AFM: Vegas Fails to Dazzle Indie Industry Despite Buyer Turnout and Influx of Packages

As a seasoned industry veteran who has navigated through the hustle and bustle of various film markets over the years, I must say that this year’s AFM held at the Palms in Las Vegas was a unique experience, to put it mildly. The glitz and glamour of Sin City were certainly not lost on me, but the practicalities of conducting business in such an environment left much to be desired.

$700 dollars to rent a coffee machine?

At this year’s AFM, there were numerous discussion points. Among them was the significant shift in the market from Santa Monica to Las Vegas and the important topic of the U.S. presidential elections, which occurred on the same day as the event (in the battleground state of Nevada) on November 5th.

Moreover, another factor to consider was the assortment of expenses that came with it, such as the substantial fees companies faced if they wished to provide coffee service in their already costly leased offices within The Palms.

A number of sales firms, including EbMaster, faced some unexpected challenges. While some unmentioned companies secretly brought their own equipment, others chose to rely on water, with a single bottle costing approximately $6.50 in one hotel’s lobby.

However, extravagantly priced drinks may seem reasonable when consumers are spending lavishly on film packages. In this context, the atmosphere on the trade show floor was somewhat divided.

At midpoint in last year’s market, most of the buzzworthy films that every distributor sought to acquire were generally recognized. However, this year, despite numerous high-profile projects being announced prior to AFM, few have surfaced—unless these are being tightly held by buyers.

Mark Gooder from Cornerstone noted that unlike usual patterns, there hasn’t been much discussion among buyers about the same three projects they typically pursue. This market has shown some uniqueness because of a lack of consistency in buyer behavior. This could imply that some buyers might not be making purchases, prices could be too steep, or perhaps they’re not as captivated as initially expected.

The lack of purchasing by customers was a recurring topic in discussions at the Palms, particularly with some U.S. buyers who are currently producing and developing their own originals. One executive commented, “The excitement and brightness of Las Vegas seems like a diversion from what’s happening within the industry.” He further added, “I see buyers socializing, gaming, and enjoying themselves, but not, you know, actively making purchases.

Although no significant deals have been revealed so far, Embankment’s Hugo Grumbar pointed out that the company has seen robust sales for the two projects they unveiled earlier – “Molepeople,” featuring Anthony Ramos and Ben Mendelsohn, and “The Housekeeper,” starring Uma Thurman, Phoebe Dynevor, and Anthony Hopkins. According to him, these projects have sold extensively and continue to do so.

Kim Fox from The Veterans, who introduced the James Gray film “Paper Tiger” featuring Adam Driver, Jeremy Strong, and Anne Hathaway, and also handled the sales of Theo James’ thriller “The Hole” and the British comedy “Fackham Hall,” characterized it as a “vibrant sales environment.” She further noted that it was “pleasing to reconnect with our global partners.

Among the highly anticipated films entering the market were “Marty Supreme,” a ping-pong drama from A24 starring Timothee Chalamet, “Motor City” featuring Alan Ritchson, and “No Other Choice,” a comedy-thriller directed by Park Chan-wook.

At the Annual Film Market (AFM), genre films have always found a comfortable niche. However, this year seems to be particularly receptive – particularly for horror movies that are currently showing impressive performance at the box office and maintaining high quality standards.

Sarah Schweitzman from CAA’s Film Finance and Sales Group remarked that films categorized as ‘genre movies’, particularly those labeled as ‘elevated genre with talent’, are not only very powerful, but often surpass expectations in many cases.

The variety within genres has grown significantly, making them more intriguing. Instead of the conventional, uninteresting, or predictable works, we’re witnessing unique and unexpected pieces such as ‘Longlegs’ on the big screen.

Instead, drama productions were having difficulty gaining traction, particularly those without large ensembles or well-known directors attached to them.

Schwietzman stated that if you bring a prestigious background when entering the market, it’s likely that movies will perform well. However, for smaller dramas, success is much more challenging, particularly in international markets, and even on the domestic front.

For quite some time, major studios have relied on franchises, producing prequels, sequels, and remakes. However, independent studios are now joining in, seeking projects based on intellectual properties with an already established fanbase, such as Jaume Collet-Serra’s “Cliffhanger,” a reboot of the action classic originally starring Sylvester Stallone. This project was marketed at the AFM by Rocket Science (internationally), while CAA Media Finance handled the North American and Chinese markets.

Schweitzman states that this trend seems to be expanding and will likely keep growing, not only among individual creators but also from the studio standpoint. This approach allows artists to reimagine beloved classics in unique ways, often reflecting societal changes.

As a cinephile, I, Yohann Comte – co-founder of Charades – was thrilled with the response we received during our sales event for Tina Romero’s “Queen of the Dead.” The number of attendees was encouraging. However, the real question lies in their motivation: Were they drawn here out of curiosity, or is there a genuine interest that could lead them to return next year, given the same setup?

There was some doubt among attendees about whether they would return to the revamped Las Vegas setup, as many had chosen not to go due to increased costs or concerns over the election. However, for those who did attend, the unique experience of maneuvering through casino games like slot machines and roulette on their way to meetings and screenings was initially intriguing but quickly became routine.

Comte observed that the ambiance in the lobby felt somewhat strange and not particularly conducive for filming. However, it had its advantages as some individuals found it convenient that all events were happening in one spot.

But that single location did not come cheap, and not just if you wanted a coffee.

The Palms hotel, or IFTA, strictly vetoed any expenditure, making a minibar depletion cost $500 and prohibiting any personal items. This was particularly challenging for the vendors, as it significantly impacted them financially,” commented a significant U.S. distributor. Some went as far as secretly moving furniture into their meeting spaces.

The sales agent expressed his surprise when he learned that they expected to bill him $800 for delivering a couch to the room, so instead, he opted to purchase comfortable armchairs from IKEA, costing less than $100 each. He also mentioned that he was already spending $20,000 on the room and accreditation, and Vegas served as a turning point for him financially due to the financial strain they were experiencing. The sales agent further explained that some of their significant clients had departed from the market earlier because they found it challenging to manage offices spread across multiple floors with slow elevators.

A group of sales representatives are planning to return to Santa Monica next year, minus the AFM. One representative stated, “We believe we can generate more profitable business at a lower expense if we secure a hotel and book all our rooms well in advance.” During the pandemic, U.S. agents conducted their own virtual market, so it’s being suggested that international sales representatives may want to follow suit and arrange their own virtual event as well!

One promiment LA producer summed up the mood:

They found it incredibly unpleasant and have no intention of returning. There’s no room for casual interactions or festivities, the atmosphere is poor, and even taking the elevator requires waiting in line. To top it off, they can’t use the stairs either. It doesn’t make sense to travel to Las Vegas, a remote location, when the market in Santa Monica was far more appealing and situated in the global hub for entertainment.

According to Gooder, it’s remarkable how history can be revised when one visits a new place, with the suggestion that perhaps the Loews was the finest hotel ever.

2024-11-09 03:47

AFM: Vegas Fails to Dazzle Indie Industry Despite Buyer Turnout and Influx of Packages

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