Challenges in Financing Drama Films
The landscape of financing drama films has become increasingly complex, as highlighted by a panel of specialists during the inaugural Film & Television Finance Forum Venice hosted by Winston Baker. Benjamin Kramer, co-head of the media finance division at Creative Artists Agency (CAA), remarked that the process of bringing dramas to life has shifted from challenging to exceptionally difficult. He emphasized that there remains a market for dramas across various budget levels, including those with budgets reaching $30 million. Kramer, who has a history of involvement with notable films like Sing Sing, Nyad, and The Revenant, pointed out that the availability of funding is contingent upon several factors including the filmmaker’s reputation, the cast, and whether the project is adapted from a significant source.
European Market Insights
In a discussion prompted by Italian producer Lorenzo Gangarossa, it was noted that the European film market is witnessing a decrease in the production of drama films, with estimates suggesting that around 10 to 20 such projects are no longer being made. Gangarossa indicated that a lack of financing, particularly from the U.S., has led to a surge in interest for projects that previously might not have attracted attention. He suggested that there could be opportunities for these films to tap into European funding, provided they meet the criteria to be classified as European cinema. He explained that a significant portion of European films receive financing through advances from television presales, with major broadcasters required to allocate 80% of their annual content budgets to local productions. By securing co-production deals across multiple European territories, filmmakers may qualify their projects as national films.
Complexities of Project Development
Creating projects using this approach can be complicated, as Gangarossa acknowledged, but he believes it offers a viable business model for films featuring prominent casts or significant European elements. In response, Kramer noted that CAA does indeed consider opportunities across the Atlantic for drama films. He elaborated on the existing obstacles for dramatic narratives, attributing these challenges to their poor performance in the pay-one window, which subsequently affects independent distributors’ willingness to purchase these films. He also pointed out that the theatrical market is becoming increasingly difficult for dramas.
Distribution Demands and Audience Engagement
Christian Vesper, CEO of global drama at Fremantle, reinforced these points by sharing insights from a recent meeting with a major global distributor expressing interest in one of their projects. He recounted that the distributor suggested incorporating local language elements early in the film to ensure that viewers recognize they are watching a film in their language. This reflects a growing trend where distributors are imposing specific requests to enhance audience engagement. According to Kramer, such expectations are becoming standard, initially stemming from platforms and subsequently influencing theatrical distributors, even extending to genres like horror, action, or comedy.
Immediate Engagement in Filmmaking
Kramer continued to explain that the consistent feedback from various stakeholders is that films need to establish their genre and tone within the first three minutes. For instance, a horror film should feature a frightening element right away to retain viewers’ attention, as audiences can easily switch to other options on streaming platforms. Similarly, comedies should deliver humor early on. He concluded by acknowledging the difficulty of conveying such feedback to filmmakers, particularly when it involves repositioning critical scenes within their scripts. This sentiment reflects a broader concern that the creative process may be overshadowed by commercial pressures, leading to a perception of filmmaking as merely a production line.
