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Wednesday, January 22, 2020

Portugal: The Straw That Breaks The Back of Independent Film Financing?

Let me assure you - it's got everything to do with the state of filmmaking worldwide and no one is talking about it.

No Dude You Can’t: Your Film’s Budget

Raise the money you need to execute your movie. If you can make it for less, great. But it's irresponsible to your investors to raise (and spend) more money than can be recouped. Not pricing your film's budget can give the impression that you and your team just stumbled out of a smoke filled van.

First Republic Bank Creates New Entertainment Division

Heading up the new division are Bank Leumi veterans Melanie Kinsky, Mandie Rush, and Wendy Moore. Melanie will head-up the Film & Media Finance division, with support from Rush and Moore.

Note: Oscars Don’t Finance Films

Why are Kathryn Bigelow & Mark Boal, the Oscar wining director & writer of The Hurt Locker, having to leak their pitch to the press to drum up financial support?

Update: Cable Industry Launches Its Own Netflix

Time Warner Cable, Comcast, and Cox have banded together to launch Vutopia, a subscription VOD service that is being touted as a response to Netflix.

My Film Finance Theory: As Goes Real Estate, So Goes Film

I have this theory that film financing follows real estate: as goes real estate, so goes film. This is nothing I can quantify with statistics; it's a gut feeling, solidified over time, observational, not empirical. And, hear me out, what's got me thinking we may be seeing more film investing is an increase in the sale of U.S. Treasury bonds.

Netflix Can’t Sustain Premium Content

Netflix is being called to task on their streaming business model and their low-ball quest for in-season television series. Could stepping out from behind the first sale doctrine and their business method patents be their undoing?

Announcement: A New Method for Indie Financing

If nothing else, film financiers like myself need to try to incorporate new sources for film funding. This merging of crowd/tribe financing into the traditional model may indeed be possible.

2010 Toronto Film Festival: Part 1

I'm heading to the Toronto International Film Festival, which kicks-off this week and marks the one-year anniversary of the credit crunch and market collapse that left the streets of last year's festival strewn with the bodies of dead deals.

UK Film Finance Mag Interview

Recently, I was interviewed by Kingsley Marshall, contributor to Big Screen, Film International, Little White Lies, and Shook, for a story on film finance.Do you find this Q&A interesting? What additional information would you like to know about?Here is the Q&A from this article not yet out:Kingsley Marshall: How hard is it to find movie financing in 2010?JEFF STEELE: It's very, very tough out there for single-picture, indie films. There are about six entertainment banks left that are actively lending, down from 12 in 2008, and only a handful of gap funds, down from a zillion in 2008. Wall Street equity, like hedge funds, has pretty much abandoned the single-picture finance business as well, but is still present in slate financing structures. And yet, films are still getting made.Kingsley Marshall: How much is the credit crunch to blame?JEFF STEELE: The credit crunch definitely played a key part in the production freeze in 2009, where the streets of Cannes and Toronto were paved with dead deals. 2010's glut has to do more with (1) the plethora of bad film deals that were made during the go-go years of 2005-2008 that have barely recouped this budgets, (2) high net worth individuals not having the disposable income they once had (or thought they had), and (3) the lack of U.S. distributors (and P&A) available to the indie market. The credit crunch is definitely having a direct impact on the ability of foreign buyers and distributors to finance pre-sales and pre-sales deposits, which are critical elements in indie film financing.

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