Rain may be good for the box office, but it can also be a boon for movie events. The storms that began to hit Los Angeles last week have visibly increased the number of people in the lobby of the American Film Market at the Fairmont Century Plaza, and definitely increased the number of people attending screenings at the AMC Theater in the adjacent mall.
There was a lot to celebrate about AFM’s new venue, especially coming one year after its much-hated trip to Las Vegas. For an industry that loves to complain, there was relatively little to lament. The elevator was working and not very crowded. Access to the office was easy, and there were plenty of amenities nearby. One movie salesperson said it was “the first time I could actually do my job without having to deal with everything else.”
Producer Sam Pressman, who is developing the American Psycho reboot with Luca Guadagnino and Lionsgate, declared, “The energy here is great. Even when it’s raining, people feel comfortable.”
Sales agents who dealt with irate buyers during last year’s Las Vegas nightmare were also relieved. “AFM organizers have finally cracked the code this year,” said Fabian Westerhoff of Britain, who runs the Vuelta. Banner film constellation. The executive praised the “location and hotel setup” and “instant access” to talent agencies. He said the market is helping to “strengthen this community and create an environment for meaningful creative interaction in what is undoubtedly a difficult time for indies.”
This year’s AFM space was filled to capacity with 285 exhibitors from 35 countries, the same level as last year. Buyers were also willing to participate, even if some of them skipped the event due to some kind of Las Vegas PTSD. After the United States, the strongest international representatives were South Korea, Germany, Great Britain, France, and Italy.
But a functioning AFM was only valuable if movies were being bought and sold, and the noise coming from the sales room was the noise of an industry with many problems in a depressed theatrical market. In fact, very few sales were announced that week, with the only splashy acquisition reported being Neon’s purchase of the US, UK and Australian rights to Hirokazu Kore-eda’s “Sheep in the Box.”
Many buyers were dissatisfied with the high prices, which are not at all compatible with today’s world, especially for large projects. The fact that AFM took place in the same week as several indie box office flops (“Die My Love” and “Christie” join the ranks of “Smashing Machines”) only underscores what the industry is up against.
“Honestly, I feel that the expectations of producers and distributors have not yet fully adjusted to the realities of the market and, importantly, how audiences are actually responding right now,” said one distribution executive. Another simply stated that many of the projects on offer were “too expensive for the current market.”
In addition to box office woes, problems with post-theatrical window transactions also appear to be worsening, driving down the prices buyers are willing to pay.
“What’s most interesting to me in this market is that the U.S. is witnessing the Pay-1/SVOD woes that many other major regions are enduring, including Germany, Spain, and Italy,” said Stuart Ford, Chairman and CEO of AGC Studios. “And it’s clear that it’s a huge constraint on people’s purchasing power.”
In the UK, Vertigo Releasing’s Rupert Preston said the “biggest problem” with distribution banners was the decline in ancillary income. “It affects the economy, it affects everything,” he said.
But while the days of fierce bidding wars may be behind us at AFM, there have been a few projects that have garnered widespread interest. Variety has heard that Morten Tyldum’s “Ibelin,” starring Charlie Plummer, Stephen Graham, and Toni Collette, which tells the true story of a man with a muscular degenerative disease who enjoys a rich life through “World of Warcraft,” was a high-profile launch for Black Bear. Bad Bridget, a revenge thriller set in 19th century New York directed by Rich Peppiatt (Kneecap) and starring Daisy Edgar-Jones and Emilia Jones, was also distributed by Film Nation and WME Independent. But then again, the asking price, rumored (according to some buyers) to be around $10 million for the U.S. and $20 million for international markets, was prohibitive for most people. Other big-ticket projects promoted at AFM included Mel Gibson’s two-part feature “The Resurrection of Christ.”
Ford noted that AGC’s David Yates-directed thriller “Phantom Sun,” starring Renee Zellweger, sold “very well.” “We have a very strong marketing proposition and a clear concept,” he added. Beyond the star-studded production, there was also news that an AFM icon would be returning to “Sharknado” and that B-movie icon Asylum would be reviving the hit series with “Sharknado Origins.”
Changes in the market may mean that even a low-budget package featuring flying sharks no longer guarantees a safe option, but buyers are still looking for what they hope will be the next gem to find something they can get excited about.
“As an independent company, we have to work around challenges. That’s our job,” Preston said. “As always, if you have a special film, it will work, so you should look for it. It’s not as doom and gloom as others suggest, but it’s certainly challenging.”
