In September 1926, Jack L. Warner, head of Warner Bros., was quoted to the effect that talking pictures would never be viable: "They fail to take into account the international language of the silent pictures, and the unconscious share of each onlooker in creating the play, the action, the plot, and the imagined dialogue for himself." Much to his company's benefit, he would be proven very wrong—between the 1927–28 and 1928–29 fiscal years, Warners' profits surged from $2 million to $14 million. Sound film, in fact, was a clear boon to all the major players in the industry. During that same twelve-month span, Paramount's profits rose by $7 million, Fox's by $3.5 million, and Loew's/MGM's by $3 million. RKO, which did not even exist in September 1928 and whose parent production company, FBO, was in the Hollywood minor leagues, by the end of 1929 was established as one of America's leading entertainment businesses. Fueling the boom was the emergence of an important new cinematic genre made possible by sound: the musical. Over sixty Hollywood musicals were released in 1929, and more than eighty the following year.