Rain may be good for box offices, but it can also be a bonus for film events. The storm that started pounding Los Angeles last week led to a noticeable uptick in people buzzing around the lobby of the American Film Market at the Fairmont Century Plaza — and no doubt brought more attendees to the screenings put on at the AMC Theatre in the neighboring mall.
There was much to celebrate about the AFM’s new venue — especially coming a year after the mostly-loathed trip to Las Vegas. For an industry that loves to complain, there was relatively little to moan about. The lifts worked and weren’t too overcrowded, the offices were easy to get to and there were plenty of amenities in the area. It was, as one film sales exec noted, the “first time I’ve been able to actually do my work rather than having to deal with everything else.”
As producer Sam Pressman, who is developing the reboot of “American Psycho” with Luca Guadagnino and Lionsgate, asserted: “The energy in this location is great. Even with the rain — people get cozy.”
Sales agents who coped with aggravated buyers at last year’s Vegas nightmare were also relieved. “AFM organizers have finally cracked the code this year,” said Fabien Westerhoff at Vuelta-owned U..K. banner Film Constellation. The exec applauded the “location and hotel setup,” as well as the “immediate access” to talent agencies. “In what is no doubt a challenging climate for indies,” he said, the market contributes to “building an environment that strengthens this community and makes for meaningful creative exchange.”
This year’s AFM space was sold out with 285 exhibitors from 35 countries, on par with last year. Buyers were also out in force, even if some skipped the event (likely due to some form of Vegas PTSD). After the U.S., the strongest international representation came from South Korea, Germany, the U.K., France and Italy.
But a functioning AFM is only worthwhile if films are getting bought and sold, and the noise from the sales rooms was of an industry juggling numerous issues in a struggling theatrical market. Indeed, few sales were announced during the week, with the only splashy acquisition reported on being Neon’s purchase of U.S., U.K. and Australian rights to Hirokazu Kore-eda’s “Sheep in the Box.”
Many buyers complained about high prices — especially among the bigger projects — that simply don’t match today’s world. The fact that AFM took place the same week as a couple of prestige box office indie flops — “Die, My Love” and “Christy” joining the ranks of “The Smashing Machine” — only underlined what the industry is up against.
“The honest truth is that we feel expectations from producers and sellers haven’t yet fully adjusted to the realities of the market and, importantly, to what audiences are actually responding to right now,” said one distribution exec. Another simply said that many of the projects on offer were “just too expensive for the current market.”
Alongside box office woes, the problem with post-theatrical window deals also appears to be worsening, pushing down the prices buyers are willing to pay.
“What’s most noticeable to me in this market is that we’re seeing the Pay-1/SVOD affliction that the U.S. has been enduring in a lot of other major territories, such as Germany, Spain and Italy,” said Stuart Ford, chairman and CEO of AGC Studios. “And that obviously has a really constraining impact on people’s buying power.”
Even in the U.K., Rupert Preston at Vertigo Releasing said the “biggest problem” for distribution banners is the drop in ancillary revenues. “It affects the economy, it affects everything,” he said.
But while the days of heated bidding wars may be a thing of the past at the AFM, there were several projects that attracted widespread interest. Variety heard that Morten Tyldum’s “Ibelin” — telling the real-life story of a man with a degenerative muscular disease who enjoyed a rich life through “World of Warcraft” and starring Charlie Plummer, Stephen Graham and Toni Collette — was a buzzy launch for Black Bear. As was “Bad Bridgets,” a revenge thriller set in 19th century New York from “Kneecap” director Rich Peppiatt and starring Daisy Edgar-Jones and Emilia Jones, which was being sold by FilmNation and WME Independent. But again, the asking price — rumored (per some buyers) to be roughly $10 million for the U.S. and $20 million for international — was prohibitive for most. Other pricey projects touted at the AFM included Mel Gibson’s two-part feature “The Resurrection of the Christ.”
Ford pointed out that AGC’s “Phantom Son,” a thriller starring Renee Zellweger from director David Yates, had been a “really strong” seller. “It’s got a very strong marketing proposition and a clean concept,” he added. Away from starry offerings, there was also the return of an AFM icon in “Sharknado,” with the news that B-movie icons The Asylum were bringing back its hit franchise with “Sharknado Origins.”
While market shifts may mean that no package — even one featuring low-budget flying sharks — is a guaranteed safe bet anymore, buyers are still finding things to be excited about as they hunt for what they hope will be the next gem.
“As an independent you have to work around the challenges and that’s what we do,” said Preston. “As always, if you’ve got a special film, it will perform so that’s what you have to look for. It’s not as doomy or gloomy as some other people may suggest, but it’s challenging for sure.”
