Wrap was a phrase used by the director in the early days of the film industry to signal the end of filming. Since the 1920s, filmmakers have been using this phrase when principal photography is concluded and the film is ready to go into post-production. At that point, it is traditional to hold a wrap party for the cast and crew of the film. This marks the end of the actors' collaboration with each other, the director, the producer, and the crew on the film (except for possible dubbing or pick-ups), and the actors will then go on to work on other projects (or auditions or personal development if they have no further projects lined up at that point). The leading cast members may be called in several months or years later to help promote the film when it is ready to be released.
The term "wrap" is sometimes said to be an acronym for "Wind, Reel and Print", although this is disputed, and most likely a backronym. The phrase "That's a wrap!" can sometimes be heard and is used in both filmmaking and in other similar contexts, such as photo shoots.
Some directors also announce "wraps" for each actor when their work concludes (e.g. "That's a wrap for John Doe").
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