The Sundance Film Festival returns in-person beginning Thursday after being sidelined by Covid for two editions, and three years of struggle to climb out of an abyss. The indies have emerged from a…
With Netflix, sources, including company insiders, have said the streamer of late mostly debuts titles at Sundance, versus making opulent acquisitions — read, its big-time $12.5M acquisitionin 2017. This year, the service run by Reed Hastings and Ted Sarandos is premiering the documentary, which follows investigative journalist Rae de Leon who uncovers a shocking pattern of young women who’ve reported their sexual assault to the cops, only to be charged with making a false report.
“It’s not like they are brand new, on the market for the first time. They are educated as buyers. They have been at it for a while. They know who their audiences are, they know their subscribers. They have a better handle of what works on their platform and what doesn’t,” said one industry executive. “Also, they’ve beefed up their own internal production divisions so there isn’t that desperate need to fill the shelves. They can be much more targeted, shopping for what they need, what they want.
At the very least, producers and traditional distributors have “more tools in their toolkit — different windows, different rights, different terms offered to a financier they wouldn’t have been able to offer a few years ago,” said one exec. It’s not equal footing exactly – streamers can’t be matched in terms of upfront fees. But there’s a lot more optionality on approaching deals.
Despite all the gloom and doom at the indie box office, the specialty sector totaled $258.4M last year, up 117% vs. 2021, from an increased supply of 855 titles, up 350 from 2021. Still, the 2022 indie box office per ComScore was down 43% compared with 2019’s near half-billion grossing level, which came from more than 1,000 movies.as that distributor’s highest-grossing movie ever at $70M domestic, $104M global provided a lot of optimism for the specialty sector.
“Younger audiences are engaged, and they want to see new and fresh and different and are willing to come out for it,” says Bocco. Kyle Edward Ball’s debut horror— with a budget of $15,000 — grossed $895,000 over the four-day holiday last weekend for IFC at 692 theaters.“As generations get older and culture changes, what people want to see changes. We can’t expect that it will remain the same,” she said. “It’s kind of exciting to figure that out. It’s clearly a transitional market.
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