After months of financial calamity-howling, the seven major studios last week found that in 1947despite the British tax, several box-office slumps and a 12% jump in production coststhey had netted (after taxes) about $96,000,000.* It was, to be sure, 23% less than they had collected in 1946, but it was more than the movies had made in any year before that.
But during 1948, moviemen gloomily predicted, studio earnings would plunge to about $60,000,000; Warner's first-quarter 1948 profits were down 40% from last year's, Columbia's 50%, MGM's 60%.
Meanwhile, the winter of box-office discontent...
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