Paramount Pictures has announced a new division of its company which would focus on releasing lower budget films to capture audiences in the independent film area.
The new division will be called Paramount Vintage and plans to release eight to 10 films per year of all genres.
Movie industry experts say it is important for specialty studios to invest in lower budget movies, because if successful (like ?Brokeback Mountain? was) they can reap huge benefits for an industry which is currently seeing the lowest box office receipt numbers in years.
Films to be released by the new Paramount Vantage label in 2007 include Joel and Ethan Coen’s “No Country for Old Men” and Paul Thomas Anderson’s “There Will Be Blood.”