David Ellison Shares Why ‘Top Gun: Maverick’ is So Important as Paramount Aims for 30 Movie Releases Annually – “Movies Should Be Enjoyed in Theaters”
Paramount CEO Reaffirms Commitment to Theatrical Releases Amid Industry Shifts
During a recent call with Wall Street investors, Paramount CEO David Ellison underscored the company’s dedication to theatrical releases. “It’s something we deeply, deeply believe in. Large franchises and big pieces of intellectual property are launched in theaters, period,” Ellison stated.
The conversation centered on Paramount’s significant merger with Warner Bros. Discovery, announced last Friday. Ellison reflected on insights gained from 2022, particularly regarding the comparative effects of theatrical and streaming releases.
“I’ll say I personally learned this lesson in 2022,” he noted, highlighting the success of Top Gun: Maverick, which grossed $1.5 billion at the box office and became a cultural phenomenon. As a producer on the film, Ellison observed its pivotal role in revitalizing the post-COVID theatrical landscape.
In contrast, he mentioned the release of The Adam Project on Netflix, which was, at the time, the platform’s most successful film. While Ellison expressed pride in both productions, he emphasized that Top Gun had a distinct cultural impact.
“It’s why we said from Day 1, when we acquired Paramount, that we weren’t going to be in the business of making movies directly for streaming,” he continued. “We really believe that movies should be seen in theaters, and we still believe that’s one of the most significant places that you can really create long-term intellectual property. Television is a completely different business.”
The health of theatrical releases has emerged as a significant concern within the industry, especially as Netflix, previously critical of cinemas, has taken a leading role in the market. Stakeholder unrest prompted co-CEO Ted Sarandos to reaffirm the streaming giant’s commitment to theatrical distribution.
The merger of Paramount and Warner Bros. Discovery is expected to reshape the Hollywood landscape, a move that raises concerns among industry stakeholders regarding declining studio output since the Disney and Fox merger in 2019. Ellison aims to alleviate these concerns as the industry navigates this new era.
