This is a continuation of the review of the March 23rd meeting of the New York Metro Chapter of the Institute for International Film Financing (IIFF) with entertainment attorney Bianca Bezdek, Esq., producers Larry Meistrich and Ted Hope, independent filmmaker Kimi Takesue, and moderator David Rosen. Hope’s Truly Free Film blog is worth checking out.
Pitching is an art, not a science. Bezdek advised the value of underselling, then over-delivering. Meistrich indicated that pitches to professional producers ought to be different from pitches to money men (most of whom do not know how to evaluate the viability of film projects). Hope observed that money people are often greatly concerned about avoiding looking foolish. Bear in mind that the objective of a pitch is merely to get someone to read the script, not to close a potential investor.
The panel was divided on whether so-called “sport investors” who invest in films for non-financial intangibles such as status (i.e., to rub shoulders with celebrities, etc.) are still on the scene. In dealing with a situation where a potential film investor’s commitment is contingent upon attaching name talent or other commercial element, the panel advised “calling their bluff” by proposing to have the investor put his money in excrow, releasable upon the fulfillment of the agreed upon condition. If the film investor is serious, an escrow commitment increases the chance that name talent can be recruited to attach to the project.
A key factor to raise money for independent films is attaching a commercial element to the project. Up front assets for a project typically may include a great script and one or more known and marketable actors. With either or both, it may be possibly to interest a great director with a reputation for being able to execute a saleable film. Once one or more commercial elements is attached, a producer may be able to interest a sales agent who may be able to suggest other possible attachments. Of these various elements (script, actor(s), director), the onscreen talent is often the most quantifiable element for financing purposes. Bezdek mentioned that if a well-connected casting director can be brought on board at a modest fee (perhaps as low as $3k or less) on the strength of the script, it may be easier to attach name talent.
Notwithstanding the importance of considering financial commercial considerations in formulating a workable strategy to raise film financing, Kimi Takesue provided an inspiring counterpoint supporting an artist’s compulsion to create art independent of commercial considerations. She described going out on her own and shooting some test footage of powerful human moments as an exercise, and then pulling those pieces together into a short film, “Suspended” which was selected this year at Sundance and Rotterdam, as well as at New Directors/New Films in NYC. The value of those top level festival laurels is that her short film will open further doors for her with producers and potential investors.
Hope opined that film festivals are now more about trying to connect with your target audience, than about trying to find a film distributor. Fewer and fewer films are selling each year at Sundance, Toronto, etc. Festivals remain an excellent marketing/public relations oppportunity, as the festival itself also has an interest in driving traffic to screenings.
Meistrich noted that there are about 200 theatrical release slots each year, and that about 190 of these slots are filled by ”professional” (i.e., major studio or mini-studio) films. He analogized the situation to professional sports, indicating that an independent filmmaker needs to be a “top draft pick” to have any chance of getting an independent film released theatrically.
Consequently, Meistrich recommended a film distribution strategy of marketing to a niche audience, always striving to make product and selling it to get money back to investors and to underwrite a lifestyle of making films. Delivering content online is the emerging growth vector for distributing product; costs are low and the problem of collecting from film exhibitors is avoided.
Michael
WinGateFilms
www.wingatefilms
Tags: Biana Bezdek, david rosen, film distribution, film distributor, film exhibitor, film financing, film investor, film marketing, filmmaking, independent film, independent filmmaker, institute for international film financing, kimi takesue, Larry Meistrch, Sundance, ted hope, theatrical release, truly free film, WinGateFilms
