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RTF 367K Lecture Notes - Lecture 1: Previsualization

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cyancamel177
6 Nov 2018
School
UT-Austin
Department
Radio-Television-Film
Course
RTF 367K
Professor
M Barber

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Document Summary

A (cid:373)u(cid:272)h shorter (cid:448)ersio(cid:374) of the story you"re selling. Short clip of what their film is, preview of the story and visuals, etc. Take content from other films to put together an idea of what their film will look like. Electronic or hard copy to show what the show will look like (similar to a show bible) (a show bible is a reference document used by screenwriters for information on a tele(cid:448)isio(cid:374) series" (cid:272)hara(cid:272)ters, setti(cid:374)gs, a(cid:374)d other ele(cid:373)e(cid:374)ts) Shows the aesthetics well, allows for visualization of how the show will actually look. To show what the film is based on. Is really good because it shows that the story is already a thing out in the world. Ppm is a private placement memorandum, is drafted by an attorney and is expensive. Is(cid:374)"t ofte(cid:374) (cid:374)eeded for s(cid:373)all fil(cid:373)s, just really big budget ones. A lot of distributors go to film markets, look to license or acquire rights for content from producers.

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Related Questions

Movies are expensive to produce and market. According to IMDb,the most expensive film on record is Pirates of the Caribbean: AtWorlds End, with a total budget of $336 million. This movie and itsbudget were widely publicized prior to the premire of the film, andmoviegoers were eager to see the results of this massive moviebudget. Like other larger projects, movies have budgets. Potentialfinanciers look at the budget, the script, and other factors todecide whether to invest in the movie. Several categories of costswill be in a movie's budget, including:

- Story rights

- Screenplay

- Producers and directors

- Cast

- Production costs

- Special Effects

- Music

The typical film budget your read about in the press includesonly expenses. The movies budgets released to the general public donot include estimated box office receipts or other revenue streams.In addition, movie budgets do not usually include marketing costs,which can be another 50% or more of the films publcized budget.

Producers and directors will frequently release budget figuresfor upcoming movies,a nd these budget figures will be reported inseveral news outlets. However, LA TImes writer Patrick Goldsteinstates that 'everyone" lies about their movie budgets. For example,it was reported intially that The Avengers, a Marvel Studios film,had an overall budget of $170 million. Another source indiciatedthat the budget for The Avengers was $260 million. Which one ofthese figures was the "correct" budget figure? No one outside ofthe management of the movies really knows.

Requirements

1.) Budgeting for a movies can be challenging.Frequently, budget items change as the movie producaiton progesses.If budgeting for a movie is difficult, why prepare a moviebudget?

2.) What reasons can a movie director have formisrepresenting the overall budget for a particular movie? Ismisrepresenting a movie budget unethical? Do you thinkmisrepresenting a movie's total budget expenditures to the publicharms anyone? Why or why not?

3.) "If Hollywood movie's box office numberexceeds its production budget, then that movie makes a profit."From reading the information given in the case, do you agree withthis statement? Why or why not?

4.) Sometimes actors, directors, and producersare asked to take a lower salery up front and instead receive apercentage of the film's overall gross profits 9from box officereceipts, DVD sales, and similar revenue streams). Why might thefilm company propose this arangement? Why might the actors,directors, and producers accept this arrangement? Would this typeof arrangement (lower salary up front with a percentage of thefilm's gross profts later) make the budgeting process easier ormore challenging? Why/

Thanks so much in advance!

Short Story
Too many managements – and the number seems to grow every year – are looking for any means to report, and indeed feature, “adjusted earnings” that are higher than their company’s GAAP earnings. There are many ways for practitioners to perform this legerdemain. Two of their favorites are the omission of “restructuring costs” and “stock-based compensation” as expenses.

Charlie and I want managements, in their commentary, to describe unusual items – good or bad – that affect the GAAP numbers. After all, the reason we look at these numbers of the past is to make estimates of the future. But a management that regularly attempts to wave away very real costs by highlighting “adjusted per-share earnings” makes us nervous. That’s because bad behavior is contagious: CEOs who overtly look for ways to report high numbers tend to foster a culture in which subordinates strive to be “helpful” as well. Goals like that can lead, for example, to insurers underestimating their loss reserves, a practice that has destroyed many industry participants.

Charlie and I cringe when we hear analysts talk admiringly about managements who always “make the numbers.” In truth, business is too unpredictable for the numbers always to be met. Inevitably, surprises occur. When they do, a CEO whose focus is centered on Wall Street will be tempted to make up the numbers.

Let’s get back to the two favorites of “don’t-count-this” managers, starting with “restructuring.” Berkshire, I would say, has been restructuring from the first day we took over in 1965. Owning only a northern textile business then gave us no other choice. And today a fair amount of restructuring occurs every year at Berkshire. That’s because there are always things that need to change in our hundreds of businesses. Last year, as I mentioned earlier, we spent significant sums getting Duracell in shape for the decades ahead.

We have never, however, singled out restructuring charges and told you to ignore them in estimating our normal earning power. If there were to be some truly major expenses in a single year, I would, of course, mention it in my commentary. Indeed, when there is a total rebasing of a business, such as occurred when Kraft and Heinz merged, it is imperative that for several years the huge one-time costs of rationalizing the combined operations be explained clearly to owners. That’s precisely what the CEO of Kraft Heinz has done, in a manner approved by the company’s directors (who include me). But, to tell owners year after year, “Don’t count this,” when management is simply making business adjustments that are necessary, is misleading. And too many analysts and journalists fall for this baloney.

To say “stock-based compensation” is not an expense is even more cavalier. CEOs who go down that road are, in effect, saying to shareholders, “If you pay me a bundle in options or restricted stock, don’t worry about its effect on earnings. I’ll ‘adjust’ it away.”

To explore this maneuver further, join me for a moment in a visit to a make-believe accounting laboratory whose sole mission is to juice Berkshire’s reported earnings. Imaginative technicians await us, eager to show their stuff

Question:

Discuss Buffett’s specific views on “adjusted earnings”

As you may recall in the work of Triplett (1898), the presence of others in a bicycle race was found to enhance individual performance. This is called social facilitation (Williams, Harkins, & Karau, 2007). At times, however, the presence of others can detract from individual performance, which is termed social inhibition (Crisp & Turner, 2007). Similarly, social loafing can occur when an individual’s performance within a group decreases due to his or her reliance on others in the group (Crisp & Turner, 2007).

For this Discussion, review the media program, Week 5: The Virtual Office. Focus on the characters in the media and determine which characters displayed social facilitation, social inhibition, and social loafing.

With these thoughts in mind:

Post by Day 3 a description of the characters in the media program demonstrating social loafing, social inhibition, and social facilitation. Explain how you identified them. Then, select one of the characters and, using the current literature, explain two ways you might mitigate their behavior.

Media Program

(Onscreen Text: The employees at the United Cardboard Company often work individually on projects, but as with most environments, they are occasionally asked to participate in group projects. One such group is about to meet right now to plan a presentation for the Board of Directors. Observe the conversation and reactions of various group members to determine which group members exhibit signs of the following: Social Loafing, Social Inhibition, and Social Facilitation.)

(Interior of an office. Ken stands at the front of the conference room.)

KEN: OK, I guess we might as well all get started. As we all know, the big man has requested the five of us to get together and write and conceptualize a presentation to the board on our new packaging system. Maybe we can start by going around and throwing out some initial ideas.

KATHY: Sounds good to me. I think a PowerPoint presentation would do the job well.

GAVIN: I agree. We could follow it up with a physical demonstration of how the packaging looks and folds-- maybe a video of the larger pieces that won't fit into the boardroom.

KEN: Sounds perfect to me. Amanda, Brian, what do you guys think?

BRIAN: Yeah, what you guys said sounds fine.

(Amanda thinks, “I don’t know what to say!”)

KEN: Amanda?

AMANDA: I don't know. I didn't really get much chance to think about this. We only found out we needed to do this together three days ago.

KEN: OK, no worries. Let's focus on the PowerPoint idea. I've been doing a lot of them lately, so I'm happy to take the lead on the design aspect. What do you guys think we should all incorporate into the slides?

GAVIN: I think we should start with where we got the idea for this new packaging -- the company that designed it and the different sizes that it comes in.

KATHY: We should follow that with a graph comparing the old prices to the new ones to illustrate how much we'll be saving over time. Amanda, didn't you have most of that information collected at some point?

(Amanda thinks, “Oh no! What if I deleted that?)

AMANDA: I don't know, maybe, it's been so long. I didn't think I'd need it again for a group project like this.

(Gavin thinks, “I wonder what’s gotten into her. She’s not usually this tense.”)

KEN: That's OK, Amanda, I'm sure we can easily dig it up again. Brian, do you have any other ideas for the PowerPoint slides?

BRIAN: Nah, I think what you guys mentioned sounds right.

(Kathy thinks, “Wow. Way to contribute Brian.”)

KEN: OK then, Kathy and Gavin why don't you send me all of the info and I'll write it up and make the slides. Amanda, don't worry about the cost saving document, I'm sure I can dig it up from my old emails and put it into that slide too.

AMANDA: Are you sure? I'm happy to look. I mean I'm sure I have it somewhere. (Kathy thinks, “She really needs to get it together. Why is she so nervous?”) At least I think I have it somewhere. You won't tell the Board of Directors if I lost it, will you?

KEN: Of course not, we're in it together. So as I was saying, I'll write up and prepare all the PowerPoint slides. Then we can start our presentation with reading and explaining each slide. Then, what?

KATHY: Well, and then I think we should show them the packaging live, and the quick deconstructing techniques.

KEN: Great idea. You and Amanda can demonstrate the folding, while I narrate what you're doing.

(Amanda thinks, “Is he doing too much of the work? And what if I drop everything while he’s talking?”)

GAVIN: And after you all demonstrate the smaller packaging, we could show a quick video of how the really big ones function down at the warehouse. Brian, would you be able to go film that quickly one of these days?

BRIAN: I don't really have any experience with video cameras or anything like that, so...

(Gavin thinks, “I should have seen that one coming.”)

KEN: That's OK. My wife actually just got me this great little camera for our anniversary. It takes great videos. So I can just run down to the warehouse, get some footage, then put it together on this new editing software I just downloaded. Maybe add a little music. It's going to be really slick!

KATHY: Are you sure, I wouldn't mind doing that too.

KEN: Oh no, it's fine. I love this kind of stuff; just leave it to me. But I suppose that's enough planning. Now it's time to get to work and make the presentation a knock out. Go team!

(Everyone except Ken thinks, “Team?”) ©2012 Laureate Education, Inc.