Universal Pictures doesn't have any big sequels or franchise movies on tap this summer. And the studio thinks that's fine.
At a time of year when the Hollywood studios typically roll out new installments of established series to take financial advantage of theaters swelling with vacationing children and teens, Universal is placing its bets on three unconventional comedies and an adult gangster movie.
Universal's plan runs counter to conventional industry wisdom, which dictates that youth-dominated summer audiences often embrace familiar popcorn fare more readily than untested concepts.
The studio, however, in a strategic decision earlier this year to avoid the logjam of other big summer movies, shifted the sequel "Fast & Furious" to early April from June -- a move that helped push the picture's box-office take to nearly $350 million worldwide.
"It was a clear run both domestically and internationally," said Donna Langley, president of production for Universal. "We took a flier on it and it paid off."
But the gambit left Universal in the risky position of not having an easily recognizable movie on its schedule at the peak of the summer season, which accounts for about 40% of annual ticket sales. Nonetheless, the studio contends that its films are strong enough to go up against the franchises that dominate the market.
"We believe we have a great lineup of product and we are going to compete successfully through the summer season," Universal Chairman Marc Shmuger said.
Although executives say the studio has had record profits for the last two years, Universal remains under pressure from parent General Electric Co. to cut costs.
"Every studio is feeling the pinch in one way or another," Langley said. "Resources are absolutely tighter."
Still, Universal has invested heavily in its summer movies, spending about $200 million alone to produce, market and distribute "Land of the Lost," a comedy starring Will Ferrell in an adaptation of the cheesy 1970s sci-fi TV show about three people transported into a universe populated by dinosaurs and reptile creatures.
"Lost" is making its debut in theaters today -- and for it to succeed, it must appeal not only to Ferrell's core audience of 18-to-28-year-olds but also to younger moviegoers who don't ordinarily go to see his movies. Signs of whether the movie will enjoy success aren't encouraging: Reviews have been blistering, and some prognosticators believe that Walt Disney Co.'s animated hit "Up" will again win the weekend and that "Lost" will have to duke it out for second place with the Warner Bros. comedy "The Hangover."
