Podcast Summary
Jackson's Billion Dollar Business: New Zealand filmmaker Peter Jackson became a billionaire in 2021 from selling Weta Digital, a special effects company worth $1.6 billion, and continues to collect war memorabilia, film props, and invest in New Zealand properties.
New Zealand filmmaker Peter Jackson, best known for directing the Lord of the Rings and Hobbit films, became a billionaire in 2021 with the sale of his special effects company, Weta Digital, which is worth $1.6 billion and has contributed visual effects to five of the top 10 highest grossing films of all time. Jackson's spending habits are unique for a billionaire, as he collects war memorabilia, film props, and has a New Zealand property portfolio estimated to be worth $200 million. Despite his success, Jackson remains connected to his roots, never leaving New Zealand to bring the film industry to him. His love for filmmaking began at a young age, inspired by the stop motion wizard Ray Harryhausen and the emotional impact of King Kong. Jackson's innovative approach to film technology has allowed him to defend the use of technology in films, pushing the boundaries of the medium.
Peter Jackson's resourcefulness: Peter Jackson's passion for filmmaking led him to leave school and work as an apprentice to get closer to films. He made his first feature film with a small budget, building his own equipment and props, and New Zealand's tax incentives helped him overcome financial constraints.
Peter Jackson's early filmmaking career was marked by resourcefulness, creativity, and determination. Starting from his childhood, where he made films using homemade special effects and even blew up his school teacher in one of his movies, Jackson's passion for filmmaking led him to leave school and take a job as an apprentice photo engraver just to get closer to films. His first feature film, "Bad Taste," was made over four years with a budget of just 25,000 New Zealand dollars, which he saved by building his own equipment and props. New Zealand's tax incentives for filmmakers in the late 70s and early 80s played a crucial role in Jackson's success, allowing him to make films despite financial constraints. Despite initial rejections, he eventually received funding for "Bad Taste" and went on to make a series of black comedy horror films. However, after seeing the visual effects in "Jurassic Park" in 1993, Jackson was inspired to go digital and eventually made the groundbreaking "Heavenly Creatures" using digital technology. Throughout his career, Jackson's dedication to his craft and his ability to make the most of limited resources have been key to his success.
Weta Digital's growth: From a one-man operation to a team of 50 people and 35 computers, Weta Digital grew due to impressive special effects and cost savings, attracting studios to New Zealand for production
Peter Jackson's special effects company, Weta Digital, was formed with the help of his film editor and partners, and grew from a one-man operation to a team of 50 people and 35 computers, all thanks to the impressive special effects created for his films. This led to significant studio funding and the establishment of a reliable filmmaking system outside of Hollywood. Weta Digital's success with films like "Heavenly Creatures" and "The Frighteners" allowed them to innovate and produce CGI shots for significantly less than American houses, attracting other films to New Zealand for production. Jackson's unique approach, humility, and can-do attitude helped him become a reliable filmmaker and a key figure in the New Zealand film industry. Despite early financial challenges, Weta Digital's innovative approach and cost savings proved to be a smart investment for studios and set the stage for Jackson's future successes, including the "Lord of the Rings" trilogy.
Determination and perseverance in filmmaking: Determination and perseverance led Peter Jackson and Fran Walsh to create the successful Lord of the Rings trilogy despite initial setbacks in securing the rights and facing challenges such as a tight timeline and huge budget.
Determination and perseverance can lead to the acquisition of valuable intellectual property and the creation of successful films. In the late 1990s, Peter Jackson and Fran Walsh were unable to secure the rights to King Kong and instead turned to J.R.R. Tolkien's Lord of the Rings books for inspiration. However, acquiring the rights was not a straightforward process due to the books' long history and previous attempts at adaptation. With the help of producer Harvey Weinstein, Jackson was able to secure the rights and begin preparation for the films. Despite facing challenges such as a tight timeline and a huge budget, Jackson and his team were able to secure the funding and bring the films to life. The success of the Lord of the Rings trilogy demonstrates the importance of staying determined in the face of adversity and the potential rewards that can come from taking calculated risks.
Lord of the Rings financing and marketing: Peter Jackson's gamble on taking Lord of the Rings production to New Zealand and New Line's innovative online advertising led to financial success, grossing over $3 billion at the box office
Peter Jackson became a millionaire from the Lord of the Rings deal in 1998, but turning that into a billion-dollar fortune was a long and complex process. Jackson and New Line had to secure financing from multiple distributors, face challenges during production in New Zealand, and effectively market the films to a largely unaware audience. New Line's innovative use of online advertising, coupled with the films' critical and commercial success, ultimately led to a massive financial payoff. The Lord of the Rings trilogy grossed over $3 billion at the box office and contributed significantly to New Zealand's film industry. Despite some initial reservations, Jackson's gamble on taking the entire production to New Zealand paid off in a huge way.
Profit sharing in Hollywood: Despite earning a significant amount from a successful film, filmmakers like Peter Jackson may believe they are underpaid and file lawsuits for more. Jackson's net worth increased significantly after the settlement, but the complexities of profit sharing in Hollywood continue to present challenges.
The success of Peter Jackson's "Lord of the Rings" trilogy not only made him a highly sought-after director in Hollywood but also financially wealthy. However, despite earning an estimated $200 million from the trilogy by 2005, Jackson believed he was underpaid and filed a lawsuit against New Line Cinema for approximately $100 million. The case was settled with an undisclosed sum, estimated to be over $100 million. Despite this, Jackson invested his money back into New Zealand's film industry by buying the formerly state-owned national film unit and turning it into a state-of-the-art post-production house. Jackson's net worth after the settlement was estimated to be around $350 million. Jackson's experience highlights the complexities of profit sharing in Hollywood, where filmmakers often receive a percentage of the profits rather than the gross revenue. Despite controversies and setbacks, Jackson continued to have success with the "Hobbit" films, but the industry's relationship with the government and labor unions remained contentious.
Weta Digital's role in Peter Jackson's success: Innovative visual effects company Weta Digital played a crucial role in Peter Jackson's rise to billionaire status through their work on major films like Avatar and Lord of the Rings.
Peter Jackson's success as a billionaire in the entertainment industry can be largely attributed to his innovative visual effects company, Weta Digital. Before the Lord of the Rings trilogy, Weta struggled to attract staff to New Zealand, but after the films' success, they became inundated with applications. Weta's visual effects work on major films like Avatar and the Lord of the Rings franchise helped establish the company as a leader in the industry. In 2021, Weta Digital sold a portion of its business to Unity Software for $1.6 billion, making Jackson a billionaire. Despite controversy surrounding the deal, Jackson remains a significant figure in the industry, with new projects on the horizon. While his wealth may not rank him among the top billionaires, his rags-to-riches story and contributions to filmmaking make him a notable figure.
Jackson's workplace culture: Despite his philanthropy and industry impact, Peter Jackson faced allegations of poor workplace culture at Weta Digital, which impacted his 'villainy' score in the podcast's evaluation.
Peter Jackson, the New Zealand filmmaker behind the Lord of the Rings trilogy, is a complex figure. He's a billionaire who has used his wealth to create an industry and leave a significant cultural legacy, but he's also faced allegations of workplace culture issues at his company, Weta Digital. Jackson has been known for his philanthropy, donating to UNICEF, stem cell research, and saving a historic chapel in Wellington. His influence extends beyond New Zealand, as he resurrected the Lord of the Rings franchise and paved the way for the popularity of fantasy films. Despite his power in Hollywood, he scored low on villainy due to the workplace culture allegations. Overall, Jackson's impact on the film industry and New Zealand's economy is undeniable, making him a good billionaire in the eyes of the podcast's speakers.
Snake encounter: An unexpected snake encounter on a podcast episode sparks curiosity and the dedication to uncovering knowledge in the hosts and listeners alike.
CrowdScience, a BBC World Service podcast, explores answers to life's intriguing questions. The hosts conduct experiments and investigations on various phenomena, making for an immersive and educational listening experience. During one episode, the host underwent an unusual experience involving a snake, which left him amazed and questioning the science behind it. Despite the unexpected twists, the team's dedication to uncovering knowledge ensures that every inquiry is worth exploring. Listeners are encouraged to join the journey of discovery and tune in to CrowdScience wherever they get their podcasts.