Mankind has been continuously seeking better inventions for the sake of betterment of arts. The evolution of camera brought many significant changes in our environment. The cinema industry today with is worth billions of dollars now. The advent of motion picture or movies came in the late 1800s when by using “motion toys”, an illusion is created for the audience as there is a motion.
Edward Muybridge Ingenious Vision
Edward Muybridge was the first person to introduced true motion picture by using genius technique in which twelve cameras were placed in a certain order to capture the images of racing horse by successively taking snaps from each camera and merged it together. The first cinematographer, which could both capture pictures and project still pictures at a fast rate was the beginning of a new era called film industry later.
Further Advancement in Movies Production
In the early 1900’s courtesy of scientific advancement, in the field of cinematography, motivated the filmmakers to try and enter into different creative domains. Two decades later in 1920’s the film industry truly begin to nurture and flourish. The advent of movie stars made the industry more happening and charismatic. Every year hundred of movies being made and watched in the cinemas then and Hollywood was climbing high,considered as an icon for luxury, leisure and hard parties. Movie studios were born in Hollywood and regarded with in the public with much reverence. The earliest studios include Warner Brother Picture, RKO, Metro Goldwin Meyer, Paramount and 20th Century Fox. These film studios have their place where movies were filmed, and film production sets were available. It’s almost right to say that MGM Studios is the most famous, recognized and influential studios in Hollywood, so where did it all start?
Vaudeville, most prevalent and popular form of entertainment genre that was prevalent in 1920’s in which performance is a collection of unrelated acts combined together on a same stage, begins to crumble. Marcus Loew was a wealthy theater chain owner wanted a hefty supply of good films bought Metro Picture in 1916. Goldwyn picture was purchased in 1924 to improve quality. MGM had produced more than 100 films in first two years and grasped a profit of 4.7 million dollars in its full year.
Howard Dietz was the chief publicist of MGM created the company logo which means “Art for art’s sake” . Leo, the lion, is seen while roaring in the circle of the film upon which the motto of movie is inscribed. Later it was seen “more stars than there are in heaven” a reminder or reference to the fact that more list of A category stars were incorporated into the MGM studios.
MGM Two-Colored Movies
MGM Studios is first one to produce a movie in two color technicolor (producing a movie in two primary colors). The following three movies were produced in 2 color technicolor The Big Parade, Uninvited Guest, Ben-Hur. In 1934 MGM made an entry in music industry by acquiring Miller Music Publishing Co. MGM stars dominated the Hollywood box office in the 1940s and credited for making many super stars such as Norma Shearer, Joan Crawford, Greta Garbo, Myrna, Macdonald and Jeannette.
Did Cartoon Distribution Rights Worked?
In animation MGM purchased the rights for the distribution of cartoons in 1930. After several ups and down MGM closed its cartoon division in the 1950s. The one major aspect in which MGM lag way behind is its ability to keep up with ever advancing and modernizing trends such as legal, demographic, social and economic trends of the film industry.
In the late 1950s and 1960s, it is due to this fact that despite performing outstandingly in the movie production it had immense losses on its account. Take an example such that MGM studio is last one to have converted to sound picture on the other hand it was the most influential and charismatic studios of that time. The studio then bought and sold three to four times due to unprecedented losses in the 1970s and 1980s. The staff of studio was being slashed off and production costs were lowered to cater for the losses in upcoming years. So the seventies and eighties are not the significant or prospering years for MGM studios. Almost six, seven streaming movies were produced in a year through different platforms.
During the period of instability of MGM several changes were made by the corporation in accordance with the buyer consent such as when turner broadcasting bought it for 1.5 billion dollars in 1985 its name was changed into MGM Entertainment Co, this deal in future proved to be a real loss for turner when it had to sold the entity for 300 million dollars.
When the failure seems inevitable Crédit Lyonnais, a french bank took full control of the corporation and named it back to Metro-Goldwyn-Mayer. The former president of paramount pictures Frank Mancuso who was appointed by the bank to take care of managerial tasks hired Michael Marcus as the chairman of MGM.
Many notable giant firms such as Sony, the weinstein company were seen negotiating with the MGM Corp to make an agreement on sale of MGM.
MGM Fictive Debt?
By the mid-2008, MGM had a total debt of 3.5 billion dollars. It then earns a total sum of 500 million dollars nearly half of it goes into debt payment. Certain sources claim that this economic recession significantly lowered the income of the firm. MGM paid off it’ all existing debts in 2012 and was given a good health chit by MGM auditor. Since then several productions can be seen.
Upcoming MGM Movie Projects
Now this firm is seeing looking forward on several upcoming projects aimed for streaming movies, SONY had wished to produce series of ‘James Bond’ in collaboration with MGM and Eon production. By far its been quite a rough journey for the MGM, now producing very few movies these days many wonders that can it go to the heights where it stood once. Notable blockbusters of MGM are A Space Odyssey, Gone with the Wind, The Apartment, The Adventures of Priscilla, Queen of the Desert, Annie Hall and Crimes and Misdemeanors.