With two of the top three annual major film festivals already behind us, it is apparent that the long-term demand trend for content continues to rise significantly.
Record-breaking film sales at Berlin and Cannes Film Festivals illustrate the increasing demand for feature film content. At the Berlin Festival, The Weinstein Company paid $7 Million for The Imitation Game, setting the record as the highest price paid ever for U.S. rights on a movie at the European Film Market. The deal was brokered by CAA.
Then in May, Paramount acquired U.S. and Canadian rights for Amy Adams’ Story of Your Life for a record breaking $20 Million after an exciting auction between the major studios. This deal was completed by Graham Taylor at WME who will also represent Altar Identity Studio’s upcoming feature film, Big Stone Gap.
It is a seller’s market as demand continues to grow for new and original content that is marketable to both domestic and foreign markets. The message coming out of these festival markets is that there is not enough content to buy and seller’s simply don’t have enough premium content to offer. This creates a strong opportunity for Independent film producers and studios delivering high quality productions to the market.
In a recent Variety article written by John Hopewell, FilmNations Glen Basner states:
“One of the things that’s been building for about a year now, but that is now really coming into focus for people, is that there is a genuine lack of content coming onto the markets”.
The article continues:
Companies are seeking to hit that sweet spot: A balance between security for buyers and originality for audiences. “It’s probably true in every creative industry. People want things they can market. They understand the audience. But at the same time, audiences are craving for original things,” said Mister Smith’s David Garrett.