The Big Pivot: Indie Film Sales Strategies Are Upending as Streaming Giants Change Course

No feature film has it easy in the modern theatrical and digital landscape, but 2022 has been particularly difficult. Warner Bros. Sheds pricey titles like "Batgirl" outright, Netflix has returned to the drawing board thanks to its stock market stumble, and Amazon is focusing its resources on rolling out its nearly $1 billion TV series "Lord of the Rings." ". .

For fledgling independent films entering film markets, such as the one currently underway in Toronto, streamers used to be a safe and lucrative bet for distribution. As these now-legacy companies scramble to cut costs and increase subscriptions to please shareholders, the independent film industry complex has once again been forced to pivot.

"Feels like we're at the end of a waiting period", said John Sloss, founder and CEO of trade agency Cinetic. "I think there was a reset this summer, and we're all waiting for the fall season to see what the future looks like."

Roeg Sutherland, co-director of CAA Media Finance, said the market "is constantly changing. This what we saw in Cannes is that the overseas sales market came through in a big way, we sold two films to streamers, otherwise all the other films - nearly 25 - were edited with international financing and equity. There is no shortage of money. Owning intellectual property is the path to success.

Indeed, the old guard has grown stronger in the form of international territory sales to help finance incomplete films as well as strengthen the finished product. Completed films awaiting distribution at TIFF this year include the Venice hit 'Other People's Children', 'Saint Omer' and the coming-of-age tale 'Aristotle and Dante Discover the Secrets of the universe".

"It's so easy to fall into the negativity of what could be. I think the weather in Los Angeles is a lot more worrisome than what's happening with the independent film market right now,” Sutherland said, referring to the gate-slamming heat at his home in Hollywood.

In addition to overseas sales, equity financiers are still opening their portfolios to help make smaller movies. Sloss said, however, that some are "capricious because it's theatre-related" - meaning the ongoing pandemic and looming recession may hurt movies in cineplexes (mainly those not made by Marvel ). Yet another top movie broker optimistically pointed to smaller digital players that are becoming increasingly aggressive, like the Criterion Channel streaming service launched in 2019, and Roku (which has the wacky film Weird Al Yankovic at TIFF ).

The Eternal Silver Lining, CAA Media Finance Co-Head Benjamin Kramer Says, Is That The Right Movie can be transformative.

"A remarkable movie can come from anywhere and fully brand or rebrand a company. When a film delivers to its audience – whether in theaters or streaming – the film is as valuable as it has ever been,” he said.

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