The film in this example is then so

The film in this example is then sold to a distributor. That distributor will pay $5 million for the rights to distribute the film. The payment is actually an advance against future earnings. The distributor will then license the film to theaters across the globe. Although the revenues generally are split between the theaters and the distributors, the actual transactions are much more complicated. 49 Distributors may keep as much as 90% of the first week's box office revenue (though none of the popcorn or other concession profits), but these are on a sliding scale so it will be 80% of the second week; 70% of the third week and so on.5 As part of this arrangement,however, the distributor will be obligated to spend millions of dollars in television, radio, newspaper, and billboard advertising.5' A $10 million film could potentially have a $30 million to $50 million advertising budget, if the distributor anticipated it could prove to be a smash movie. After six weeks in theaters, the movie earned $100 million, making it a small summer blockbuster. The theaters collectively earned $50 million; the distributor recouped its $50 million in advertising; but there are no additional funds leftover. In fact, the distributor never recouped its $5 million initial advance. For the filmmakers, the investors lost half of their investment and neither the producer nor anyone else received any deferred compensation.
Assume instead a movie of the same budget with an advertising budget of $30 million and a gross profit of $100 million. In that case, the distributor would recoup both its advertising budget and its advance. Of the $15million in profit to the distributor, it would typically retain approximately one third or $5 million. The remaining $10 million would go the production company and the investors would recoup their initial investment - though without any profit. Again neither the producer nor anyone else among the artists, cast, and crew would receive any deferred compensation.
The film distributor is in the best position among all the parties to manage the risk. It can determine how much initially to advance to acquire the rights to a film and decide on a daily basis how much to invest in advertising for a particular project. So long as the advertising is showing are turn on investment, the distributor will keep pumping up the advertising support. If a project is at risk, the distributor can quickly retreat. Theaters can move films from larger to smaller screens and drop films that are under producing, but they commit on a weekly basis and have much less information available upon which to make such adjustments.
The film company has no flexibility. Once its production budget is set, it cannot adjust the scale of the project. It takes the majority of the risk and has the least ability to manage that risk. This risk explains why investors are given preference over the artists, but does little to rationalize the overall system.

結果 (中文) 1:

在此示例中电影然后卖给分销商。该分发服务器将支付 $ 500 万分发电影的权利。付款是实际上预支未来的收入。分发服务器将许可到影院电影，就在全球各地。虽然一般的收入影院与分销商之间分裂的实际交易是复杂得多。49 分销商可能保持 90%的第一周票房收入 （虽然没有爆米花或其他优惠的利润），但这些都是遞因此它将 80%的第二个星期;70%的这种安排，但是，作为第三周，所以 on.5 的分销商将有义务花费数百万美元在电视、 广播、 报纸和广告牌 advertising.5' $ 1000 万电影有可能产生 $ 3000 万到 $ 5000 万广告预算，如果分销商预计它可能会被粉碎的电影。六周后上映，该片票房 $ 1 亿，使小的暑期档大片。剧院集体挣美元 5000 万;分发服务器收回其美元 5000 万的广告;但有没有额外的资金剩余。事实上，分发服务器永远不会收回其美元 500 万初步进展。对于制片人，投资者失去了一半的投资，既不生产，也不是其他任何人收到任何延迟的补偿。假设相反同样的预算 $ 3000 万广告预算与毛利 $ 1 亿的电影。在这种情况下，分发服务器将收回其广告预算和它的前进。$15million 在给经销商的利润，它通常会保留大约三分之一或 $ 500 万。剩余美元 1000 万会去生产公司和投资者会收回初始投资-虽然没有任何利润。再一次既不生产，也不是别人的艺术家、 演员，和船员会接收任何延迟的补偿。电影发行公司是在所有各方对风险进行管理的最佳位置。它可以确定多少最初可以提前获得对一部电影的权利，并决定在日常基础上多少投资在某一特定项目的广告。所以只要广告显示转投资，分发服务器将保持打气的广告支持。如果一个项目是在风险，分发服务器可以迅速撤退。剧院可以移动电影从大到小的屏幕和滴电影正在生产，但他们承诺在每周的基础上，有少得多的信息可用所作这样的调整。电影公司有没有灵活性。一旦设置了其生产预算，它不能调整项目的规模。它占多数的风险，管理风险的能力最低。这种风险解释了为什么投资者优先考虑的艺术家，但并不能使整体系统合理化。

結果 (中文) 3:

在这个例子中的电影，然后卖给经销商。经销商将支付500万美元的权利分配的电影。支付实际上是对未来收益的预付款。经销商将许可这部电影在全球各地的剧院。虽然收入一般都是在剧院和发行商之间分开的，但实际交易要复杂得多。49经销商可以保持90%的第一周的票房收入（虽然没有爆米花或其他特许利润），但这些都是在一个滑动规模，所以这将是80%的70%周和第三周，5，但这一安排的一部分，经销商将有义务花费数百万美元在电视，广播，报纸和广告广告。1000万美元的广告预算可能有3000万美元5000万美元的广告预算，如果经销商预期它可以证明是一个粉碎电影。在电影院上映六周后，这部电影获得了1亿美元，这使得它成为一个小的夏天大片。剧院收入总计5000万美元；经销商收回其5000万美元的广告；但没有额外资金的剩余。事实上，经销商不收回其500万美元的预付款。对于电影制作者，投资者损失了一半的投资，而生产者和其他任何人都没有收到任何延期赔偿。假设一部电影的预算与3000万美元的广告预算和1亿美元的总利润。在这种情况下，经销商将收回其广告预算及其进展。在利润分配的1500万美元，它通常会保留约三分之一或500万美元。其余的1000万美元将生产公司和投资者将收回其初始投资虽然没有任何利润。在艺术家、演员和剧组人员中，制片人和其他人都没有得到任何的延期赔偿。电影发行商在管理风险方面处于最佳位置。它可以决定多少最初是预先获得的权利，一个电影，并决定每天的基础上投资多少广告，为一个特定的项目。只要广告呈现的是转向投资，经销商就会不断地为广告提供支持。如果一个项目处于风险中，经销商可以迅速撤退。影院可以从大到小的屏幕和落下的电影胶片，但他们每周都在一个星期的基础上提交，并有更多的信息，以作出这样的调整。电影公司没有弹性。一旦设定了生产预算，就无法调整项目的规模。它需要的风险，并拥有最不能够管理风险的大多数。这一风险解释了为什么投资者对艺术家的偏好，但对整个系统的合理化并没有多。