"In fact, with advertising budgets of $30 million range more common than ever, a marketing campaign can top the production budget of the film it's pushing." (S)
Unlike other types of publicity though, a film's trailer still remains its most accurate form of representation. It is essentially the same medium as the film itself, and in the vast majority of cases uses actual images and soundbites from the film. In most other forms of publicity, the best example being the poster, still images that aren't from the film itself are used. (See the posters for Elizabeth, 8MM and Notting Hill below for example) It is not unheard of for a trailer to use footage specifically shot for it (See Nixon) but it is very rare.
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It all began in 1916 when Famous Players issued an "advance strip of film" to promote their film The Quest of Life. (S) This was to be considered the world's first trailer for a motion picture, something that has now become standard practise in film industries all over the world. In today's volatile film environment the scale of a film's marketing campaign can be phenomenal, incorporating merchandising, fast food deals, television/magazine interviews and poster campaigns in order to grab the attention of a potential audience.
The major Hollywood studios (MGM, Warner…) produce around 150 feature films every year. Together with the output from independent film companies such as Dreamworks SKG and this leads to an average of 6 new films being released into the cinemas every week. (Marketing Mania p. 66) With that much choice available film studios are having to fight harder and harder to make their film stand out from the others.