Yet by 1980 the industry was earning stupendous changed? For one thing, a tax scheme sponsored by the Nixon administration allowed the producers to write off hundreds of millions of dollars in past and future investments. The studios also found ways to integrate their business more firmly with broadcast television, cable, the record industry, and home video. 3 Just as important, a new generation of filmmakers emerged. Some, model- ing their work on the more personal European cinema they admired, pro- duced Americanized art films like Five Easy Pieces (1970) and Mean Streets (1973). .
