Independent film companies facing a market shaken by the entry of streaming services show some optimism at this year’s Cannes Film Festival, as the Netflix era begins to stabilize and audiences begin returning to theaters post-pandemic.
While buyers are wary of buying volumes in a shaky global economy, they’re showing up at festivals and being active — a trend Todd Brown, head of cross-border acquisitions at US-based XYZ Films, said he expects to continue.
Cannes may make headlines for its glitz and glamour, but as the world’s largest event for the buying and selling of film rights, its importance to the industry is unrivaled.
Approximately 12,500 industry professionals involved in the buying, selling, or production of motion pictures in one way or another appear on the market, where nearly 4,000 movies and projects are screened and hundreds of millions of dollars in business are transacted.
Except for a few titles that will do well no matter what, the market is very competitive this year, said Laura Wilson, head of acquisitions at UK-based Altitude Films.
Both Brown and Wilson said they are betting on audiences returning to the cinema. “Finally, we are optimistic,” Wilson said.
Global film companies such as Walt Disney Co, Paramount and Warner Bros have joined the streaming revolution to combat Netflix Inc’s threat to traditional TV, but now they are faced with a crowded market where competition for subscribers is fierce.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
