Many films acquired at Sundance ended in financial failure. How things will be different at TIFF
Festival audiences lose their mind for, say, an uplifting drama or a biting satire. Their rapturous response sends studios scrambling for their wallets. Cue an all-night bidding war, and to the victor goes … an indie movie with iffy commercial prospects.
There’s word that Apple will be on the hunt for movies, but the company hasn’t been very forthcoming about what kinds of films it plans to highlight on its service. However, Apple certainly has the financial resources to buy anything that tickles its fancy. For Vanessa Saal, managing director of sales and distribution at Protagonist Pictures, streaming platforms have emerged as a natural home for films that might be too quirky to draw a crowd at the multiplexes. She’ll hit this year’s festival with “How to Build a Girl,” a coming-of-age story with Beanie Feldstein, that might be a natural fit for a company like Netflix, which has done well with young adult fare. However, there are frustrations with going the streaming route.
Most studios measure success or failure based on ticket sales, but Amazon says it’s different. “We assess the success of our films through the lens of our Prime customers and not solely by box office returns,” says Matt Newman, co-head of movies at Amazon Studios. “The theatrical release is just one path to supporting the film before its Prime Video launch.”
Privately, many agents think Amazon will be inoculated from festival fever at Toronto after catching a very bad case of it at Sundance. The aftershocks of the spending spree may take longer to wear off. Streaming services such as Netflix and Amazon don’t have to rely on box office performance to justify splashy acquisitions. In the case of Netflix, the company is looking to sell subscriptions by offering content that can’t be found anywhere else.
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