Leading CEOs, filmmakers, financiers and studio executives converged on Friday at the American Film Market (AFM) for the annual Global Film Finance Conference. Topics discussed throughout the conference explored the future of independent film financing, the impact of new platforms on global film finance, as well as deal structures that attract equity.
David Glasser, who is President/COO of The Weinstein Company, expressed his thoughts about the market:
"Today, less is more. We're in a marketplace where it used to be about the volume of movies, because we're always building a library. I think today the buyers are looking for higher quality. They're looking for something special that separates them from everyone else on the market. It's got to be about higher quality products.
The biggest challenge is the blurred lines between TV and film right now, and the platforms from where you watch them.
Everything we say here starts with one thing - todays' marketplace needs high quality products, whether it's drama, comedy, action. For theatrical releases, the bar is much higher right now."
"The best advice for a producer is that you are no longer just a film producer. You need to be a content producer. You may take a great film script and it's not going to work as a movie. It may be for a Netflix or Amazon program, it may be expanded to a TV series. You have to be thinking that way. You need to be able to shift."
Micah Green, who is Co-Head, Film Finance for CAA added:
"Today, studios want high quality, high impact, mid-to-low budget movies. They recognize the value of high impact - and the bad news for independents is that you are competing directly with studios for every great script that attracts a proven director and a legitimate movie star. The same package is being pursued by all kinds of investors and distributors. There's lots of overlap. The other side is that if you're actively putting together projects, if you're proactive in pulling together quality packages, there are options to monetize and distribute.
The Netflix phenomenon is inspiring. It proves that there is room for bold innovators. They came in and took huge risks and bets with a completely different model and it worked."
Lastly, Miguel Palos, who is CFO for IM Global, remarked:
"We'll see a shift outwards for the revenue of the film, away from the U.S. Other territories will continue to evolve - their methodology for selecting films, alternative digital platforms, space that's replacing home video. If you want a worldwide audience - things like comedy for instance are difficult to translate from one society to another. Again the content, the script, the quality of the film is going to have an impact everywhere. Certain things will translate in some countries, some won't. You have to look at it worldwide and know that it won't translate in all countries."