HOLLYWOOD RECALCULATES VALUE OF EURO

The hammered euro is forcing Hollywood bean counters to recalculate their overseas revenues and expenditures. On the upside, the dollar now goes further to cover costs of production in European countries (as well as the U.K., where it has also gained on the British pound). On the downside, revenue from ticket sales has been affected by a 20-percent decline in the value of the euro. Today’s (Tuesday) Hollywood Reporter observed: “If European currencies remain at present levels for the balance of the summer, studios would take an 11 percent hit in seasonal grosses.” The trade publication also noted that the 16 countries that make up the Euro Zone account for 32 percent of the studios’ gross international box office.