U.S. stocks rose Friday after some optimistic news from Europe following this week's steep stock market slide. Not surprisingly, this week's dizziness-inducing economic slingshot has been felt in cities all around the world, not least of which is Hollywood. Thursday's world-wide selloff--the worst since 2008--hit media companies especially hard. Hollywood is vulnerable in two regards: companies that depend on advertising revenue, and movie deals that are currently in the works. As film finance expert Jeff Steele told TheWrap, investors that are tied to traditional markets like Wall Street could spook at the stock market drop and back out of film deals they had been considering. Companies that are more dependent on advertising are more likely to lose in the current economic environment. CBS fell 9.3 ...
- 8/5/2011
- Thompson on Hollywood
(Above, promotional artwork for The Red Robin, a feature film currently working with Kickstarter.com)
by Terry Keefe
I was immediately dubious when I first heard about Kickstarter.com, a website where creative and entrepreneurial types can look for funding for their projects via a limited-time appeal to the masses. I've come to hate the expression "in this economy," but in this economy, I just didn't see many folks ponying up even a few bucks for the effective development of a film, music recording, or invention. And having spent a significant portion of my life looking for financing for creative endeavors... let's just say that it's a challenging process.
But this hardened cynic will eat his predictions on this one.
Although I'm sure there are plenty of examples of projects that don't get funded at all through Kickstarter, and other similar "crowd-funding" sites, a number of filmmakers have been having some real success with it,...
by Terry Keefe
I was immediately dubious when I first heard about Kickstarter.com, a website where creative and entrepreneurial types can look for funding for their projects via a limited-time appeal to the masses. I've come to hate the expression "in this economy," but in this economy, I just didn't see many folks ponying up even a few bucks for the effective development of a film, music recording, or invention. And having spent a significant portion of my life looking for financing for creative endeavors... let's just say that it's a challenging process.
But this hardened cynic will eat his predictions on this one.
Although I'm sure there are plenty of examples of projects that don't get funded at all through Kickstarter, and other similar "crowd-funding" sites, a number of filmmakers have been having some real success with it,...
- 4/25/2011
- by The Hollywood Interview.com
- The Hollywood Interview
By Michael Lee
Jeff Steele on Huffington Post wrote this amazing article about a new trend in film financing using the internet. He does a terrific job covering the in’s and out’s of Tribe Financing. It’s a brave new tactic that promises to change who and what gets independently financed in the near future. In reality internet film financing is really hampered compared to other forms of internet funding. In 2008, then candidate Barack Obama rocked the political landscape with a grass-roots internet funded campaign that seemed like it could fund the next "Avatar" </i...
Jeff Steele on Huffington Post wrote this amazing article about a new trend in film financing using the internet. He does a terrific job covering the in’s and out’s of Tribe Financing. It’s a brave new tactic that promises to change who and what gets independently financed in the near future. In reality internet film financing is really hampered compared to other forms of internet funding. In 2008, then candidate Barack Obama rocked the political landscape with a grass-roots internet funded campaign that seemed like it could fund the next "Avatar" </i...
- 5/10/2010
- by Lew Harris
- The Wrap
By Jeff Steele
One of the things big-budget producers take for granted is their access to film financing. Gap loans, presales, tax credits, equity investors -- these are items on a menu to be ordered up and combined in whatever way works best.
In bars around the world, broad-stroke percentages are scribbled on the backs of napkins during conversations that go something like this:
Financier: So how much do you need?
Producer: (gesturing to his napkin) That's the best part! See here, if you put 10% into escrow, I've got a guy who'll match it, then just ...
One of the things big-budget producers take for granted is their access to film financing. Gap loans, presales, tax credits, equity investors -- these are items on a menu to be ordered up and combined in whatever way works best.
In bars around the world, broad-stroke percentages are scribbled on the backs of napkins during conversations that go something like this:
Financier: So how much do you need?
Producer: (gesturing to his napkin) That's the best part! See here, if you put 10% into escrow, I've got a guy who'll match it, then just ...
- 4/29/2010
- by Lisa Horowitz
- The Wrap
By Jeff Steele
To most, Portugal is simply a southwestern European country located on the Iberian peninsula. Soon Portugal may be referred to as the country that brought the independent film world to its knees.
The runaway production problem is about to be replaced by an evaporating production crisis.
Last week, Portugal's credit rating slipped from AA to AA-, the euro fell to its lowest point in nearly a year against the dollar ($1.33), and the euro-zone nations, led by Germany and France, along with the International Monetary Fund, approved a contingency plan (a no-bailout bailout) for de...
To most, Portugal is simply a southwestern European country located on the Iberian peninsula. Soon Portugal may be referred to as the country that brought the independent film world to its knees.
The runaway production problem is about to be replaced by an evaporating production crisis.
Last week, Portugal's credit rating slipped from AA to AA-, the euro fell to its lowest point in nearly a year against the dollar ($1.33), and the euro-zone nations, led by Germany and France, along with the International Monetary Fund, approved a contingency plan (a no-bailout bailout) for de...
- 3/31/2010
- by Lisa Horowitz
- The Wrap
By Jeff Steele
It’s no surprise finance plans contain tax credits as part of their budget.
However, many producers are naive about what the amount really is. Just because you want the amount to be a certain sum doesn’t make it so. You can’t take the gross credit and forget the discounted value that a lender will advance on. I and other financiers have spent countless hours combing through budgets, line by line, in search of expenses that won’t qualify or shouldn’t be advanced against.
Don’t get me wrong, I’m all for maximizing tax credit ben...
It’s no surprise finance plans contain tax credits as part of their budget.
However, many producers are naive about what the amount really is. Just because you want the amount to be a certain sum doesn’t make it so. You can’t take the gross credit and forget the discounted value that a lender will advance on. I and other financiers have spent countless hours combing through budgets, line by line, in search of expenses that won’t qualify or shouldn’t be advanced against.
Don’t get me wrong, I’m all for maximizing tax credit ben...
- 3/22/2010
- by Lisa Horowitz
- The Wrap
By Jeff Steele
There really is no benefit to seeking letters of intent from actors (or their reps). Producers hate asking for them, reps hate writing them and financiers ignore them. They’re usually out of date. They’re not binding, nor are they conditional to anything that’s relevant. And yet, they still rampantly persist within indie producing and packaging.
Producer: Hey Jeff, I’ve got a great project with Hugh Jackman attached.
Jeff: Sounds good -- who can I call to confirm his attachment?
Producer: I’ve already taken care of that for you. Here&rs...
There really is no benefit to seeking letters of intent from actors (or their reps). Producers hate asking for them, reps hate writing them and financiers ignore them. They’re usually out of date. They’re not binding, nor are they conditional to anything that’s relevant. And yet, they still rampantly persist within indie producing and packaging.
Producer: Hey Jeff, I’ve got a great project with Hugh Jackman attached.
Jeff: Sounds good -- who can I call to confirm his attachment?
Producer: I’ve already taken care of that for you. Here&rs...
- 3/16/2010
- by Lisa Horowitz
- The Wrap
By Jeff Steele
Tonight, millions of viewers will tune in from home to watch the annual Oscar telecast, a cherished ritual of long standing for movie buffs the world over. A few thousand select and privileged few will join the festivities in person at the Kodak Theatre, honoring their peers and maybe sharing, even briefly, the glamorous limelight.
This year, I plan to be elsewhere. My wife and I will be joining an intimate and very special Oscar party hosted by entertainment industry colleagues Mike Fleiss, Graham Taylor, and Lynette Howell to honor our friend Nicolas Chartier. He’s the n...
Tonight, millions of viewers will tune in from home to watch the annual Oscar telecast, a cherished ritual of long standing for movie buffs the world over. A few thousand select and privileged few will join the festivities in person at the Kodak Theatre, honoring their peers and maybe sharing, even briefly, the glamorous limelight.
This year, I plan to be elsewhere. My wife and I will be joining an intimate and very special Oscar party hosted by entertainment industry colleagues Mike Fleiss, Graham Taylor, and Lynette Howell to honor our friend Nicolas Chartier. He’s the n...
- 3/7/2010
- by Josh Dickey
- The Wrap
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