The first film produced under the Hollywood Pictures banner was the Frank Marshall directed Arachnaphobia.
Hollywood Pictures had a number of critical and box office successes during its run, with the most notable being, The Sixth Sense which brought writer/direct M. Night Shyamalan into the forefront.
Over fifty films were released until 2001, when the brand began to fade into the background of the Disney Studio's business plans.
Hollywood Pictures was initially planned to develop into its own studio much like another Disney property, Touchstone Pictures.
But over the years, the brand faded into the background of the Disney Studio operations plan. It was recently resurrected in 2006 as Disney tried to use the brand for its genre (translated low budget, adult themed) films, such as the low budget horror film, Stay Alive.
Nowadays, Hollywood Pictures is mainly used as a banner name for distribution purposes and less as a separate division of the Walt Disney Studio. It's now a part of Disney's distribution company Buena Vista Entertainment.