I would not say there is a "formula" as much as there is a storytelling "form" out there. In my experience as an aspiring screenwriter, not enough people know the proper storytelling form that their scrips end up being not very good, such common errors as: story taking way too long to get really started, lacking motivation, too much random events that do not string together, and so on. Many also suffer greatly from not knowing a way of blending together Lines of Action in a progressive consolidation to the climax, hence a common thing I get is "I'm at page 66, and I'm a scene away from my climax!"
Mind you though,, most people pick up a screenwriting book and stop there, or even finish it and think they are ready to compete in the active market... It makes time to really get a grasp on it through trial and error and critical feedback. Once one gets good at it, they can mesh out a story without worrying about Beats as it is gets ingrained into them. It is an overall storytelling form that has been around for thousands of years...The wheel isnt being reinvented by anyone, it is just made in such a cleaver and creative way that it appears that it is being reinvented.
Like the first reaponder above posted,, yes once you are established, you can get away with what you'd like more so.. But it should be interesting to note that those who have the popular belief of "breaking the rules" do not really do so, the likes of Tarantino, Christopher Nolan, James Cameron, and so on, most of their scripts hit pretty close.
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