As a seasoned industry veteran who has weathered numerous storms and witnessed the evolution of cinema, I find myself deeply intrigued by the current state of affairs in the global film landscape. The case of “Better Man” is a stark reminder of how independent financing is shaping the industry, filling the void left by studios. It’s like watching a monkey become a pop star, unimaginable just a few decades ago!
As a passionate movie enthusiast, I recently attended the San Sebastian’s 3rd Creative Investors Conference held on September 24-25. This event, jointly organized with CAA Media Finance, was an intense exploration into the emerging shape of the film and television industry post-COVID. Panel after panel offered intricate insights into the evolving landscape, painting a clearer picture as we navigate through these challenging times.
One point worth noting is that these outlines might alter once more. Despite this possibility, here are some key insights from the two complete sessions of deliberations:
Change Changing So Quickly
History has always been marked by change, as stated by British historian Lord Acton. However, the pace at which change occurs now seems unprecedented. For instance, we’ve experienced a global pandemic, strikes, and the rapid emergence of AI within a relatively short span of time. David Linde, speaking at a recent panel discussion titled “Where Are We Going Next?”, remarked that while he has witnessed numerous changes in the business world over the years, none have unfolded as quickly as what we’re experiencing currently. Similarly, Vincent Maraval from Goodfellas expressed agreement, noting that the business cycle is traditionally slow, but it’s now happening at a much faster pace due to the rapid advancement of technology. Previously, significant events would take place over a period of five to seven years. Now, we’re seeing changes occur in just a couple of years.
The New Audience Revolution
Perhaps the most significant transformation lies within the audience base. “The niche market has become increasingly open to various genres,” said Scott Shooman, AMC Networks’ head of film, during the opening round table discussion, ‘Assessing the Current State of the U.S. Market.’ He added that due to a more receptive and younger audience, films previously unfit for niche distribution can now be released. “Companies like A24, Neon, and Magnolia Pictures are experiencing their most successful weekends ever in 2024,” he pointed out. This evolution is as substantial as the shift observed during the ’70s, as detailed in Peter Biskind’s influential book “Easy Riders, Raging Bulls,” he suggested.
Cinemagoers Evolve in Age and Class in Europe
Movie-goers’ preferences have shifted in Europe too, as pointed out by Yohann Conte during the session Perspectives Across Europe. In France, post-Covid, it seems like a repeat of the 60s when TV became popular, with an older generation preferring to stay at home and a younger one seeking out unconventional, daring or distinct content in cinemas. Similarly, in Italy, there’s been a change in cinema-goers’ social class. As Lorenzo Gangarosa, formerly of Wildside and now with Our Films, stated, Italian films used to focus on bourgeois drama. However, due to the scarcity of high-class cinemagoers, filmmakers in Italy now create movies that center around lower classes instead.
Looking to Europe
In no industry across any nation has endured such hardship as the U.S. independent film production sector, largely due to studios and streamers reducing their investment in movies and shifting towards more commercially viable projects. This panel’s title could be rephrased as “Can It Last?” reflecting Christine Vachon’s concern about the grueling process Brady Corbet faced while making “The Brutalist.” Jennifer Fox, a producer, stated that fixed union shooting costs make it extremely difficult to produce American independent films. CAA Media Finance’s Roeg Sutherland added that it’s nearly impossible to create anything engaging in the U.S. due to severely limited budgets. A potential solution suggested by Gangarosa is for U.S. producers to collaborate with European directors and cast members, leveraging Europe’s generous tax incentive programs.
The Pre-Sales Model is Fairly Broken
As a movie enthusiast, I’ve noticed over the years that the traditional methods of financing independent films in the U.S., such as foreign sales-based financing and pre-sales, seem to be faltering. Veteran producer Christine Vachon has stated that “the system is broken.” In fact, according to Jonathan Kier from Upgrade Productions, only a few territories like Germany, Japan, and Latin America are currently active in this area. It’s unfortunate that the U.S., which was once crucial for financing and marketing bigger films, no longer seems to be a priority. As Kier puts it, there’s not an expectation that a movie will sell in the U.S. market anymore.
Yet This Is an Age of Opportunity
The word “Change” was likely the most frequently used term at the Conference. “Opportunity” would have been a close second. The main source of this opportunity arises from the challenge that impacts many U.S. independent productions: reduced investment from U.S. studios. As Sutherland, who works in the independent sector, put it, “We flourish during such moments because studios are not producing the movies they ought to, yet they still need to fill their schedules.” He referenced the example of the $110 million film “Better Man,” which CAA Media Finance financed and tells the story of Robbie Williams as a monkey. This movie would have never been made before independently. Today, films like this are being produced independently because financiers see an opportunity to capitalize on the gap left by studios in the market. They believe they can take advantage of the distressed market over the next two years.
Let’s Hear It for Animation
2023 marked the most successful year for Goodfellas’ Maraval and former Wild Bunch executive in the past 25 years. A significant portion of this success can be attributed to their animated feature “The Boy and the Heron,” which, following the increasing popularity of Hayao Miyazaki’s films on streaming platforms, earned a staggering $47 million in the U.S., surpassing the $10 million grossed by “Spirited Away.” Conte, a renowned figure in European animation sales, expressed during Charades (a leading platform for European animation) that while they have never experienced a loss with animation, they are still puzzled as to why this is the case. Conte also manages the distribution of “Mirai” and “I Lost My Body.
A Tale of Two Countries: the U.K.
In simple terms, Danny Perkins from Elysian Film Group stated that the U.K.’s film industry is facing challenges as it heavily relies on investment from big Hollywood studios for both major productions and independent films after Brexit. This focus on large-scale investments has left less funding for locally produced films, causing a shrinking market, according to Perkins. However, he emphasized that the U.K. has a wealth of intellectual property and an abundance of talent. To capitalize on this, Perkins plans to strengthen relationships with production companies such as Studio Ghibli and Simon Farnaby, who co-wrote the script for “The Magic Faraway Tree,” a $50 million film starring Andrew Garfield that recently began production.
A Tale of Two Countries: Spain
In numerous aspects, Spain’s film industry is thriving, powered by some of Europe’s strongest tax incentives that have garnered significant attention during recent conferences. As stated by Mariela Besuievsky at Tornasol Films, the content produced needs to have a strong local focus to attract financing from streamers or broadcasters. However, it can also gain widespread popularity on global platforms. In fact, Netflix reported that non-English stories are extremely popular, with Spanish titles leading the pack last week. Some of the top titles include “Society of the Snow” (104 million views), “Berlin” (49 million views), “The Asunta Case” (31 million views) and “Raising Voices” (25 million views). David Davoli at Anonymous Content, who recently launched a joint venture with Spain’s Morena Films, emphasized the importance of Spanish writers, authors, and filmmakers.
The Creatives: An Update
A promising direction for the industry involves increased collaboration among its members. For instance, at a recent conference, the Creatives – an alliance of 10 independent production companies backed by Fremantle – shared their reasons and updates. Caroline Benjo from Haut et Court emphasized, “As producers, we face challenging situations, and it’s certainly easier to navigate these hurdles together. I believe that our collective thinking is crucial in overcoming the current challenges.” Mike Goodrige of Good Chaos further added, “We have naturally begun working together on projects, and I am collaborating with eight out of the 10 companies within The Creatives.” One such project, “Sukwan Island” by Vladimir de Fontanay, is being produced by Haut et Court, Versus, Good Chaos, and also Maipo Film as a co-producer since it was shot in Norway.
More to come.
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2024-09-26 11:23