As a seasoned film market veteran with over two decades under my belt, I’ve witnessed the ebb and flow of this dynamic industry like the tides of the Pacific Ocean (a nod to the iconic Loews hotel). The shift from Santa Monica to Las Vegas for the American Film Market (AFM) feels like a gamble, and Toronto seems poised to capitalize on this potential vulnerability.
As the 2024 Toronto Film Festival kicks off, it’s signaling the beginning of a fierce competition in autumn film markets. Toronto plans to debut its fresh market in 2026, backed by an eight-figure investment from the Canadian government, and preparations are underway to position TIFF as a strong contender, possibly even challenging or replacing, the current dominant fall event, the American Film Market.
Since the shutdown of the Loews hotel in Santa Monica a year ago, the American Film Market (AFM) has appeared shaky and exposed. For over three decades, this iconic Pacific-facing location was the AFM’s home, dating back to 1991. However, the move of the AFM to the Le Méridien Delfina for the 2023 market turned out to be a calamity. Union members from the hospitality workers union Unite Here Local 11 demonstrated outside the building, criticizing what they deemed as unjust working conditions at the hotel. Meanwhile, those attending the market inside were disgruntled by facilities that struggled to accommodate the heavy foot traffic of hundreds of buyers and sellers passing through daily. In response, AFM organizers, The Independent Film & Television Alliance (IFTA), abandoned the idea of returning this year. Instead, the AFM has relocated to the Palm Casino Resort in Las Vegas for its 45th edition, scheduled from Nov. 5-10.
“The transition of AFM to Las Vegas has left some uncertainty, as industry insiders question its success,” comments a seasoned international film sales executive with two decades of experience in the field. “TIFF perceives this as an opportunity to emerge as the primary autumn film market, filling AFM’s void.”
For quite some time, Toronto has served as a bustling hub for business transactions, particularly with businesses setting up in downtown hotels to finalize deals. The deal-making process officially commenced prior to TIFF 2024, with Sony Pictures Classics acquiring significant worldwide rights to Laura Piani’s debut film titled “Jane Austen Wrecked My Life“. Meanwhile, Lionsgate’s Grindstone Entertainment Group and Roadside Attractions secured U.S. rights for the Dito Montiel-directed movie named “Riff Raff“, while Amazon Prime Video snapped up all international rights, barring Germany, for the sci-fi feature film “The Assessment” starring Alicia Vikander, Elizabeth Olsen, and Himesh Patel, all prior to their individual festival debuts.
2022 saw TIFF exploring a formal market setup with their Industry Selects program, offering screenings for films not part of the main festival roster, where global distribution rights were accessible. According to TIFF’s CEO Cameron Bailey, this new Toronto market won’t rival the AFM as he stated to THR, “The AFM tends towards more commercially-oriented content; we offer a festival-quality experience.” He further explained that there’s enough space “between Cannes and Toronto, and between Toronto and the AFM,” enabling companies to participate in all three markets with fresh projects.
There’s a sense of uncertainty among sales companies whether the cost of attending another film market is justified, given that domestic summer box office revenue, estimated at $3.67 billion by Comscore, has dropped by 10% compared to the previous year. Moreover, independent hits have been scarce, with exceptions like Neon’s ‘Longlegs’ ($74 million) and A24’s ‘Civil War’ ($68 million).
A vendor from London observes that the market for independent films is challenging this year. “Streaming platforms are reducing their investment, and there are very few independent distributors able to provide substantial minimum guarantees,” he explains, suggesting there’s little flexibility in budget matters.
independent film buyers and sellers who prioritize cost, as TIFF transitions to a formal market, are discovering less formal methods for conducting business. Notably, the Venice Film Festival, which lacks a dedicated film market, witnessed several significant U.S. deals recently. For instance, A24 acquired the rights to Luca Guadagnino’s new film “Queer,” starring Daniel Craig, from CAA Media Finance. Netflix secured the Angelina Jolie-starring Maria Callas biopic “Maria” from FilmNation, and Metrograph Pictures bought Neo Sora’s narrative feature debut “Happyend” from Magnify.
“According to a European vendor, Venice now resembles how Toronto once was for them. They conduct business right from their hotel rooms, engaging casually with their clients and closing deals, without the need for a booth or a costly transatlantic flight,” says one seller.
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2024-09-06 16:55