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432 HARVARD BUSINESS REPORTS
with the names of the author, director, and actors. Each page always bore the company's trade-mark against a background of attractive art work. An attempt was made to stress the strongest points of each picture and to appeal to the exhibitors' desire to make a profit by describing the potential drawing power of the picture. The annual announcements usually were made the same size as the trade papers in which the company did most of its advertising so that they might be inserted in those papers without alteration.
In 192 71928, and again in 192 81929, the company prepared 30,000 copies of its annual announcement at a cost of about $15,000. Between 1920 and 1926 the preparation of annual announcements by the distributing companies had become increasingly a competitive matter, with each distributor vying with the others to outdo them in elaborateness of announcements. In 1926-192 7, as a result of this competitive effort and to mark its fifteenth anniversary, the company issued a very elaborate annual announcement bound in leather, which was distributed to all exhibitors. The cost of the announcements that year was several times their usual cost. During that year practically all distributors decided to cease giving annual announcements to all exhibitors, and to cut their expenditures for announcements to a reasonable amount.
Of the 30,000 copies of the company's annual announcements printed in 1927-1928, 2,000 were used by sales executives and salesmen throughout the world. Of these 2,000, about 730 were bound in cloth at a cost of about 22 cents each. About 25,000 announcements were inserted in the trade papers.
For a number of years most distributors of motion pictures had inserted their annual announcements of the new season's productions in certain of the trade papers. A majority of the distributors prepared their annual announcements themselves and furnished the trade papers with the actual pages that were to be inserted in the papers. Arrangements were made with the papers to pay for the space used on the understanding that the pages would be in the hands of the trade papers in time to be bound up with the rest of the paper. Most distributors inserted their annual announcements in the media selected only once, although many of them frequently followed the first insertion