As someone who has spent decades navigating the ever-changing landscape of the film and television industry, I must say that these times are truly unprecedented. The rise of AI technology, shifting business models, and transatlantic partnerships have made for a fascinating period of evolution.
The tenth installment of Rome’s MIA Market concluded on Friday, with organizers reporting a 10% increase in attendance compared to the 2023 event, attracting approximately 2,800 attendees from 60 different countries to the City of Rome for five days filled with pitching sessions, panel discussions, and lively debates concerning the current status and future possibilities of the global film and television sectors.
Market Director Gaia Tridente stated that MIA has gained significant recognition and trust, which has led international players to prioritize it on their agendas. She described MIA as a distinctive curatorial market, playing a crucial role in co-production, and serving as a vital mechanism for financing, distributing, and promoting works and talents.
Over 600 projects participated in this year’s co-production market and pitching event, marking a 20% surge compared to 2023. Furthermore, there was more geographical variety than ever, with 90 countries participating – an increase of 12.5% from the 80 nations that took part last year.
Organizers pointed out that over 100 audiovisual works were generated after participants joined the MIA co-production market during its 10 iterations, which they referred to as a “symbol of the market’s effectiveness” and an indication of the valuable research opportunities it provides for potential co-producers and international partners.
[MIA] stands for the collective requirements of an all-encompassing ecosystem that includes various industries and genres within the audio-visual field,” explained Tridente. “It provides tailored activities across different formats, considering distribution in cinemas as well as viewing on TV and digital platforms. In essence, it reflects the evolution of the audio-visual sector, sensitively adapting to changes, especially technological advancements for creative industries.
Here are EbMaster’s takeaways from a busy week in Rome:
Italy’s rebates have room for improvement
Over the past five years, Italy’s film and TV market has nearly doubled, with investments in original content production surpassing €2 billion ($2.16 billion) in 2023, as reported by APA, Italy’s TV producers’ association at Rome’s MIA Market. However, a slowdown is expected in 2024 due to the government’s adjustments to tax rebates that have fueled this growth, and the reduction in rebate allocations comes at a time when international competition is intensifying. The APA report reveals that Italy’s tax rebates accounted for approximately 40% of domestic production in 2022. Yet it also emphasizes that other European countries are offering more support. For instance, France and the U.K., which recently increased its rebate, financed over three times as many projects as Italy in 2022. Moreover, while the Italian rebate is limited to €9 million ($9.75 million) per project, France’s cap is €30 million ($32.4 million), and there’s no limit in the U.K., according to the report. Nick Vivarelli
Buyers playing it safe with IP — but could a market shift be on the way?
In a competitive marketplace filled with scripted dramas, established properties are generally considered safer investments by buyers. As Sony Pictures Television’s head of creative, Lauren Stein, explains, “The majority of what’s selling currently is based on Intellectual Property (IP),” which provides buyers with a sense of security since it can stem from various sources like books, articles, or real-life stories. However, Marc Helwig, the worldwide head of TV at Miramax, suggests that for companies with extensive libraries and global reach, such as Miramax, this could mean offering a fresh take on an existing product to entice buyers. Yet, success isn’t always predictable, as proven by unexpected hits like Netflix’s “Baby Reindeer.” Emmanuelle Bouilhaguet, producer of The Originals Productions, highlights this point. Although it may be tougher to attract an audience for an unknown property, Bouilhaguet emphasizes that their priority is retaining the rights to these properties, as they form the essence of their production company.
As a movie enthusiast, I’ve noticed an interesting shift in the French streaming market. Instead of solely craving established Intellectual Properties (IP), platforms like France Télévisions are now more interested in long-running, homegrown shows with original ideas. Even Sony has seen this pendulum swinging towards originals recently. As Miramax’s Helwig puts it, “The market is quite unpredictable at the moment, and everyone’s a bit apprehensive. However, as things stabilize, I believe original voices will prevail. It’s crucial to give them the chance to shine.” -Christopher Vourlias
Europe’s indie film production still “under threat”
As a passionate film enthusiast, I’ve noticed the hurdles that even established independent film producers are facing when it comes to financing movies these days. Jonas Dornbach, CEO of Komplizen Films (the team behind “Maria” and “Toni Erdmann”), put it plainly, “It’s becoming increasingly difficult to secure funding for films.” He added, “There seems to be a growing tendency towards self-preservation among countries, and the rules are getting stricter. Everyone appears to prioritize their own national interests.” Andrea Occhipinti, CEO of Lucky Red in Italy, concurred, saying, “It takes more effort than before to pull together the pieces for a co-production. You need to be resourceful, have connections, and most importantly, have a project that can resonate globally.
France, leading the charge by making Netflix commit to local content production, serves as an inspiration for numerous European industries due to its distinctive “cultural exception” approach. However, each success story is a result of tireless efforts from France’s trade unions and industry professionals. As Marie Ange Luciani, producer of “Anatomy of a Fall,” puts it, “Every year we have to fight for it with our government.” In her words, “We are constantly under threat.” Dornbach, representing Komplizen, which is part of The Creatives – an alliance of independent production companies, finds solidarity and strength in joining forces with fellow producers who share similar objectives. Dornbach describes this collaboration as both enriching for individual projects and beneficial for advocating on behalf of the industry as a whole, stating it’s been “invaluable” in navigating the chaotic environment. C.V.
…but new financial models are making inroads
For independent film producers in Europe, there’s a silver lining: innovative funding methods are carving out inventive routes for movie financing, often from equity investors who are already comfortable with taking risks. As Andrea Scarso, of IPR.VC fund management company, stated, “The more we demonstrate that films can succeed, travel globally, and have international appeal, the less daunting the risk aspect becomes.” The European Commission unveiled a dedicated equity investment tool two years ago to stimulate production and distribution within Europe, but skyrocketing costs could jeopardize these efforts. Mike Goodridge of Good Chaos (UK) emphasized that rising talent and crew costs are making film investment an absurd proposition. Frédéric Fiore, president of Logical Pictures, concurred, “If the cost is too high, we won’t be able to produce it. And even if the film is successful, the potential gain is reduced.” He added, “On a film that performs well, we need to maximize the upside to offset the risk across our portfolio.
For European content creators like myself, the advantage lies in the fact that “European subsidy systems play a crucial role in attracting investors, providing a more balanced risk profile for a production.” As stated by Malte Grunert, founder of Amusement Park, producer of “All Quiet on the Western Front”. Additionally, partnerships with established brands are becoming increasingly popular – take for instance, French fashion house Saint Laurent collaborating with Jacques Audiard on “Emilia Perez”. In the ever-evolving media landscape, niche distribution networks offer new monetization opportunities. As CAA Media Finance co-head Benjamin Kramer puts it, “With a diminished mass audience, people are finding content in niches.” He highlights Angel Studios, a distributor of films like “Sound of Freedom”, as an example of success in creating a unique business model to serve niche markets. In essence, when a particular audience finds value in your work, it opens up a viable business opportunity, and there will be creators, filmmakers, and distributors who cater to these audiences.
Europe “behind the game” on A.I.
Approximately half a year ago, the founder and CEO of Wild Sheep Content, Erik Barmack, observed a tentative acknowledgment in Hollywood that AI has become an integral part of content production. In contrast, Europe, which pioneered the world’s first legal framework for AI regulation, has been somewhat late to embrace this acceptance. Miki Mistrati, executive producer at Denmark’s Snowman Productions, stated that broadcasters are currently lagging behind, and industry representatives should encourage networks and regulatory bodies to acknowledge the benefits of AI technology, while simultaneously ensuring proper safeguards are implemented for responsible practices to flourish.
There’s debate about how many jobs will be replaced by cost-cutting AI software, with Christina Caspers-Roemer from German VFX specialist TRIXTER stating that “work might change but won’t disappear.” However, concerns regarding copyright protection remain significant. Despite the apprehension surrounding AI advancements, Ariens Damsi of Italy’s Eliofilm, whose short film “The Eggregores’ Theory” was almost entirely produced using AI, emphasized that human involvement is still essential. He explained that while it’s easy for AI to generate common results, creating something unique can be challenging. As the technology develops, though, Radek Wegrzyn from Germany’s Magical Realist warns that the AI we see today is only the worst it will ever be in terms of capabilities and applications.
Keep calm and carry on
In just a year since the MIA Market was held in Rome, there have been significant changes within the industry. As stated by Turning Point CEO Carlo Dusi, these shifts include the arrival of new content-delivery technologies, the addition of ad-supported tiers on streaming platforms, and drastic reductions in production costs. Arvand Khosravi, Fifth Season’s head of scripted television strategy, explained that his primary focus now is to equip their producers with the latest market insights, understanding what buyers are currently looking for and what they are not. He aims to predict where these buyers might be in a year or two during this period of corporate restructuring and ever-changing market dynamics.
European producers aiming to establish collaborations with American partners accustomed to the Hollywood production system have found it difficult to persuade the U.S. that they are distinct. As budgets in Burbank tighten, however, there is a growing recognition of the co-production model and a willingness to adopt it. This shift presents an intriguing opportunity for companies like Media Res, according to Laura Avril of Buendia Estudios, who sees their role as being “the vehicle” that provides financial and business support to commissioners. They can help with tax incentives, talent acquisition, and finding promising shows. However, these partnerships are founded on trust, and demonstrating the feasibility of production is crucial in these discussions, and more importantly, proving that you can fulfill your creative commitments.
Despite waking up to gloomy weather in Rome on Friday, the rain clouds eventually gave way, possibly indicating a glimmer of optimism for an industry that has faced turbulence due to recession, a worldwide pandemic, company reorganization, and the recent Hollywood strikes last year.
According to Joe Lewis, the founder of Amplify Pictures based in L.A., who has produced shows like “Fleabag” and “100 Foot Wave”, the business is currently stable and expanding. However, it’s not growing at the same pace as it did over the past decade. Nevertheless, he emphasized that there’s more financial potential in television now than ever before. In essence, things are going well in the long run, but the focus in the short term is on identifying opportunities. C.V.
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2024-10-18 23:18