Fremantle’s Strong Presence at Venice Film Festival
With five films competing, Fremantle is making a significant mark at this year’s Venice Film Festival. The production and distribution group, based in Europe, is represented by its Ireland-UK label Element Pictures, which is behind one of the festival’s standout films, Yorgos Lanthimos’ “Poor Things.” Additionally, their Italian label Wildside produced the high-profile film “Finally Dawn” by Saverio Costanzo. Another Italian division, The Apartment, is associated with three competing films: Sofia Coppola’s “Priscilla,” Stefano Sollima’s “Adagio,” and Piero Castellito’s “Enea.” During the festival, Fremantle also unveiled a partnership with Israel’s IBI Investment House to establish a new €150 million fund aimed at financing a variety of scripted television and film projects.
Film as a Strategic Focus
Film plays a crucial role within Fremantle’s operations, which also boasts a network of production companies that delivered 17 feature films and 115 scripted series last year. Christian Vesper, the CEO of Fremantle’s global drama division, emphasizes that film is integral to the company’s strategy of nurturing its creative talent across multiple formats. He noted, “Working with filmmakers like Michael Winterbottom or Luca Guadagnino means providing them with opportunities in both film and television, allowing them to find a home within our organization. Our producers and creative talents are invigorated by the art of storytelling in both mediums.”
Building Relationships with Renowned Filmmakers
While discussing Fremantle’s creative endeavors, Andrea Scrosati, the group’s COO and CEO for continental Europe, recounted how their collaboration with acclaimed director Paolo Sorrentino began with the series “The Young Pope.” Sorrentino’s desire to transition to film has led to him shooting a new, untitled project in Naples, which chronicles the life of a woman named Partenope from 1950 to the present. Lorenzo Mieli of The Apartment Pictures is overseeing production for this intriguing project.
Upcoming Projects and Investment Strategies
Among the highly anticipated films from Fremantle is “Maria,” a biographical film about the legendary opera singer Maria Callas, featuring Angelina Jolie and directed by Pablo Larrain. Scheduled to shoot in Budapest this October, the film is being produced by Fremantle’s The Apartment Pictures, alongside Larrain’s Fabula Pictures and Germany’s Komplizen Film, both of which have established strong partnerships with Fremantle. “Maria” marks the first project to benefit from the new €150 million fund, which will also support two television series: the revenge thriller “Shelter” and the mystery drama “Generation Loss.” Scrosati and Vesper noted that this fund is designed to fully finance films and series, focusing on projects that are not only viable in the current market but also represent a “window of opportunity” for production.
Seizing Market Opportunities
Vesper highlighted the importance of aligning financing with the availability of talent, noting that missing out on opportunities can occur if decisions are delayed. Scrosati added that there is a strategic element to being able to greenlight projects that depend on specific talents, especially in a time when major players in the film and television market are slowing down their decision-making processes. He believes that downturns often present unique opportunities for companies that can independently approve projects. “When there is a slight downturn, if you maintain a long-term perspective, that is the ideal time to invest,” Scrosati stated, a sentiment echoed by Vesper, who pointed out that even prior to recent strikes, many were pausing investments that lacked a long-term vision.
Leveraging Financial Support for Productions
The €150 million fund will be complemented by additional financial resources, enhancing its overall capacity. Scrosati explained that in Italy, there is a 30% tax credit for productions, which will further boost the fund’s potential. Although he did not provide intricate details on the operational aspects of the fund with IBI Investment Bank, he indicated that successful projects would yield returns for both investors and participating talents and producers.
Independent Film Strategy
Scrosati articulated that Fremantle’s support for independent films is driven not only by a desire to collaborate with creative talents across various platforms but also due to the increasing attractiveness of such ventures from a business standpoint. He noted that the disruptions caused by the COVID-19 pandemic have created “great opportunities” for companies like Fremantle, as the financing landscape for films has become more diverse. “Every film can be financed in numerous ways now… you can utilize traditional theatrical releases, accelerated windows, direct-to-platform options, or a mix of various formats,” he explained.
Tailoring Approaches to Individual Projects
Scrosati emphasized that each project requires a unique approach, rejecting the notion of a standardized template. He stated, “The worst mistake is to assume we have a one-size-fits-all solution. At Fremantle, we treat every project as a standalone endeavor, considering both the creative aspects and commercial viability.” He provided examples of their competitive films at Venice, highlighting the partnerships and strategies utilized for each project. For instance, they collaborated with RAI Cinema and 01 Distribution for “Finally Dawn,” while retaining international rights and working with FilmNation for global sales. Similar tailored strategies were employed for “Enea” and “Adagio” with various distribution partners.
Revenue Growth and Acquisition Strategies
Part of the RTL Group, Fremantle has engaged in an aggressive acquisition strategy in recent years, acquiring notable producers such as Italy’s Lux Vide and the UK’s 72 Films, among others. Originally recognized for unscripted entertainment formats like “X Factor” and “American Idol,” Fremantle has increasingly invested in scripted content, supporting independent features including Sorrentino’s “The Hand Of God” and Guadagnino’s “Bones And All.” The company is ambitiously targeting €3 billion in revenue by 2025, driven by both organic growth and acquisitions.
Strategic Acquisitions Amid Market Challenges
When asked about the continuation of their acquisition strategy in light of a challenging commissioning environment, Scrosati acknowledged the rapid pace of their expansions but ensured that each acquisition is made with careful consideration. “Every acquisition is viewed as an individual deal, requiring a strategic alignment with our goals,” he stated, emphasizing the need to ensure that they are not overinvesting or cannibalizing their existing resources. Each acquisition is driven by logic—either filling a gap in their portfolio or tapping into a new cultural segment.
Importance of Unscripted Programming
Scrosati also highlighted the significance of unscripted content within Fremantle’s overall strategy. The demand for unscripted programming has surged recently, as broadcasters and streaming platforms increasingly favor these formats amid economic pressures. He pointed out that on the day of the interview, Fremantle Italia was launching “Italia’s Got Talent” on Disney+, marking the first time this format has debuted on a streaming service in Europe. “It’s crucial to recognize that our capacity to invest in scripted content relies heavily on the success of our unscripted division,” Scrosati remarked, underscoring that the latter serves as a financial backbone that enables continued investment in scripted projects.
