In the realm of cinema, where artistry dances with commerce, the 80th Venice Film Festival served as a resounding affirmation of the enduring allure of art-house films. On the enchanting shores of the Lido, critics and cinephiles alike were enraptured by cinematic treasures such as Bradley Cooper’s opulent symphony, “Maestro,” and Yorgos Lanthimos’ enigmatic creation, “Poor Things.” Amidst this fervent celebration of cinematic excellence, the Biennale bore witness to a flurry of deals, illustrating the insatiable appetite of audiences and industry insiders for the festival’s most illustrious offerings.
In this captivating panorama, Neon emerged as a formidable player, securing worldwide rights to Ava DuVernay’s magnum opus, “Origin,” starring the luminous Aunjanue Ellis and the charismatic Jon Bernthal. Mubi, in a masterstroke of acquisition, attained Sofia Coppola’s captivating exploration of the Elvis era, “Priscilla,” an A24 masterpiece that is destined to mesmerize audiences across the United Kingdom, Germany, and Latin America. Not to be outdone, Ryusuke Hamaguchi, the maestro behind the Oscar-winning “Drive My Car,” orchestrated a symphony of international deals for his latest oeuvre, “Evil Does Not Exist,” consolidating his domestic distribution with Sideshow and Janus Films, thus heralding a new era of cinematic brilliance.
Yet, as the curtain fell on the Venetian extravaganza, the spotlight shifted to the Toronto International Film Festival (TIFF), where the true crucible of independent cinema would be tested. TIFF stands as the crucible where the impact of dual strikes on the independent film market, coupled with the interim agreements orchestrated by SAG-AFTRA to facilitate film productions, would be unveiled. Here, the future of midbudget cinema, an artistic realm teetering on the precipice, would be discerned.
Initial indications emanating from TIFF are auspicious. Lionsgate, in a cinematic coup, secured the domestic rights to the long-anticipated reboot of “The Crow” in a reported eight-figure deal brokered with CAA. This cinematic gem is poised to grace screens across the nation in the upcoming year, promising to be a cinematic marvel.
Toronto has historically served as a nurturing haven for mainstream films with budgets ranging from $10 million to $20 million. For productions armed with domestic distribution strategies, TIFF becomes the ultimate platform for North American debuts and the inception of ardent awards campaigns. However, in this peculiar year, with the SAG-AFTRA strike casting a shadow over promotional activities, the impact may be somewhat subdued. For those films without U.S. distribution, such as Richard Linklater’s action comedy “Hit Man,” Anna Kendrick’s directorial debut, “The Woman of the Hour,” or Viggo Mortensen’s neo-Western odyssey, “The Dead Don’t Hurt,” TIFF remains an indispensable shop window, where enthusiastic audiences can sway hesitant buyers.
A seasoned sales agent, representing a plethora of titles at TIFF, expounds, “Toronto could be the true turning point, a litmus test to ascertain whether buyers are ready to invest or retreat into the shadows. It’s a moment where financiers must decide if they are willing to embrace risk in the hope of reaping future rewards.”
The success of these cinematic wagers at TIFF hinges upon the duration of the strikes and the outcome of negotiations between unions and the AMPTP. Industry titans, typically the primary buyers at Toronto, are anticipated to exercise caution in acquiring films bound by interim agreements, which mandate more generous residuals for talent. Conversely, independent buyers may seize the opportunity, speculating that as the strike endures, the scarcity of new productions will create a chasm in distributors’ schedules.
Dirk Schweizer, the astute managing director of German distributor Splendid Film, notes, “We are closely examining films with interim agreements because they offer a degree of certainty regarding production. Our slate needs to be filled, and these films provide that assurance.”
Nonetheless, both paths – the audacious acquisition of films or the calculated patience to weather the storm – are fraught with uncertainty. The dual strikes have thrown the industry into uncharted waters, devoid of a clear roadmap or established market paradigm.
In this tempest of ambiguity, one seller poignantly observes, “It’s a matter of rolling the dice, of navigating uncharted territory. No one can truly foresee what awaits us. Thus, Toronto could either be a thriving marketplace or a somber sepulcher.”
