Paramount Pictures has named a new CEO, one who is reportedly prioritizing films for Paramount+ over theatrical distribution. Brian Robbins, the former head of Nickelodeon, will be taking over for former CEO Jim Gianopulos who ed the studio in 2017. Gianopulos inherited a studio that had a rough couple of years following Dinsey's acquisition of Marvel and Dreamworks Animation moving over to 20th Century Fox, and in 2016 had high profile box-office disappointments like Star Trek Beyond, Ben-Hur, and Teenage Mutant Ninja Turtles: Out of the Shadows.
The studio started to rebound with new franchises like A Quiet Place and Sonic the Hedgehog, but the COVID-19 pandemic sent the studio scrambling to release films. While the studio did find great success with the release of A Quiet Place Part II, the studio sold off many high-profile films to various streaming services like Trail of the Chicago 7 to Netflix and The Tomorrow War to Amazon. They released Spongebob: Sponge on the Run and Infinite exclusively on Paramount+, with Paw: Patrol The Movie having a hybrid release of theaters and streaming. The studio also announced after a 45-day theatrical window films would premiere on Paramount+.
According to THR, Brian Robbinson will be taking over the role of CEO at Paramount Pictures partially due to his experience working with youth-oriented projects and the demands of the streaming age. Robbinson has yet to work with A-list talent like Tom Cruise and John Krasinski since most of his productions have been modestly sized budgeted pictures that were either remakes, comedies, or cross-branded material. Reportedly Paramount Pictures will be calling back its theatrical production slate and putting more focus on its streaming releases for Paramount+.
Interestingly, Paramount has developed a trend of developing both a live-action and animated version of their properties. While Transformers: Rise of the Beasts is set for release on June 23, 2021, the studio also has an animated film focused on the origins of Cybertron from Toy Story 4 director Josh Cooley. Seth Rogen and Even Goldberg are developing an animated Teenage Mutant Ninja Turtles film set for release on August 11, 2023, while Colin Jost and his brother Casey are developing a live-action film focusing on the Heroes in a Half-Shell. Conceivably, one project could be aimed at theatrical distribution while another could be produced with the intention of streaming.
Earlier this year it was confirmed that Paramount+ was going to release one original movie a week in 2022, and this news also puts the recent delays of Paramount films like pulling Clifford the Big Red Dog from the release schedule or moving Top Gun: Maverick, Mission: Impossible 7, and Jackass: Forever into greater context. Two of the films star Tom Cruise who has been a big proponent of the theatrical experience and have been one of the top moneymakers for the studio. They want to keep one of their top stars happy, although this recent pivot could make them less likely to be the studio Christopher Nolan teams up with on his WW2 film. While Paramount Pictures will still put emphasis on their biggest properties and franchises, it is the beginning of a massive shift for not just one of Hollywood's oldest studios but the entire industry at large.
Source: THR
