London, Apr 20 : With recession taking its toll on many industries, Hollywood movie bosses have decided that the best way to make money is by remaking a number of the 80s classics.

Movies like `Robocop', `Romancing The Stone', `Footloose' and `The Karate Kid' are slated to go into production in the next few months, to be followed by Dudley Moore's 1981 comedy `Arthur', `Ghostbusters', `Nightmare on Elm Street' and `Clash of the Titans'.

A Hollywood movie executive has revealed that remaking the favourites would ensure a big audience without them having to spend a huge amount on production.

"Remakes are safer bets. They have proven appeal," the Daily Star quoted the executive as saying.

And despite the recession, box offices are still making billions.

"Movies are recession-proof because they are still a comparatively inexpensive event," Brandon Gray, chief analyst for boxofficemojo. com added. (ANI)