Appendix D: Incentives: Profit Sharing

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1 Appendix D: Incentives: Profit Sharing Profit Sharing Royalties: Commercial Theater Standard contract 1920 s-1980 s the author received a maximum 10% royalty (for musicals, 6 % shared among book author, composer, and lyricist) Since the mid-1980 s, a new Approved Production Contract, limited grossrevenue shares until investors had recouped. The theatre owner once received 25-30% share of gross revenue for providing the house, stagehands, ushers, box-office staff, etc. By 1980 s, theatre owners separated their landlord and riskbearing roles and take to a fixed fee to cover the house expenses plus 5-10% of gross box-office revenues

2 Investors in a show divide 50% of net profits among themselves; the other 50 % goes to the producer. 104 If the play runs 21 performances or more in New York, the producer also claims around a 40% share of the author s revenues from subsequent productions (in North America), motion pictures (worldwide), television, and original-cast recording. 105 Author s royalty capped at 5% of gross revenue unless that revenue sufficiently exceeded running costs. Director a fixed fee plus a royalty of 5% or less Name actors variable shares that aggregated to less than 10% Producer a small 1-2% %for office expenses

3 Since the mid-1980 s, a new Approved Production Contract, that curtailed gross-revenue shares until investors had recouped. The theatre owner once received 25-30% share of gross revenue for providing the house, stagehands, ushers, box-office staff, etc. By 1980 s, theatre owners separated their landlord and riskbearing roles and take to a fixed fee to cover the house expenses plus 5-10% of gross box-office revenues Profit Sharing Accounting achieved notoriety in Buchwald v. Paramount The movie Coming to America grossed $350 million, but showed an $18 million loss for profit participation contracts home.planetinternet.be/ ~bliek/index27.htm contact.wlu.edu/ images/buchwald.jpg 110 Various ways to depress accounting profits. Overhead allocations Revenue allocations Exclude videocassette sales Selling of a package of films to a television network, with the package price is allocated among the individual films so as to reduce accounting profits

4 A profit-sharing contract beats one that lacks a profitincentive component, but it does not maximize the deal s value unless parties can negotiate and commit to ideal levels of individual effort. Source: Caves, Richard E. Creative Industries: Contracts Between Art and Commerce. 112 Agent and the artist can reach the simpler agreement that each takes 50 % of every revenue dollar, but then each underinvests. The dollar cost that adds the last dollar to the revenue stream brings only 50 cents to the party who spends it. Source: Caves, Richard E. Creative Industries: Contracts Between Art and Commerce. 113 Director a fixed fee plus a royalty of 5% or less Name actors variable shares that aggregated to less than 10% Producer a small 1-2% %for office expenses. Gain Sharing Plans Employees given chance to share in corporate productivity gains through increased earnings 114 Black, J. Stewart and Steers, Richard M. Organizational Behavior. New York: Harper Collins College Publishers, 1994, p

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