Warner Bros Entertainment Inc., which is one of the world’s largest producers of film and television entertainment, has announced that it is going to shut down its two specialty film labels in order to curtail costs. Many are seeing this move as the newest indication that Hollywood studios are shying away from art-house movie market they once so desired. Warner Bros said that it will close down two of its labels i.e. Picturehouse and Warner Independent Pictures.

 

However, the noticeable aspect is that both of these mini-studios have churned out a number of Oscar winning movies. The small specialty labels came handy to the major studios when making short but high-quality movies for a niche audience. These movies required less investment and generally did well commercially. But in recent years, the budgets for such films had grown, undercutting the business model.