Christian Grece’s Post

In today's TV, Film, & Media Industry News Roundup for Thursday, 7 March 2024, the UK Government introduced a 40% indie movie tax relief to bolster local production. BBC Studios secured a substantial debt facility to amplify its investment in programming. Executive movements, including Imagine Entertainment's appointment of Jeb Brody and Ravi Ahuja's role at Sony Pictures, signal a reshuffling of creative leadership. Initiatives like Foxtel's Video Futures Collective and IAG's partnership with Covenant House emphasise collaboration and philanthropy. The closure of Rooster Teeth underlines the dynamic interplay between innovation and tradition. Amidst these changes, new projects, adaptations, and the ever-evolving strategies of streaming giants like Apple and Netflix offer a glimpse into the future of storytelling and distribution.

Off you go « It was about accounting. Warner spent about $70 million making the film and might have gradually recouped that amount the usual way: by releasing the movie to paying audiences in theaters and on streaming platforms. But it might instead shelve the movie, interring it in a metaphorical graveyard and writing it off as a total, immediate loss, rather than absorbing that loss over quarters to come. One report estimated that this might net some $35 million to $40 million in tax savings, though a Warner spokesperson described that scenario as “inaccurate,” adding that no final decision has been made. Studios have been doing this sort of arithmetic a lot lately. Over the last few years, Warner — which also owns channels like TNT and TBS and streaming platforms like Max — has whittled down its content-and-development holdings in an effort to reduce costs and chip away at its $45 billion gross debt. Near-complete movies have been mothballed, underperforming shows pulled from streaming libraries. Disney+, Hulu and Paramount+ have made similar decisions, roiling an already-baffling patchwork of streaming options. You can now watch an HBO property like “Westworld” on Amazon Prime Video but not through the network that made it in the first place.

MARTIN GROVE'S HOLLYWOOD REPORT FOR 10/29/23: Moviegoers spent $78M on four nights at FREDDY'S.   The sparkling spooky sendoff (including Thursday previews) for Universal/Blumhouse's PG-13 FIVE NIGHTS AT FREDDY'S came despite its day-and-date streaming launch on the ad supported tier of Comcast's Peacock. That may have left some dollars on the boxoffice table, but it's helpful for Peacock, which is competing in an overcrowded streaming marketplace. Horror films aren't what subscribers typically want to watch alone in the dark at home, but having a brand new boxoffice hit playing will be very helpful in attracting new subs.     FREDDY'S delivered its moviegoer chills at 3,675 theatres ($21,224), per Comscore. Hollywood handicappers were originally buzzing about it  opening to $50-60M and then kicked it up to $68M+. It also did $52.6M in 64 international markets for a worldwide cume of $130.6M. It reportedly cost $25M to produce.   Unlike past pre-Halloween openings of remakes or reboots of earlier horror hits, FREDDY'S is original movie IP (based on a hit videogame), which means it's a valuable new trick-or-treat franchise for Universal & Blumhouse.   Going into this weekend, FREDDY'S first choice tracking was best for men under 25, who were 28 points over norm. Next best: women under 25 (16 points over norm). Rotten Tomatoes' critics are a deadly 25%, but audiences are happier at 89%.   FREDDY'S success is much needed good news for Hollywood, coming on the heels of TAYLOR SWIFT: ERAS TOUR, whose boxoffice success via AMC Theatres came with no studio distributor. If theatre circuits start distributing event films from A-List filmmakers, that would put another nail in the legacy studios' coffins.   The studios are already doing a good job of that by playing contract hardball with, first, the WGA and, now, with SAG-AFTRA. Although media reports last week suggested an actors settlement might be nearing, it hasn't happened yet. The two sides met Saturday -- on a Zoom call, not in person and not with the studio chiefs -- and said they planned to speak again Sunday.   It's not good news that Disney said Friday afternoon it's bumping its live action remake of its 1937 animated classic SNOW WHITE from next 3/22 to 3/21/25. Directed by Marc Webb (THE AMAZING SPIDER-MAN), it stars Gal Gadot as the Evil Queen & Rachel Zegler as SW.   Pushing SNOW WHITE forward a year reflects the actors strike freezing production & post-production and the studios' need for stars to be able to promote their pictures.   Earlier this fall WB/Legendary's DUNE: PART TWO, which was to have opened 11/3, was pushed to next 3/15. Studios moving likely blockbusters into the future takes big money off the table for exhibitors, just as they're finally recovering from the pandemic.      #movies #boxoffice #martingrove #fivenightsatfreddys #universal

The significance of a robust independent sector cannot be overstated. Without it, the avenues leading to major blockbusters diminish considerably. The absence of an independent sector means fewer new voices and perspectives in the industry, reducing the opportunities for risk-taking, innovation, and challenging the status quo. Furthermore, the development of the supply chain and the ecosystem at large is hindered, as these rely on a symphony of diverse elements working in harmony. The health of the independent sector is crucial for us all, impacting every facet of the industry. #creativeindustries

From Blooomberg: More to the point, it isn’t Sundance’s fault that people are going to fewer movies in theaters. A growing share of the population would rather watch a movie at home, save for the occasional blockbuster. This trend started years ago and accelerated during the pandemic. They have more ways to entertain themselves than ever before — and more to watch at home. Major movie studios released fewer movies in theaters last year than they did five years ago, according to Luminate . Meanwhile, the number of movies released on streaming has nearly tripled over that span. (Let’s not even talk about the boom in #TV shows.) Sundance does play a vital role in the business of independent #film, and its organizers know they must find a balance between art and commerce. Sundance has become a destination not just for aspiring filmmakers, but for financiers, advertisers, studio executives and #tech companies. Amazon, Adobe and TikTok are just a few of the companies hosting events this year. Financiers and producers bring dozens of movies to Park City every year hoping to secure distribution deals that cover their cost of production. In 2006, Fox Searchlight plopped down more than $10 million for Little Miss Sunshine, a delightful family comedy that grossed more than $100 million at the box office. That may have been the peak of the independent market, as almost every major studio had a specialty division back then, including Warner Bros. Entertainment, #Paramount and Sony Pictures Entertainment. Film financing contracted during the global recession and was then transformed by the force that has distorted everything in #Hollywood: streaming. Netflix, Amazon and Apple have spent more than $200 million buying movies at the festival in recent years, including both Academy Award winners and films you’ve already forgotten about. Few of the traditional distributors could compete with those heavyweights, which inflated the expectations of most producers and sellers. But this boom was short-lived. The streaming services now want titles that appeal to as many people as possible, and that isn’t @Sundance’s specialty. #Streaming services will buy a title or two — as Netflix did with Fair Play last year — but their presence on the festival circuit is diminished. The more optimistic among us will note that the market for independent film is cyclical; while box-office sales are below the pre-pandemic level, but they are increasing Apple and Amazon may not be the most active buyers at festivals, but they are releasing movies like Saltburn and Napoleon in theaters. New players, be it Roku Inc. or some rich dude from Texas, will always want to be in the film business.

The partnership between IMAX and Dolphin is set to see the first release of “The Blue Angels,” the first of many productions resulting from our multi-year agreement. In an exclusive interview with Investing.com, Dolphin CEO Bill O’Dowd said the deal is “extremely unique” for Dolphin for several reasons. “Firstly, we are in a 50/50 deal with IMAX, which means that Dolphin and IMAX are equally co-funding projects. This is strategic because we are co-producing documentary films that have a guaranteed theatrical release with IMAX – that is typically unheard of in the documentary film industry.” Furthermore, O’Dowd revealed that Dolphin has the opportunity to secure significant revenue on the projects before they even reach theaters by selling the streaming rights, “which is what we did with The Blue Angels and Prime Video.” “All content creates a recurring revenue stream for years to come, but this is especially true for our documentaries with IMAX,” he added. “The Blue Angels will play in IMAX ‘institutional’ theaters starting in 6 months, which we anticipate will serve as an annuity for 10+ years.” Read the full article here: https://bit.ly/3TtAUKN #EntertainmentIndustry #FilmNews #FilmProduction #EntertainmentNews

As Hollywood budgets get tighter and cuts are made, streamers and networks increasingly want to bet on IP that allows them to alleviate some of the risk. While not every creator is able to self fund a production budget, there are now more avenues available to help de-risk concepts for new shows and films that aren't prohibitively expensive. Exploring these avenues and maximizing their potential could be a great method for retaining creative control of a project. This also may have the added benefit of giving creators more leverage relative to unvetted content.

Independents and mini-majors saw $1.47 billion in #boxoffice receipts as of Dec. 27, up from $811.7 million in 2022, according to Comscore, Inc. The very pointed fan boredom with half-baked studio superhero movies did not hurt the indie business. However, “It’s not like people are going to see bad independent movies at the cinema. People go out for quality,” says Jonathan Sehring, who launched Sideshow with Janus Films Kevin Wilson, head of theatrical distribution for Prime Video & Amazon Studios and MGM is upbeat on original content in 2024 given the strong end of the year. “You started to see some breakouts on those types of films, which we haven’t seen in a long time…I think there’s more room for those next year. I think #cinephiles and adult audiences are paying more attention now to what’s there theatrically for them because, in all honesty, there hasn’t been enough out there for them in the last few years. It’s all content driven. If the content’s there, they’ll go.” “It’s an interesting time when the Marvel and superhero films are receiving less attention. Hopefully, that creates a lane for more #originalfilms and storytelling,“ -Kyle Greenberg, head of marketing for Utopia. “There’s still a hunger out there for quality films. There are people out there who are still hungry for independent and international films,” -Kyle Westphal, head of theatrical sales at Music Box Films “I think that what we’re seeing is that audiences are driven by original. They’re driven by things that feel fresh and culturally relevant and culturally urgent. I think audiences are looking for what’s new. What’s a story they haven’t seen? Movies are about someone’s experience, someone’s perspective, someone’s vision. So, even though there was a lot of discussion about AI during strikes, as someone building content, I want to work with human beings.” -Nicole Brown, president of TriStar Pictures. Los Angeles Times Ryan Faughnder https://lnkd.in/d9CydJRg #IndependentCinema #AudienceTrends #FilmIndustry Deadline Hollywood https://lnkd.in/dhCiUG-7

The weeks after Venice Film Festival and TIFF have shown most distributors cautious in their acquisitions. So far, only Netflix and Sony Pictures Classics have bought more than one film, with the latter making back-to-back buys toward the end of September. But there’s a world of difference between Sony’s specialty label and the streaming giant. Netflix’s latest snag, “His Three Daughters,” was picked up for $7 million, over seven times what director Azazel Jacobs’ last film, “French Exit,” made domestically through Sony Pictures Classics. At this point, $7 million on festival fare is barely anything to Netflix, as the streamer spent $20 million on Richard Linklater’s “Hit Man” after TIFF, the same amount it hauled out to buy “Fair Play” at Sundance this year. Notably absent on the acquisition end in recent months has been Apple. “Flora and Son,” the latest Apple TV+ film, began streaming over the weekend after a similar $20 million bid was made for it at Sundance. Having previously bought Oscar winner “CODA” for $25 million, the low-key musical drama about an Irish mother and angsty teenage son appears to be another attempt at recapturing awards glory. Source: Variety

In the streaming wars, it’s hard to find a service that’s still reliable in regard to genre films. Excessive original content and franchises have rendered the biggest names generic when viewers try to find something of value, and some of them aren’t that extensive in content. After HBO evolved to Max, we were afraid the change was going to have a negative effect on what titles they offered in the past. <!-- Zone: below first paragraph. --> <!-- No winning ad found for zone: mid intro! --> That’s why we went through the Max catalog and picked some of the best science fiction titles you can stream today. It’s one of the most popular genres out there but ironically, the catalogs are constantly fed with fantasy and horror as cousins of science fiction. Even so, we were able to find great sci-fi gems for you to watch. Updated on October 18th, 2023 by Ben Hathaway: This article has been updated with additional content to keep the discussion fresh and relevant with even more information aboutthe best science fiction films currently streaming on Max. <!-- Zone: native in content. --> <!-- No repeatable ad for zone: every entry repeatable. --><!-- Repeatable debug data: {"injection":"none","adPosition":0,"startingPoint":1,"skipEvery":null,"nbrPlacementFilledEachSkip":0,"nbrPlacementsScanned":0,"ruleCount":false,"degradationStartingPoint":null,"actualCount":0} --> 38 Fire in the Sky (1993) <!--[if IE 9]> <![endif]--><!--[if IE 9]><![endif]--> Paramount Pictures Extremely well-cast and equipped with a dynamite third act, Fire in the Sky is an underrated sci-fi thriller. And, while the first two acts could have used some expediency, there’s merit throughout. D. B. Sweeney was an acquired taste for many, if they acquired it at all, and his career has mostly stalled since the ’90s, but his work in Fire in the Sky has a fair claim to being his best. Not to mention, the aforementioned third act really puts Travis Walton through the paces. <!-- Repeatable debug data: {"injection":"before","adPosition":0,"startingPoint":1,"skipEvery":null,"nbrPlacementFilledEachSkip":0,"nbrPlacementsScanned":1,"ruleCount":false,"degradationStartingPoint":null,"actualCount":0} --><!-- Zone: every entry repeatable. --><!-- Repeatable debug data: {"injection":"after","adPosition":1,"startingPoint":1,"skipEvery":null,"nbrPlacementFilledEachSkip":1,"nbrPlacementsScanned":1,"ruleCount":false,"degradationStartingPoint":null,"actualCount":0} --> 37 Gravity (2013) <!--[if IE 9]> <![endif]--><!--[if IE 9]><![endif]--> Warner Bros. Pictures  Alfonso Cuarón’s Gravity may have been very much overhyped at the time of release, but it is a solid film. However, those watching it on streaming shouldn’t expect the same experience they had (or missed) when it was in IMAX. There aren’t many movies more tailored to that premium format than Gravity, but even those watching it on the small screen could do much worse on movie night. This is especially true for