Time’s Logic Is A Little Flawed

Time Magazinetime.jpg weighed in this week with its own navel-gazing rumination about “How Will Recession Affect the Entertainment Biz?”

The problem is: they just don’t get it. Not that we ever deny Time’s opinion, as off-base as it ever is.

Time writer Rebecca Winters Keegan points to elements that were in the works for the last year, not the last month with this economic downturn.

She says Universal Studios is slashing $500 million in this year’s budget. Yes, they are, but THEY DECIDED THAT MONTHS AGO.

Same holds true for Paramount’s scaling down the released pictures from 25 to 20. It also had much more to do with internal scaling back of internal divisions, not a reaction to Wall Street.

The only area where Ms. Keegan is relevantly apt is her first example of how the “Iron Man” video sold 500,000 DVDs in its record-setting first week. But she cited that to say good times can actually be good, even if we’re in the midst of a recession.

Dearheart, the entertainment biz may well be in the middle of a recession, but that has nothing to do with the topsy-turvy performance of Wall Street’s blue chippers. There are a number of factors and I’d have to disagree with your assessment that the record-setting DVD sale of “Iron Man” can have any significance.

And as for Broadway, two major Bway shows are closing. So what else is new? They call Broadway the Fabulous Invalid for a reason.