Indie box office hits and tax credit hopes lift mood at AFM
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The Hollywood Reporter says box office breakouts and a possible federal tax credit are lifting spirits among indie dealmakers heading to the American Film Market, though disruption still reigns.
The Hollywood Reporter reports that film executives heading to Los Angeles for the American Film Market (AFM) may be feeling hope, even though, in its words, disruption still reigns. It says box office breakouts and a possible federal tax credit are lifting spirits among indie dealmakers.
Independent and specialty films have had a run of successes in North America. Godzilla Minus Zero, from GKIDS and Toho, opened to an estimated $32 million, above the distributor's projection in the mid-$20 millions. A24's You Can See Everything, a documentary about Elizabeth Holmes by Nathan Fielder and Lance Oppenheim, has grossed almost $80 million domestically. Angel Studios' Drummer Boy opened to around $9 million, and the Indian epic Ramayana: Rise of a Legend grossed an estimated $12 million over its first four-day release frame.
Sarah Lebutsch, head of sales at Protagonist Pictures, says she is encouraged that Gen Z and Gen Alpha audiences are going to cinemas. She also says presales have always worked well for her company at AFM, and the article says the presale market appears to be holding up.
On policy, California Gov. Gavin Newsom is proposing to raise the state's annual film and TV tax credit from $750 million to $1 billion. He also backs a bipartisan effort in Congress, championed by President Trump, to create a national incentive that would stack with state credits.
Producer Steven Schneider notes that online creators offer lessons for the industry, but cautions that online success does not always translate to cinemas.
