☀️SCREAM kills the Box Office; EVERYWHERE takes Everything at the OSCARS
L&O series loses 4th showrunner / Latest on SVB disaster spread / PAR & AMAZON team for D&D movie promo
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Mornin! This is Sean McNulty (connect with me on LinkedIn here if ya like), and here’s the Hollywood + Media news to know on MONDAY March 13, 2023.
Where it has been 0️⃣0️⃣0️⃣3️⃣ days since our country had a major US bank collapse… and we were doing so well there for a while 🤦♂️. (I swear I wrote that before Kimmel did a similar joke at the very end of the OSCARS 🙏).
AND: On the 3-year anniversary weekend of Covid being declared a global pandemic no less. I love a theme, but this is a bit much.
So, on a morning where a splash of perspective is probably a good thing… the scope of the weekend’s banking fiasco was just 🤯 - SILICON VALLEY BANK’s customers did a one-day, $42 Billion withdrawal run on it Thursday, the biggest ever according to Axios.
When WAMU collapsed in the 2008 Great Recession (the other biggie on the US bank collapse list), their run on reserves was about $16 Billion over 10 days.
OF COURSE: The future movie on this wouldn’t be complete without the head of SVB taking the stage just one week ago at a conference, saying everything was fine, and that they totally didn’t misjudge the Fed’s interest rate moves last year (or at least that was the gist. Also - they did).
In terms of HOLLYWOOD (I mean, let’s dial it in here amirite?), it seems like ROKU was a major SVB customer, with 26% of their money at SVB or $487 Million - meaning pretty much all of it is uninsured through FDIC…
BUT: The Federal Government essentially said last night that they’ll step in to cover all customers deposits. So. I guess Avatar really did bring back the late 2000s. At least this time bank shareholders and bondholders in SVB will not be made whole here in any way.
BREAKING THIS MORNING: HSBC has bought the UK arm/assets of SVB for… 1 Pound (having the US Gov’t backing all deposits certainly gives a little peace of mind there at HSBC).
AND: Shares of fellow Silicon Valley bank FIRST REPUBLIC BANK are down over -60% this morning in pre-market trading.
Oh right the OSCARS! Here are your winners. And Deadline has your wins by Studio / Distributor.
I’ll leave the OSCARS show recap to Richard who was in the room itself last night - FWIW I thought it was great to see a film led by an Asian cast win the top Picture/Director/Writing/Editing awards for the 2nd time in 4 years #Parasite, and that Kimmel did another fantastic job as host.
AND: Extra points to him for noting that the two people who “saved the movies” this year… were not at the OSCARS (Cruise & Cameron). How great would it have been for those two to present an award or… well anything together?
#FUNFACT: Axios analyzed 1800 OSCARS speeches from 1939 to 2022 to see what words came up most - after Thank You… Academy is next in line, and the full list is in the link.
But for names - here’s who was thanked most.
John (13%), David (9%), Michael (9%), Bob (8%) and Peter (7%).
Yeah that tracks. Although I guess we should just be happy “Harvey” wasn’t on there?
OTHERWISE
OH: The WGA just happened to drop a State of the Industry report showing how profitable the Studios have been since Covid (note - by operating profit… not net profit). Well that’s convenient. Talks begin in a week.
ALSO: SNL will be Quinta Brunson and LIL YACHTY when it returns on Apr 1. Get your April Fools sketches handy now.
AND: My deep apologies for a small technical snafu on the Friday Box Office Poll - Sean 🙋♂️ forgot that the Poll function here doesn’t copy when he goes from Draft to Send mode here on the tech stack. Sean’s the worst 🙄.
But I’m sure you all would have taken over $37 Million for Scream anyway… so great job everybody!
A THANKS: To WME (and Richard) for inviting a New Yorker like myself for a fun LA experience at their pre-OSCAR shindig this weekend - really great to meet some folks IRL, and I apologize for eating most of the mortadella.
IN TODAY’S EDITION:
A look at the Ad spend ABC charged last night for the OSCARS, and who was advertising… or well, wasn’t.
The Box Office is having a good run of profitable runs in theatrical alone, and a breakdown of all the weekend’s numbers.
A Law & Order series loses its 4th showrunner in about a year.
PARAMOUNT sets an early Dungeons & Dragons screening deal for AMAZON PRIME subs, and more.
📽 THE SILVER SCREEN
BOX OFFICE
Scream VI topped even the most optimistic tracking… as March continues the movie biz’s “profitable in theatrical alone!” run that began in February for quite a few titles.
Let’s dive into this week’s numbers…
