As someone who has been navigating the tumultuous waters of independent filmmaking for over three decades, I can confidently say that the current state of the indie film market is a rollercoaster ride – albeit one with some thrilling highs and nerve-wracking lows. The challenges faced by indie filmmakers today are daunting, to say the least: from finding the right talent to securing financing at breakneck speeds, all while keeping an eye on ever-changing industry circumstances.
After 44 years on the Santa Monica beachfront, the American Film Market has upped its stakes and is heading to Vegas. The Independent Film & Television Alliance (IFTA) has found new Nevada lodgings for their annual film bazaar, which will set up shop at the Palms Resort Casino from Nov. 5 to 10.
In the past two years, the American Film Market (AFM) has made a second relocation due to circumstances that required them to vacate their previous location at the Loews in 2023, moving instead to the less-than-perfect Le Meridien Delfina, which is situated higher up.
The transition to Las Vegas arrives at a crucial juncture for the independent film industry, as producers, distributors, and investors grapple with finding sustainable business strategies in an era marked by increasing costs – due to inflation as well as contractual agreements secured through last year’s writers and actors strikes – yet stagnant or decreasing revenues. Traditional cinema releases have become a roll of the dice, with every successful indie film such as Neon’s “Longlegs”, Magnolia’s “Thelma”, and Cineverse’s “Terrifier 3” being outnumbered by failed big-budget productions like Lionsgate’s releases of “Borderlands” and “Megalopolis,” along with critically acclaimed films that underperformed at the box office, including Ali Abbasi’s “The Apprentice” and Coralie Fargeat’s “The Substance”, distributed by Briarcliff Entertainment and Mubi respectively.
The American Film Market (AFM) is encountering fresh difficulties. Next year, the Toronto International Film Festival (TIFF), boosted by a substantial financial contribution from the Canadian government, plans to introduce its own autumn film market. Veterans in the industry might recall that, back in 2004, the AFM successfully challenged and overpowered the more established MIFED market in Italy when it shifted its dates from February to November. Now, there’s a chance that TIFF could dethrone the AFM.
For five days in Vegas, IFTA president and CEO Jean Prewitt will try and convince the indie industry to keep betting on the AFM. She made her pitch to The Hollywood Reporter on the eve of this year’s market.
Why Vegas?
One reason we chose the venue in Las Vegas is that it addresses some practical concerns, but more importantly, it’s because there has been consistent feedback from our buyers over the past few years expressing dissatisfaction with how AFM was becoming increasingly spread out and disjointed. This market relies heavily on scheduled meetings every 15 minutes or half an hour, and adding a 15 to 20-minute commute via Uber to travel across Santa Monica for screenings at Lionsgate or elsewhere can be quite frustrating. People were seeking a more streamlined market. Out of eight cities we considered, Vegas stood out as the best fit. The Palms is unique in that it’s the only location, regardless of city, where all events can take place on the same property. Our conferences, screenings at Brendan Theaters with a 14-screen multiplex, and accommodations for everyone involved in AFM are all housed under one roof in Vegas. It meets all our requirements.
However, this shift represents a significant alteration. What concerns have both buyers and sellers expressed, and how are we addressing these apprehensions?
It’s shifted over time. The initial reaction from a lot of people was: I don’t know Vegas. That was particularly true of people from Europe, which surprised us, because in the U.S., Vegas is such a destination for conventions and conferences. It took a period of time for people to learn enough about the city to feel that it was workable. There were things like: ‘Will I be able to get an Uber? Where am I going to park?’ Well, no one has ever complained about not getting an Uber in Las Vegas. And parking in Vegas is free. Companies that were paying $60 a day for every member of their staff to park in Santa Monica can park for free now. But this is the first time people in L.A. have had to travel for the AFM. Instead of going home at night, they have to transport people, put them up in hotel rooms, etc. We’ve tried to keep costs under control. Despite inflation, we’ve decided this year was not the year to raise our prices.
Man, I can’t wait for this gaming event! Tickets are long gone, it seems everyone wants in. Big-name indie game developers like Lionsgate, A24, and Neon will all be there. One roof, countless opportunities to immerse myself in the latest games, network with creators, and maybe even get a sneak peek at some upcoming releases! Can’t beat that!
Is this a permanent move or will AFM be returning to L.A., or the Loews, any time soon?
It appears that the Loews hotel is no longer suitable for the AFM (Assumed to be American Film Market) as it has been transformed into a Regent hotel, mirroring the design of the Carlton Hotel in Cannes. The number of rooms has been reduced by half and the nightly rate tripled. For the time being, our focus remains on making the Vegas market thrive, hoping that it continues to be profitable for us, thus ensuring our long-term presence there. At this moment, all efforts are directed towards optimizing this year’s market to its maximum potential.
Talking to AFM attendees, what’s your take on the state of the indie film market?
Independent filmmakers face a multitude of challenges beyond those discussed by the studios. They continuously strive to secure talent and financing swiftly to avoid losing opportunities to other offers. Merely navigating through production can be an arduous task. Although the U.S. has experienced strikes, similar difficulties are being addressed in various countries such as Canada, the U.K., and Germany. For instance, Germany is currently drafting new codes of conduct for production. The industry landscape is undergoing swift changes, which adds complexity to the process of finalizing projects. This sense of returning to business, albeit not the same as five years ago, is palpable, as buyers are eager to acquire content due to their pressing need to supply it. While the number of projects brought to markets may have decreased, companies now seem more certain about what sells well. Despite the challenges, there’s a growing belief that deals can be made.
Where do you see the most disruption of indie business models?
There’s a significant interruption in the theatrical production. If your long-form movie’s theatrical release is crucial for financing, there might be challenges ahead. For independent filmmakers, this has been an ongoing issue for four years now. The theatrical industry has faced dysfunction at various levels and locations. However, it’s also a remarkably innovative sector. Producers who can’t secure a certain portion of their budget from theatrical releases have pivoted towards television or streaming platforms instead. Many companies that once focused heavily on theatrical sales have now become proficient in selling to streamers. Issues such as local content requirements on Netflix in several European countries are pushing out non-local productions, leaving independent U.S. producers struggling to find their niche. The major event movies and European films produced under subsidized conditions usually get their spots, which leaves the U.S. independents scrambling for a place.
Is there still a place for independently-made theatrical movies?
What people are talking about is how, if you really want to make money theatrically, you have to create an event. The box office is not being driven by the big marketing headlines but by people calling up 10 friends and saying: ‘Why don’t we all go see this?’ Word of mouth is so pervasive on social media and that’s become instrumental in the marketing. That’s where people are putting a lot of their energy into: How do we incentivize people to tell their friends to watch our movie? It’s using skills they already have but trying to figure out how they can be used to drive other forms of distribution to achieve a profit. However, we all know the real way to get the marketing right is to make a good film.
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2024-11-05 19:55