Dismal American Film Market report...I have attended no fewer than ten AFMs and have sold and/or optioned four feature scripts as a direct result, two of them were to off-shore companies. I've also forged lasting associations with US and foreign companies and government agencies that I leveraged into paydays as a facilitator. The last AFM I attended was 2019 and I secured a co-pro on my script THE 109 with a UK-based sales/production company (budget - $10m). We closed the agreement in January 2020 and covid killed it in the crib. I ignored the next two markets since they were virtual and a waste of time and money. I returned last week for Day Two (ignore any advice that says attend the back end). There was no buzz in the air, very little energy, even less urgency (which was always the dominant sensation). I have a pic on my phone of the sixth floor promenade on Wednesday at two pm. There are three people in the shot...three. In any previous year there would have been dozens. For those who know the layout, entire hallways on the fifth, sixth, seventh and eighth floor were vacant, as was half of the fourth floor. ............What does this mean?...........To me, it means that the covid-reaction forced shutdown of movie theaters around the world has severely wounded the independent film industry. With significantly fewer screens, and most of those still functioning being controlled by the studio blockbuster non-story-movies, the funding model of equity+incentives+pre-sales+gap loans is now missing the 15-20% that came from the pre-sales leg. That's a hole that will sink far too many previously viable productions. The streamer model doesn't address that hole in production financing. Only additional equity does (good luck)..........Is the model dead?.........Not yet, maybe not even in ICU, but it is on crutches. Next year's AFM will tell the tale...........Silver lining?...........I had a great market, here's why.....1) Covid shutdowns killed off the weaker players so the companies that were there, the survivors, are the fittest and strongest players. Some will not survive this round but those that do will have found a way and will need content. 2) The reduced level of activity meant that my targeted companies had time on their hands. In previous years I was satisfied to get two minutes to pitch a post-market conversation. Last week I had three twenty minute dialogs with decision makers and multiple five-ten minute impromptu sits. They were glad to talk. The result is genuine progress on multiple projects in the US, UK and Malaysia, and a ton of follow-on work to be done.........Pete
Producing : The afm by Peter J. Gibbons
The afm
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Thanks for intel from ground zero.
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To be expected. Theatrical IS dead though, at least in North America and the EU. The audience has spoken. And it's the fault of the studios who produce mega-budget rehash reboot remake regurgitate slop instead of watchable content. Part of the reason the IIPG is structuring the Direct To Audience Network, aiming to be operational in September 2023.
We shall see if ppl will see Black Panther 2 this weekend
good to hear how the market went from the perspective of pre and post pandemic
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Sorry to have missed you at AFM Peter J. Gibbons. Attendance was definitely much higher after the first two days. I was up and down the floors throughout the week, and meeting rooms were nearly constantly filled. Theatrical isn’t off the table but clearly much more challenging. Big takeaway for indie filmmakers? Script, script, script (also cast and a solid business and financing plan, of course.) But the script is really it. Know your audience. Be clear on your pitch. What is it about your movie that’s different? Forget any ideas that you can “just get it out there and Netflix will buy it.” Your script must be outstanding to have any chance, and most are not close. If yours is, the market is hungry for it.
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Dane, I don't know how many AFMs you've attended but the pic you attached is not representative of previous years at all. It is anemic in comparison. Normally the promenade levels would have been bustling. And, the first three days are when the real business gets done, that's why the cost is so much higher than the second half. I stopped attending after the second or third day years ago, too many hustlers running the halls looking to pitch, not understanding that that is not what the market is about. Here's a day two pic of the 6th floor promenade. It's mid-afternoon, look at the sunlight. I hope your market proves fruitful.
Best of luck with your projects, Peter J. Gibbons, and thanks for sharing your valuable experience!
I thought the energy was high, considering that after two years of a shut down, the AFM was springing back to life. There were lots of deals being made or at least considered. I was pleased that the atmosphere was hopeful. Are movie theaters doomed? It's a valid question that many people in the business are either thinking or clandestinely asking. Perhaps the jury is out as we wait for the next germ to be hacked out of a tree in the Amazon or dropped by a bat in the Himalayas. Fear and horror are not the same thing when it is depicted on the screen. The celluloid bubble has burst and now we are all scrambling for the next best thing. Movies sent from space, encrypted by ancient hieroglyphics making it impossible to steal or pirate. The Rosetta Stone. Yes, that's mine.
Lee, Yes, the atmosphere was hopeful and a lot of my old contacts were back with smiles on their faces. But, hope is not a strategy and every salesman smiles. I would like nothing better than to be able to report that the market was anything but a shadow of its former self. However, I learned decades ago to see things as they are. Speaking of hope, mine is that there was enough activity across enough territories to warrant at least as much attendance at next year's market. For many of the Exhibitors (the non-Millenium-sized ones) the cost of renting a suite, hiring a local temp, traveling, lodging/dining/entertaining and material prep is a considerable slice of their annual budget, that's why so many stayed home...they decided to sideline and watch. This market was their canary in the coal mine. It is they who will decide if the 2023 market will bounce or deflate. I hope your market was successful for you.
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Hi Peter, you make a valid point and you're right. This year may very well be next year's litmus test. We will have to wait twelve months to find out. In the meantime, the beat goes on. I appreciate your comments.
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Fantastic post and contribution, Peter. Appreciate your perspective. I didn't find it dismal at all for the exact reasons why, ultimately, you had a successful experience. To me, much like Cannes this past year, the attendance may have been a bit lighter, but the quality was off the charts. Seemed to me that more people were serious about doing business and the "fake it til you make it crowd" stayed home.