In the film business, conventional wisdom dictates that a property has value theatrically for a few months, then on DVD and television for another year to 18 months, tops. There are a few exceptions, of course.
Gone With the Wind and
The Wizard of Oz spring to mind. But generally speaking, the moment a film is deemed "finished," the clock starts ticking. There have been a few rare cases in which a film was "pulled off the shelf" and released months or years after completion by someone who, seeing it, believed in it and had the moxie necessary to push it though to release. Two examples of this phenomenon are
Blue Sky and
Repo Man, which was discovered and released by the brilliant George Mansour.
It's understandable, I suppose, why the Hollywood machine (if one can even use such a term for such a multifaceted organism as this) would need to constantly churn out new product. Without new material, the possibility for new audiences would eventually dry up and revenues would soon evaporate.
But why small town film festivals and tiny regional theatres (stage theatres, not movie theatres) are so enamored with the new is beyond me. Think about it. You're in a small town or smallish city, one lacking a suitable Art House for off-beat cinema. The local festival announces a lineup. Do you really care whether all the films are premieres? I doubt it.
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