retain 50 per cent of the box office receipts, that modestly budgeted $30 million picture suddenly requires $120 million to “get out” – to turn a profit.

Studios could spend money promoting small, personal projects by interesting filmmakers, or find an established commodity and ride it to international success. As Soderbergh notes, it is substantially more likely that a $100 million film, given $60 million of promotion, will gross $320 million than a $10 million film, given that same $60 million of promotion, will make $140 million. Mature, adult work, as a result, was now in danger of being permanently replaced by an endless stream of weightless, pointless movies: “A movie is something you see,” says Soderbergh, “and cinema is something that’s made.” And so instead of nurturing the next generation of Soderberghs, we get faceless, impersonal movies, and not cinema.

So where does this leave today’s A-list director? By this, I don’t mean the bankable likes of Michael Bay, overseer of the wildly successful Transformers franchise, or Steven Spielberg. Rather, what of the critically acclaimed filmmakers whose box office track record is mixed, or who prefer to scatter commercially unpromising projects amid more star-orientated vehicles? What of – horrors – the director whose non-superhero, non-science fiction stories could never dream of a projected box office of at least $150 million?

The fall of 2013 and spring of 2014 offers three potential paths for mid-career filmmakers in search of sustenance, both financial and creative. First, there is the Soderbergh model itself, mingling disparate projects, genres and price points. And who better to don the retired wizard’s mantle than his frequent collaborator and producing partner George Clooney? As a director, Clooney has shown the same polish as his mentor in films like Good Night, and Good Luck and The Ides of March, if without Soderbergh’s wild audacity in such indie efforts as Sex, Lies, and Videotape and Schizopolis. “George cut his teeth with Steven,” Matt Damon told me in a recent interview, “so he shoots each scene in a limited number of shots. He cuts in camera as he goes. As a result, he shoots fewer shots per day.”

Now, Clooney is helming his largest, most expensive effort yet, the Second World War art-heist drama The Monuments Men (recently pushed back to early 2014). Clooney has patiently modelled his directorial career on Soderbergh’s, using intelligent material, carefully selected performers, and a crew able to create the illusion of class on relatively threadbare budgets.

“Steven’s done nothing but be in one stage of production or another for 25 years,” Damon said in The Boston Globe. “He proved that he would come in on time and on budget for every single movie, whether it was a $1 million movie or a $100 million movie.” Clooney, like Soderbergh, has sought to make his own way in Hollywood as a filmmaker by drawing little attention to himself. Now he has reached his Ocean’s Eleven moment, whereby he will be judged by the studios – if only as a director. Can Clooney helm a lavish $100 million war epic and capably deliver an audience for a movie about American soldiers chasing down looted Nazi art? Or will Monuments only prove that Soderbergh had it right when he suggested that the studios now prefer to pool their money in less mature fare?

Not every director is given the option of selling out in the style to which they are accustomed. At the other end of the spectrum resides Spike Lee, who prefers to join them rather than fail to beat them. Lee has famously complained in the past about his difficulty financing some of his pet projects. Lamentably, he never could drum up the money to make his Jackie Robinson biopic, leaving the story about the baseball legend instead to Brian Helgeland’s 42.

Having achieved his best box office numbers with the twisty 2006 heist film Inside Man, which grossed $184 million worldwide, Lee returns to genre filmmaking with the upcoming Oldboy. Following Epstein’s dictum, Oldboy is a remake of a much-lauded film by South Korean director Park Chan-wook from 2003. Lee’s coping mechanism as a mid-career filmmaker is to sidestep his name. Oldboy, like Inside Man, is likely to appeal to a wide swath of moviegoers who may be only vaguely familiar with Malcolm X or Do the Right Thing. This is less “A Spike Lee Joint” than a big-budget horror film that happens, parenthetically, to be directed by Spike Lee.

Perhaps the least surprising, and the hardest, is to simply keep on making the same films. For 15 years, Alexander Payne has turned in wry, bittersweet stories about terribly flawed, yet likeable, people and the conundrums of the human condition, mostly set in the midwestern American metropolis of Omaha, Nebraska. Payne’s latest film, Nebraska, is practically a parody of the American art-house film, a Saturday Night Live sketch about obscurantist melancholia. But SNL vet Will Forte’s presence here is merely an extended dodge from the matters at hand. David Grant (Forte) drives the highways of Billings, Montana, searching for his peripatetic father Woody (Bruce Dern), who hopes to make it to Omaha to redeem the $1 million prize he received in the mail. That the prize is entirely imaginary goes without saying. Payne’s film is miserabilist, small-bore, dedicated to emotion over action. It is, in short, an exemplar of the American independent film, circa 2013, and marks out the farthest, least commercial end of the spectrum for established filmmakers.

Payne manages to work as he does by working efficiently in the Soderberghian fashion, keeping costs down, and most important of all, attracting name talent. “For a little more financing, and all that,” he recently told The New Yorker, “you have to write a screenplay that interests some actors. And if you can write a good part … that’s what you should do.” Nebraska cost $13 million to produce, pittance by contemporary studio standards; even his most expensive film, 2002’s About Schmidt, cost all of $32 million, primarily because of star Jack Nicholson.

Payne is revisiting territory already familiar from his About Schmidt, about another crotchety, ageing man pitted against the world. (Payne supposedly hoped to cast Jack Nicholson in Nebraska as well, turning to Dern when Nicholson unofficially retired.)

We can understand Woody’s quest as symbolic not only of Payne (who is neither ageing nor crotchety) but of many contemporary filmmakers, and for whom the pot of gold at the end of the rainbow – or in Omaha – is merely a chimera. Knowing there will likely be no payoff, Payne insists on making his way to Omaha nonetheless.

For some directors, the movies will always aspire to cinema, whether the studios understand it or not.

Saul Austerlitz is the author of the forthcoming Sitcom: A History in 24 Episodes from I Love Lucy to Community.

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

Results for Stage 2

Stage 2 Yas Island to Abu Dhabi, 184 km, Road race

Overall leader: Primoz Roglic SLO (Team Jumbo - Visma)

Stage winners: 1. Fernando Gaviria COL (UAE Team Emirates) 2. Elia Viviani ITA (Deceuninck - Quick-Step) 3. Caleb Ewan AUS (Lotto - Soudal)

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

ICC Intercontinental Cup

UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed

Fixtures Nov 29-Dec 2

UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi

Hong Kong v Papua New Guinea, Sharjah Cricket Stadium

Ireland v Scotland, Dubai International Stadium

Namibia v Netherlands, ICC Academy, Dubai

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Racecard
%3Cp%3E1.45pm%3A%20Bin%20Dasmal%20Contracting%20Cup%20%E2%80%93%20Maiden%20(PA)%20Dh50%2C000%20(Dirt)%201%2C200m%3Cbr%3E2.15pm%3A%20Al%20Shafar%20Investment%20Cup%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C200m%3Cbr%3E2.45pm%3A%202023%20Cup%20by%20Emirates%20sprint%20series%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C200m%3Cbr%3E3.15pm%3A%20HIVE%20Cup%20%E2%80%93%20Handicap%20(TB)%20Dh68%2C000%20(D)%201%2C400m%3Cbr%3E3.45pm%3A%20Jebel%20Ali%20Mile%20Prep%20by%20Shadwell%20%E2%80%93%20Conditions%20(TB)%20Dh100%2C000%20(D)%201%2C600m%3Cbr%3E4.15pm%3A%20JARC%20Cup%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C600m%3Cbr%3E4.45pm%3A%20Deira%20Cup%20by%20Emirates%20Sprint%20series%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C950m%3C%2Fp%3E%0A
What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

Premier Futsal 2017 Finals

Al Wasl Football Club; six teams, five-a-side

Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado

IPL 2018 FINAL

Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)

Chennai win by eight wickets

Match info

Uefa Nations League A Group 4

England 2 (Lingard 78', Kane 85')
Croatia 1 (Kramaric 57')

Man of the match: Harry Kane (England)

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: seven-speed automatic

Power: 592bhp

Torque: 620Nm

Price: Dh980,000

On sale: now

MATCH INFO

Manchester City 1 (Gundogan 56')

Shakhtar Donetsk 1 (Solomon 69')

The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now