By Rubyanne Moley
SCOTTSDALE, AZ—Saturday, Sept. 10, Banc of California’s Adrian Ward acknowledged the growing value of the streaming industry for commercially focused independent movies and changes in their financing at a speech conference at the Film School Hub at Scottsdale Community College.
Ward, a banker in the entertainment industry for 30 years and financer of over 60 films, emphasized how platforms like Amazon, Paramount and Netflix provide monetary and distributor value for independent producers. He relayed that these distributors hold great industry power with the declining use of movie theaters for film distribution following the COVID pandemic.
“For independent producers, I don’t think there is a better time,” said Ward. “When COVID shut down the industry for a year, maybe longer, it jacked up production budgets for a while. But it was also a big correction for a lot of distributors.”
Ward explained that when independent film makers sell their movie to these streamers, they trade rights for money that producers can then use for more films. This adds financing options and exposure that used to never be a possibility.
“It used to be when I came to work in the business, you only had the theatrical. Now, you have so many more options to choose from outside of just the big distributors or theatrical releases. That opens a door,” said Carlo Dallolmo, screenwriter and founder of the Phoenix Screenwriters Association in 2009.
Dallolmo and the association organized the speech conference, which brought together speechwriters, engineers, students and even movie fans to listen attentively to Ward’s expertise in the commercial & business banking industry.
Scott Gore, a screenwriter who has produced a few films himself, believes that the financing of the industry is something any cinephile, whether director or viewer, should care about.
“For example, there is a series right now about the making of ‘The Godfather’, and that was a society-transforming movie,” said Gore. “It transformed the industry and it rescued Paramount. Movies and TV shows impact society to such a level that people like to know the behind-the-scenes story. It’s like the ‘Wizard of Oz’, peeking behind the curtain to see what’s going on back there.”
Aside from scoping out the avenues of distributors for independent film producers, Ward announced changes in tax credits among states to be wary of for those who are budgeting a film. Tax credits, or as Ward named a “barrier to entry”, are one of the two main factors when it comes to financing independent films, the other being distribution revenues.
“Lots of films are getting made in New York. But if you make a film in New York in 2022, you are probably not going to see the certificate for the tax credit, therefore the money coming from the state, until 2027,” said Ward. “What used to be 90 to 120 days is now five years.”
To be financed by an entertainment banker like Ward, which often occurs in pre-production, an independent filmmaker provides with a budget, finance plan, and information on the producers. But what distributors like streamers are looking for is names. Celebrity name value is what Ward expressed companies look for 90% of the time.
“They want a good script, they want a good director, something they can put on a poster,” said Ward.
Phoenix Screenwriters Association has brought in speakers in the past and plan to have more conferences this coming winter. For more information on Phoenix Screenwriters Association, visit their website at phoenixscreenwriters.org.
Adrian Ward – linkedin.com/in/adrian-ward-2b981b7
Scott Gore – Phone: 4802275686 – Email: scott.gore@in-fusion.info
Carlo Dallolmo – Carlo@phxscreenwritersassoc.org
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