Superheroes Are Rescuing Hollywood

You can thumb your nose at CGI slugfests, but their success buoys the sinking industry.

I’ve been around the special effects and movie business for decades as an adviser and investor and had a front-row seat to the development of computer-generated imagery. On a tour of the back lot at Paramount Pictures in the early ’90s, my host pointed to a shallow pool and said: “Here’s where Charlton Heston parted the Red Sea in ‘The Ten Commandments.’” I was impressed—but playing my role as an annoying Silicon Valley visitor, I replied “Someday this will all be replaced by CGI.” I was right. CGI has been the best thing to happen to the movie business—and a curse.

Take...