The late 1960s was a time of radical change in the world of film. The Hollywood studio system was in decline, while the European art film movement created a new aesthetic standard for filmmaking. This industry transformation, encouraged by the success of a few experimental Hollywood films at the end of the decade, led to the filmmaking renaissance of the 1970s. The monolithic Hollywood studios began to lose their power during the 1960s. Millions of dollars were spent on extravagant blockbusters such as Cleopatra, but with diminishing returns at the box office. At the same time, the traditional, wholesome values represented and reinforced by Hollywood movies were increasingly rejected by the new generation of film audiences, and the studios were unsure what to do.