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Indie Films At Sundance Vie For Large Hollywood Cash
The Sundance Movie Festival generates buzz as a launch pad for independent films. The movies themselves are noticed by much of the general public. The Sundance Film Festival is all about money to others. But Sundance is ultimately a marketplace where film corporations compete fiercely for the right to distribute movies attracting a following that could translate into profits. It seems like a good start for finding out what movie will bring in the greatest amount of fast money.
Returning Sundance to roots from before
Salt Lake City, Utah, was where the Sundance Film Festival was founded in 1978. “The U.S. Film Festival” was the original name of it. Actor Robert Redford was the festival’s first board chairman. In order to try and get more crowds with the ski attraction within the winter, the United States Film Festival was moved in 1980. Park City was its brand new home. It was a modest annual affair until Redford’s Sundance Institute took over in 1985 and it became the Sundance Film Festival. The event became a worldwide affair for independent film making with the Sundance Institute and Redford. Recently, bigger movies and Hollywood has been brought to the Sundance Movie Festival. Redford has decided that the Sundance needs to get back to its origins though for 2011.
The offers for Sundance in 2011
When it comes to promoting independent films, this 10 day affair ending Jan 30 is nevertheless the greatest event within the world for 2011 even though Redford is attempting to change Sundance a bit. Even though several of the movies will not make money, movie companies are willing to bet millions on it. There are very obscure films as well. In 2011, the first Sundance deal that occurred was Lionsgate getting the rights to invest millions marketing and distributing “Buried” in North America for about $3.2 million. The hottest film at Sundance in 2011 has been “Like Crazy,” which Paramount Pictures won after an all-night bidding session by paying $4 million.
Where independent films can be going
Organizers explain the primary purpose of the Sundance Film Festival isn’t the sell independent films to the company willing to pay probably the most. This was made very clear on Sunday night by Kevin Smith. He was the director of “Jersey Girl” (2004) and “Clerks” (1994). The rights to his last film he sold, “Red State,” to himself for $20. The Sundance deal was announced by him. Then he said he would assume word of mouth would be enough advertising while his business would distribute it. “Red State” played at Sundance to mixed reviews. But thinking about the diminishing rate of return on Hollywood blockbusters, perhaps Smith and Sundance are on to something.
Articles cited
TIME
time.com/time/arts/article/0,8599,1956952,00.html
The Guardian
guardian.co.uk/film/filmblog/2010/feb/02/sundance-film-festival-deals
CNN
cnn.com/2011/SHOWBIZ/Movies/01/24/sundance.like.crazy.sale.ew/
Wall Street Journal
blogs.wsj.com/speakeasy/2011/01/19/sundance-2011-7-film-companies-hot-to-trot-in-park-city/
MTV
mtv.com/news/articles/1656516/kevin-smith-red-state-sundance-reviews.jhtml