"That's right, the Paranormal Research Society was founded in 1952 by Lorraine Warren and Ed Warren, specifically to investigate supernatural phenomena."
Hearing this, James Wan immediately became interested. "I can't believe such a thing actually exists!"
"Of course. To be honest, I felt creeped out while researching it." Carl rubbed his temples. Due to lack of sleep, his dark circles had become even worse.
"The Warrens handled thousands of paranormal cases over 50 years, but the one that left the deepest impression on them was this one."
Carl pulled out a photograph—an old, yellowed film print. It depicted a house.
"The Perron family—this was the most unforgettable paranormal case for the Warrens."
"A family? So, what happened to them?" James Wan picked up the photo, his eyes gleaming with excitement.
"Uh… I don't know the exact details, and honestly, I don't want to." Carl shrugged. "What I do know is that one of the Perron family members, Andrea Perron, wrote a book about her family's experiences called True Story: House of Darkness, House of Light."
"That title doesn't sound like a paranormal story at all," James Wan remarked.
"Exactly. Which is why the book barely sold and almost no one knows about it."
"So, did we buy the rights to this novel?" James Wan turned to Ethan.
"No, there's more to it." Ethan gestured for Carl to continue.
"Oh, right. When I went looking for the author, I found out she had already sold the adaptation rights to a producer named Tony DeRosa-Grund. He even wrote a screenplay for it, but it was never sold to any studio."
"I see." James Wan nodded in understanding. "When can I read the script?"
He looked eager—this story sounded fascinating. A couple who specialized in paranormal investigations, combined with a long-buried true event.
As Ethan had mentioned before, it had strong audience appeal. American viewers would likely love this kind of story.
"James, it's all yours." Ethan gave the signal, and Carl handed all the materials over to James Wan.
"Take your time reading it… Just be careful not to have nightmares."
"Nightmares? Wouldn't that just give me more inspiration?" James Wan grinned, looking even more excited.
"Damn it." Carl scratched his head, looking helpless.
"This film will be fully funded by Norton Pictures."
The Conjuring franchise was a goldmine.
The first movie grossed $319 million,
The second one made $320 million.
Logically, this series should have remained a long-lasting hit.
Unfortunately, Warner Bros. ruined it. They slashed the budget for the third film and released it on streaming instead of in theaters.
But worst of all, they didn't let James Wan direct it.
As a result, The Conjuring 3 was a total flop.
On top of that, Warner Bros. milked the franchise dry, overusing its characters to the point where the series' future became uncertain.
Unlike Saw, which remained consistently successful, The Conjuring was now at risk of fading away.
But under Ethan's control, none of those issues would happen.
If James Wan wasn't available, Ethan could direct it himself.
Unlike other Hollywood directors, Ethan didn't need bigger budgets for each film.
Other directors worked for studios, so they had to keep moving up—taking higher-paying jobs, making bigger films. Eventually, their salaries became too expensive for small projects.
But Ethan was different.
Norton Pictures was his company.
He could pay himself just $1 in salary and take 30% of the box office profits instead.
That was far more lucrative than a fixed paycheck.
For example, if a film grossed $200 million, he would make $30 million.
Of course, no studio would agree to pay him like that, but since it was his own company, he could do whatever he wanted.
With James Wan's next movie set, Ethan turned his attention to his Tokyo business.
Since launching AKB48 in 2006, in just a few months, the girl group's theater performances had become a phenomenon in Akihabara.
Their first single, Sakura no Hanabiratachi, and their photo book, Mitchaku! AKB48, were both huge hits, quickly winning over otaku fans.
After that, they held their first concert:
"Aitakatta ~ Hashira wa Nai ze! (We Want to See You ~ The Pillar is Gone!)"
The concert name had a story behind it.
When AKB48 first started performing in their small theater, there was a huge pillar in the middle that blocked the audience's view. The venue itself was also quite basic.
Fans from those early days still remembered that pillar.
For them, it had symbolic meaning—a reminder of AKB48's humble beginnings.
Although Ethan's AKB48 theater wasn't actually as cramped as the original, he had asked Yasushi Akimoto to make it look cheap on purpose.
After all, the essence of AKB48 was "the idol growth experience".
Fans had to witness the members' rise from nobodies to superstars.
This "growth story" would be passed down by older fans to new generations, keeping AKB48's fanbase alive for years.
The ugly duckling-to-swan transformation was always inspiring—and it never got old.
After the concert, AKB48 recruited a second generation, forming Team B.
Now, in early 2007, they had just released their second single:
"Seifuku ga Jama wo Suru" (School Uniform is Annoying)
Compared to their first single, this one had skyrocketed in sales, making AKB48 one of the hottest new acts in Japan's music industry.
Event invitations poured in like snowflakes, filling up the company's schedule.
However, Ethan and Yasushi Akimoto had agreed to focus on quality rather than accepting every gig.
AKB48's full potential had not yet been reached.
In just a few more years, this idol group would become a national phenomenon, spreading worldwide.
That was when the real money would start flowing in.
After finishing AKB48's business discussions, Ethan turned his attention to Norton Pictures.
The biggest issue at the moment was the rivalry between Supreme Creative and Crown Creative.
Rachel had just been promoted—she was now Crown Creative's rising star, known as a brilliant ad designer.
But Ethan had changed his strategy.
Instead of stealing clients, he planned to destroy Crown Creative from the inside.
So, he ordered Jimmy to secretly help Rachel, feeding her top-tier ideas to secure her position within Crown Creative.
As a result, Rachel's advertising campaigns achieved consecutive successes. Combined with her natural beauty, she quickly gained the favor of the higher-ups.
Her career was skyrocketing, and it seemed she was on the fast track to becoming the department's creative director.
"This is great," Ethan said with a smile. "Rachel will become the warhead, set to detonate at the most critical moment."
"But what if she turns against us?" Jimmy asked with concern. "She's living the life of a high-flying career woman now."
"No need to worry." Ethan tapped the table. "Because every time she thinks about escaping or resisting, she'll see me on TV."
"That's true. She's just an ad strategist at a company, while you're a Hollywood director. More importantly, you're a capitalist." Jimmy nodded.
"She's a smart woman. She'll know what to do."
"Oh, by the way, the trailer for Inception is ready. Should we start releasing it?"
"Go ahead. It's time for all of America to see this film." Ethan grinned. "This is our first movie with a budget exceeding a hundred million. Feeling nervous?"
"The ones who should be nervous are the other investment firms." Jimmy shook his head. He had matured quite a bit over this period. "I just know you won't stop moving forward."
"Exactly. Go."
The next day, on the giant screen of Times Square in New York, passersby saw a sleek yet highly imaginative movie trailer.
"Everyone has dreamed before…" The screen opened with Leonardo DiCaprio's voice, speaking softly to the camera: "Sweet dreams, nightmares, or something strange and unusual."
Each phrase corresponded with different images—an enchanting woman, a car accident, and two laughing, blurry-faced children.
"You'll realize that nothing in a dream is within your control. You can only accept it passively."
The screen showed DiCaprio in various identities, resembling a puppet in a factory, manipulated by unseen hands as his outfits constantly changed.
"Sometimes, there are dreams within dreams."
DiCaprio was originally sipping a drink on the beach. As soon as he finished speaking, he suddenly woke up in bed. Then he saw a row of armed police aiming at him, and he woke up again.
"You might not understand the meaning of your dreams, but you know your deepest secrets are hidden within them. That's why you don't even dare to talk in your sleep."
DiCaprio walked through a casino, weaving through the crowd until he saw a gleaming, massive vault.
"Yes, that's right, right there…" He lifted his glass with a smile. "Let me guess—what is your secret?"
In the next instant, the surroundings morphed into a darkened room with a single overhead light, resembling a psychologist's office.
"Awake?" DiCaprio appeared under the light, seemingly surprised, but then reached out and pushed the camera. "Not so fast. The dream has only just begun."
Suddenly, a rapid montage of scenes flashed before the audience—hospitals, battlefields, airplanes, the ocean.
After the mesmerizing series of shifting environments, DiCaprio snapped his fingers crisply and handed over a small note. "Now, it's your turn to wake up… Let me guess, is this your secret?"
Then he stood up and put on a fedora.
"You're asking who I am?"
"I forgot to introduce myself. My name is Dom Cobb, and I am an extractor."
As soon as he finished speaking, the audience saw the entire dark room being lifted away by several people, revealing a stunning beachfront landscape.
"These are my teammates. Let me introduce them one by one."
The screen flashed past Heath Ledger, Ellen Page, and the rest of the cast.
"Not that it matters—you won't remember anyway." DiCaprio flashed his signature smile and snapped his fingers again. "Why? Because you're still dreaming… But now, wake up."
Snap!
With that sound, the camera blinked and found itself in a chair, as if it had just woken up. Before it was a wide wooden table.
Whoosh!
The perspective shifted upward like a person raising their eyes. A spinning top appeared on the table, continuously rotating.
It didn't seem to be stopping. It just kept spinning.
But before the audience could see what happened next, the screen cut to black, and the film's title appeared.
"That movie looks so cool!" A young boy, wide-eyed, jumped excitedly and asked his parents, "Did someone really steal my secret?"
"Silly boy, of course not. It's just a movie." His mother ruffled his hair with a gentle smile.
"But I really do have dreams within dreams. It feels so weird." The boy mumbled and then suddenly shouted, "I want to watch this movie!"
"We'll watch it, of course." His parents exchanged a glance, clearly intrigued by the blockbuster as well.
"We'll go together when it's released."
Not far away, a young couple was also discussing the film.
"You never talk in your sleep at night." The boyfriend complained. "But I talk in my sleep all the time. That's so unfair."
"You think I enjoy listening to it?" The girlfriend rolled her eyes. "Your sleep talk sounds like an African hunter chasing prey. Honestly, I think you should see a doctor."
"Alright, alright. So, do you want to see this movie?"
"Of course. It's Leonardo DiCaprio—I have to watch it."
"Let's ask your best friend. Maybe we can all go together."
"Then you should invite your buddies too."
On a college campus, Milon and his girlfriend Judy also saw the trailer.
"What an incredible cast. I'm beyond curious." Just seeing the actors made Mirren certain he had to watch this film.
"Yeah, I love Heath Ledger. He looks so radiant." Judy nodded. Then she asked curiously, "But I didn't quite understand the trailer. What's the story about?"
"Hmm… I didn't fully get it either, but I can analyze a bit." Milon, sensing an opportunity to impress, immediately explained, "First off, this trailer is in first-person perspective."
"Then, at the beginning, DiCaprio introduces dreams, and we see various dream scenarios. Honestly, I think those images must hold important clues or symbolism."
"Next is the dream within a dream, which is clearly the most crucial part. We wake up several times. First, we wake up in a bank, only for DiCaprio to push us back into the dream."
"Then we wake up again, thinking we're finally out, but it turns out the scene was staged by their team—it's still fake."
"That's a dream within a dream. Pretty mind-blowing. I just don't understand why we saw a spinning top at the end."
"Yeah, and it never stopped spinning. What does that mean?" Judy and Milon fell into deep thought.
Of course, they would understand once they watched the film.
Soon, Inception's trailer swept across America. The short, intense video sparked massive discussions, with audiences captivated by the surreal dreamscapes.
Online forums were abuzz, with people speculating about the film's plot.
But their questions would only be answered with the next official trailer.
Meanwhile, Ethan was about to make his first appearance on a talk show.
The Oprah Winfrey Show.