A look inside Hollywood and the movies. : MONEY SINGS : Whitney Houston’s Platinum Future

Asked recently if he thought pop diva Whitney Houston had a movie career ahead of her, a studio executive let loose with a howl of laughter.

“Wait a minute, don’t hit me with too much here,” he said. “I’m still in shock that this is a $100-million movie!”

He certainly isn’t alone. Before its late November release, many observers had written off “The Bodyguard”--a romantic thriller starring Kevin Costner and Houston, in her screen debut. “We thought it would make $30 million--if they were lucky,” says one industry marketing source.

But $70 million later, “The Bodyguard” is going strong, propelled by Costner’s star power, the curiosity about Houston’s debut and a multi-platinum soundtrack that contains Houston’s “I Will Always Love You,” one of the fasting-selling singles in history.

Those close to the production say they are not surprised. Despite the universally scathing reviews that director Mick Jackson’s film received, early preview audiences (particularly women) clearly fell in love with the movie, which was a “date” film in a season with few of them. “I knew we had something,” says one, “when halfway through one screening people started talking back to the film and then left humming ‘I Will Always Love You.’ ”

“Clearly, the audience also loved Whitney,” the source said.

Critically, Houston’s performance as singer/actress Rachel Maron--in the 17-year-old Lawrence Kasdan script originally written for Barbra Streisand--received both darts and flowers. The verdict on Houston’s acting abilities may still be out, one thing is clear: In an industry where money talks, Houston--after the success of “The Bodyguard”--has a future in the movies if she wants it.

When the studio executive stopped laughing, he turned his attention to business at hand. “Does my studio have anything lined up for her? Not yet. But give me till the end of the month.”

“I think the industry’s perception prior to this movie was that Whitney Houston was a goody-goody girl with a somewhat campy image,” says one industry source. “But, as is often the case, the public’s perception of a performer and the industry’s perception can be odds. Audiences loved her in this role and she has definitely developed a following as a movie star. Madonna wishes she had half of what Whitney Houston has. Anytime you get a performer who can act sing, who can move a soundtrack like she has done, well, my God. . . .”

According to a source close to the actress, Houston has been “bombarded” with offers since “The Bodyguard” started pulling in big bucks. As of the past week, she has been mulling over more than a dozen scripts and several production deals.

With so many offers, what choice should Houston make? Should she play it safe or brave it and play against type?

According to one studio executive, she shouldn’t make any risky moves. “This movie worked for her because she was plugged into the right role. She’s glamorous and accessible, and the best thing that could happen to her movie career is that she will be pigeonholed.”

And what if Houston decided to tackle a dramatic non-singing role in her next movie out? “I think that would be a case of too fast, too soon,” said the executive. “I mean, Billy Crystal, it is clear, should stick to playing in hip comedies. And Whitney Houston should not rush out and try to flex her muscles by starring in something dramatic like ‘What Ever Happened to Baby Jane?’ Unless, of course, it had a soundtrack.”

A well-known casting expert offered another opinion. “I don’t know what type of role she should play or if she really has a career ahead of her because even after seeing the movie, I still don’t know what she’s made of it. She was good in that part, but she essentially played herself.”

Added the casting source: “The management side of this town is very different than the creative side. Sure, all the studio types want her now because she starred in a movie that made a lot of money, but I don’t know if A-list directors would be that hot to work with her. If she was interested in a project I was involved on, I’d make her come in and read. There wouldn’t be an immediate offer.”

Houston, it should be made clear, would do that if she was interested in the role. Although she did not study acting prior to or for “The Bodyguard,” she has let it be known that she would buckle down if the part was “out of character.”

As for her own agenda, Houston, it is said, is interested in tackling an action movie. “She’s not into fluff,” says one in the know. “She’d be happy to play Sigourney Weaver-type women, and if that character was a police officer, that’s even better.”

All of Houston’s career plans, however, on are hold until she has her baby in March. Sometime in the summer, sources say, she’ll probably settle on a follow-up vehicle that would preferably shoot in the fall.

Despite the success of “The Bodyguard” soundtrack, Houston does not feel that she has to sing in every movie she does. “Absolutely not,” says one source close to the actress. “The success of ‘The Bodyguard’ qualified her as a movie star and an actress. She’ll sing in the future, yes, but she’ll also separately act and make personal appearances. Basically, she can do anything she wants to do now.”