Richard Holmes - Film Hack - Project Funding 11th jan 2016
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Transcript of Richard Holmes - Film Hack - Project Funding 11th jan 2016
PROJECT FUNDING with Richard Holmes of Creative England
usheru teamed up with Curzon
Filmmakers Club -
membership for Film Hackers
financinguk independent
low budgetfeature filmsJanuary 11th 2016
context
• independently financed & distributed
• … and projects ready to go to finance
common factors
• contained
• cast with actors not stars
• dialogue heavy/character driven
• locations not studios
• minimal SA’s
• minimal SFX/VFX/stunts
principles
• flat
• transparent
• equitable
what’s the secret?
• risk empathy
ugly ducklings
• end user problem
• small population
• international sales
more trouble
• fins & chrome
• re-positioning
• stars
Creative England
• CE/BFI - what’s the difference?
• the funds
• the future
financing
• who’s involved?
financing
• producer/production company
• riter/director
• talent agents/manager
• talent - director/cast - as “package”
• distributor/broadcaster/funds
• sales agent - pre-sales
financing 2
• equity financiers
• banks/lenders
• co-producers
• tax breaks (and financiers)
financing 3
• completion bond & insurance...
!
• ... and then a “greenlight” maybe, please?
screenadvantage.com
• two lattes a month
• four inputs/eight outputs
• standardisation
• nothing wrong with the truth
sales & licensing
• who’s involved?
sales & licensing
• international sales agent
• buyers’ rep
• producers’ rep
• (maybe) producer
sales & licensing
• what’s involved?
sales & licensing
!
• markets & festivals
• delivery
• collection
packaging = catch-22
• Cast
• Confidence
• Cash
offers & availability
• exclusive offers
• offers subject to & reading/meetings
• available & technically available
never-ending story
fppprep
fin. - to - fin. close
cast/dir./reps.
packaging = catch-22
• Cast
• Confidence
• Cash
cate loves my film
• good news?
du jour 1
• crowdfunding
• equity-based crowdfunding
du jour 2
• private - EIS & SEIS
who invests?
• HNW and/or SI = angels
• back-leg-of-horse...
• ... but the dinner-party-moment
• want to see, smell, feel
• legacy
S/EIS top-tips
• SPV/2x bank accounts
• NEDs
• non-FCA = strict system
• detailed tracking
• have a “rehearsal”
what’s the secret?
• risk empathy
waterfall
• vital for investors
• deferments
• corridors
• gross!
waterfall
Territorial Advances
Collection Agent
Sales Agent
Equity
EquityParticipants
Overages
waking ned US
• how can something that cost $3m...
• ... took $25+m theatrically...
• ... be $9m in the red?
• end of part 2
Searchlight
$5m advance
$14m p&a
$25+m fbo
$12m rental
35% commission
interest
net = -$14m
dvd & tv = -$9m
the last aside
… after 20 years