Universal Pictures has decided it will not develop any more movies or projects until 2010 Variety reports.
The studio is putting a freeze on all projects that aren’t currently green lit or in production due to fiscal considerations the trade magazine reports. Universal plans to begin development again when the fiscal year rolls over.
Word began filtering down to lot producers and the deal-making community this week that development has essentially been frozen at the studio.
Some experts say the timing of the move is an unusual one. Studios have been known to declare a moratorium on developing projects but this is the first time it has happened this early.
A studio insider denied development has completely been frozen. Rather, the insider said, Universal has solidified its 2010 slate, and has made commitments to the projects it feels will line its 2011 slate. The studio doesn’t need to spend money on future projects right now, because the studio essentially knows which pictures are going to get made over the next two years.
Whether or not this will impact Universal’s projects or not remains to be seen.
Michael, can you tell us what genre projects this moratorium affects? Thanks.
I wonder if this will affect the TV shows at the studio as well and if this is just the first domino to fall since no one in Hollywood has any original ideas and it seems that people are starting to get their fill of remakes for the moment.