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i3o HARVARD BUSINESS REPORTS
in the company or shared equally as dividends on the stock held by the four promoting companies.
The president of Educational Pictures, Incorporated, who had originated this plan, believed that it would effect a marked reduction in the cost of newsreels in several ways. The number of camera men employed would be reduced greatly. Where formerly each company had assigned from 5 to 10 camera men to each important event, Associated Newsreels, Incorporated, would assign a force of 5 or 10 which would serve the needs of all 4 companies. It probably would be possible to cover the field more effectively with such a force. The expense of racing films to New York in an attempt to beat the other newsreel companies would be reduced, since only one airplane or other means of transportation would be used for the films of the 4 companies. It was believed that the total cost to each company of producing a negative film laid down in New York would be reduced 50%. Estimating that each of the 4 companies which planned to form Associated Newsreels, Incorporated, had been spending about $10,000 per week for their negative films, one of the men who favored the plan pointed out that if each of the companies contributed $5,000 per week to the new company, the latter would have twice the amount spent by each of the companies in the past at half the cost to the separate companies.
Commentary: The development of newsreel service by an increasing number of large producer-distributors was doubtless the result of three factors: first, their desire to offer to their own theaters and other customers a complete program; second, as a corollary of the first, the recognition of the fact that newsreels are considered an essential part of every program ; and third, a belief that newsreels are good advertising in themselves for the producer.
The proposal for the organization of a cooperative association for the production of newsreels had much in its favor. Provided that the newsreels were to be sold under the name of the cooperator and not under the name of Associated Newsreels, Incorporated, as such, the cooperator would probably accomplish every object that he would attain by developing his own news service. Cooperative production would, furthermore, result in a substantial reduction in costs for all concerned; and, finally, the news service could be of much better quality. The proposal was thoroughly justifiable and was worthy of success.
It might be contended that a single service such as was proposed, by ehminating all competition, would remove the incentive to maintain