September 25, 2023FilmTakeComments Off on Unraveling the Netflix Effect: A Deep Dive into the Latest Film Festival Deals
The TIFF marketplace, and indeed the entirety of 2023, has seen a surplus of promising films and a scarcity of willing buyers. This trend indicates a broader shift in the indie film market, characterized by a more cautious approach from buyers.
Even before unprecedented disruptions to the theatrical market, established film buyers and sellers were under tremendous financial pressure after spendthrift streamers elbowed in to populate their sparse film catalogs and vie for Oscar gold.
After a slow start to the 35th annual Sundance Film Festival, the weekend produced a handful of sizable deals, including from Amazon Studios, Searchlight Pictures, and Lionsgate.
Deal activity is muted so far at this year’s festival despite claims that producers and sales agents were withholding their best films at TIFF in September to introduce at Sundance.
After a lackluster Sundance in 2018, last year was full of mega-deals, especially by Netflix and Amazon. Buyers spent over $120 million acquiring rights to some 40 films.
Netflix and Amazon, who were once touted as the saviors of the indie film market, are retreating from acquisitions to focus on producing more original films.
Buyers at TIFF are skittish after a 6% drop in North American box office receipts in 2019. Worse still, is the dire year indie films are having, where receipts have declined 45%.