‘The Last Showgirl’ Backer Pinky Promise on Building a “New and Exciting” Slate

As someone who’s been navigating the tumultuous waters of Hollywood for quite some time now, I can’t help but admire the tenacity and strategic thinking demonstrated by these dynamic duos, Durrett and Burgum, the founders of Pinky Promise. Their approach to filmmaking is not just about creating art, but ensuring it reaches its intended audience in a world where distribution can make or break a movie.

Kara Durrett and Jesse Burgum, partners at Pinky Promise Production-Finance, initially crossed paths under sweltering heat (104 degrees) while filming in a church’s attic in Decatur, Georgia for their project, Honk for Jesus. Save Your Soul. This was the first movie that Burgum funded, with Durrett contributing as an independent producer.

Many people were concerned about their seating positions relative to the screen. Kara, however, was locating fans and the air conditioning technician. Burgum remarked, ‘She’s the genuine article,’ reflecting on this. The film later screened at the Sundance Film Festival, securing a deal with Focus Features. Subsequently, Durrett and Burgum established a partnership that has included projects such as Andrea Arnold’s Cannes submission Bird, Scarlett Johansson’s directorial debut (to be released by Sony), and Gia Coppola’s film starring Pamela Anderson, titled The Last Showgirl, which premiered at TIFF on September 6.

Before arriving in Canada, Pinky Promise sat down for a chat with THR to discuss the current landscape of independent financing and dancing with Arnold at Cannes.

What was Jesse’s method of approaching you, Kara, during the filming of Honk for Jesus?

KARA DURRETT Most investors usually show up with their entourage or trying to act like experts. Instead, Jesse would come across as if she was just starting out herself, saying things like “I’ve never been on a set before.” Towards the end of the movie, she approached me again and said, “Hey, I’m planning to gather a lot of funding for female and POC filmmakers, LGBTQ+ filmmakers, and I’m going to start a company. Would you like to join in?” At first, I thought it was just another empty promise from an investor. However, I later found out that Jesse had indeed followed through on her words. She raised $26.5 million over 18 months. This is when we formed our producing partnership and started focusing on finding underrepresented filmmakers and helping them bring their movies to life. We aim to support the Andrea Arnolds of the world, take risks on unique projects, and produce fresh and exciting content.

Jesse Burgum, given your family’s history in business and investment – with your father being North Dakota Gov. Doug Burgum, a tech developer and investor – how has this background impacted the business aspect of Pinky Promise?

Initially, there was a fleeting speculation within the industry about four or five years ago, suggesting that our venture might be funded by Jesse’s father or family. However, it’s important to clarify that Jesse’s dad is not an investor in our company. The capital has been sourced independently, and Jesse worked diligently for months to create a robust business plan and a viable structure. Initially, as her friend, I felt quite defensive when people questioned her achievements. Now, it’s fascinating to observe others recognizing that they significantly underestimated Jesse’s ability to raise such substantial funds on her own.

How do you decide on projects to finance versus ones you want to produce as well?

As a game enthusiast diving into the world of gaming startups, I can’t help but compare my approach to that of Burgum Ventures. Just like them, I have a stringent selection process when it comes to investing my time and resources. I use a method known as the Four Ps – Progress, Profit, Prestige, and Partners.

JASON We recently visited Cannes and hosted a celebration for Andrea’s film, titled Bird. Over 300 guests gathered, with many standing outside, admiring us on the dance floor. The Pinky Promise trio was gracefully moving to the music as if no one was watching. Soon after, Andrea entered in a stylish jumpsuit, and the four of us danced together for an hour. Creating a film is challenging, but finding the right distribution channel can be even more so. How does one navigate the current landscape of film distribution?

Jesse and I reached a decision around a year ago, and that decision was to delve deeper into the realm of distribution. We’re curious about understanding the perspective from distributors regarding our films. Over the past year, we’ve essentially flipped our approach. It’s no longer, “How do we create a movie?” Instead, it’s now, “How can we ensure this movie gets seen?” After establishing that, we then move on to, “How do we produce the movie?” This could involve an initial discussion with a distributor, where we inquire about potential risk-sharing opportunities, improving marketing materials, and investing more resources into certain film aspects to make it more appealing for them. Even Scarlett’s film followed this pattern; when we developed it, we first approached Sony and TriStar not just to finance it but also to strategize distribution. Additionally, Sony Classics joined the project, and now we’re producing it with their involvement, along with Wayfair (Justin Baldoni’s company, which worked with Sony on It Ends With Us) as a financier.

You’ve mentioned that Pinky Promise has been agile, helping everyone navigate the recent turbulence in Hollywood. How do you feel about expanding or growing this agility to other areas or industries?

PARAPHRASING Jesse’s primary strength lies in recruitment and expansion, a skill she inherently possesses due to her family’s business background. Unlike me, who seems to be constantly saying “Buy! Buy! Buy!”, focusing on growth every six months, Jesse takes a more measured approach. Instead of immediately expanding, she prefers to assess what the business needs for the next six months first, and only then consider hiring if the need persists.

In any ambitious organization, it’s crucial to devise strategies for immediate action. Many have voiced this before and will continue to do so, but embracing ambiguity is particularly vital for startups and our specific field. It’s not just about choosing team members who are willing to embark on this journey with you, but also those ready to navigate the uncertainties together.

2024-09-08 20:25

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