Ben Affleck and Matt Damon start their own production company, Promise Profits

Getty

Ben Affleck and Matt Damon are launching their own production company that promises to put creative first, both in terms of less red tape...and more money in the long run.

The two Hollywood titans – who have three Oscars between them and have starred in, written and directed countless blockbuster films over the years – announced on Sunday that they are launching something called Artists' Equity... which is exactly their purpose here.

The idea behind this new venture is to house and cater to the needs of the best actors in the film and television industry, but instead of paying them upfront like a major studio/ broadcaster these days on talent for-hired, BA and MD take it the old fashioned way...with a cut in profits.

Back then, pre-streaming was the playbook of showbiz. Actors, directors, and others attached to a movie would often have the contractual right to receive money after the fact based on how well something did at the box office. If a movie gets crushed over time, that could mean more moolah than a one-time payment - as high as it may seem at first - which is now SOP.

Getty

Ben and Matt want to bring that back, with BA explaining to the NYT..."As streamers have proliferated, they've really shut down back-end participation, and so it's partly an effort to try to recoup part of that value and share it more equitably." He added, "Not just writers and directors and stars. But also cinematographers, editors, costume designers and other crucial artists who I think are grossly underpaid."

Artists' Equity also aims to do what b...