Hollywood banking on many remakes of classics

In these cash-strapped times, Hollywood is hoping to lure fans back with the tried-and-true. Movie remakes of past blockbusters are coming soon to a theater near you. But, as CBS News Correspondent Bill Whitaker reported, it's a formula that can backfire.

On "The Early Show," Whitaker reported a remake of "Footloose" - one of the most iconic dance movies of the 1980s - is receiving scathing reviews online - and it's not even in theaters yet.

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The remake of the 1984 hit that starred Kevin Bacon has been given a thumbs-down online with comments like, "looks like garbage" and "BOOO! There is only ONE Footloose."

Ken Baker, E! chief news correspondent, said he's not surprised by all the negativity, saying, "This was a beloved movie. It defined a generation of moviegoers."

Ticket sales are down this year, and Hollywood is banking on brand names to turn things around, Whitaker said.

So what other films are getting a reboot? "Conan the Barbarian," "Superman" and even the Beatles' "Yellow Submarine."

But what sounds like a sure-fire hit can be a costly misfire. An encore of "Psycho" turned off critics and moviegoers - now all but forgotten by fans of its classic predecessor. And building a better monster could not save the remake of "Godzilla" from a barrage of attacks.

Baker said, "It was, 'Hey, look at all our high-tech tools - and didn't tell a story."

Comedian Russell Brand's "Arthur" was far from the unrepentant alcoholic of the first film. But audiences weren't amused.

Baker said, "The new 'Arthur' was going to (Alcoholics Anonymous); he was trying to be better, he wasn't sloshed and guess what, it wasn't funny because of it."

One moviegoer told CBS News, "It's hard trying to re-do great movies. I think they should just leave them alone."

Another said, "Maybe they're running out of ideas. I still think there's a lot of creative people out there. They just have to dig down deep and get it."

But Hollywood has hit pay dirt by dusting off some fan favorites.

The John Wayne classic "True Grit," back in the saddle with Jeff Bridges, earned 10 Oscar nominations. "Charlie and the Chocolate Factory" topped $200 million, with Johnny Depp in the lead role made famous by Gene Wilder.

And the king of summer remakes is Kong. There have been three "King Kong" films. The last one, by "Lord of the Rings" director Peter Jackson, was a blockbuster 72 years after the first.

Baker said of the strategy, "The thinking is, 'We have a story, it worked before and gosh darn-it, it can work again.'"

Critical acclaim and box office cash, Whitaker said, no wonder Hollywood keeps going back for more.

"Early Show" co-anchor Jeff Glor remarked, "I guess the question is, if the first movie was good, and really was iconic, why do you want to compete?"

"Ruin it?" co-anchor Rebecca Jarvis said. "Why ruin a good thing?"

Glor said, "You almost set yourself up for failure."

Jarvis added, "Absolutely. Focus on the script, not the special effects. That's what I say."