Like a gambling veteran, independent film executives flocking to Palms Casino's new Las Vegas venue for this year's American Film Market are hedging their bets. The independent film business, a risky proposition even at the best of times, has become increasingly precarious with the theatrical release of an all-or-nothing proposition: the jackpot of Long legs against the torso of Borderlands AND Megalopolis — and buyers are hesitant to put their chips on anything that doesn't seem like a sure thing.
For independent films at the AFM, that means doubling down on genre films, particularly horror and action, and moving away from drama and comedy titles, which are considered riskier bets internationally.
“People are really focused on genre, even some of the smaller international sales companies are expanding their genre list,” notes one US seller. “Success has become impossible to predict and everyone is looking for something that has a built-in audience.”
The box office success of Long legs AND Terrifier 3, in particular, have made horror projects even more attractive, and there are plenty of scares on the market this year, including interesting projects Twilight of the Deadthe final film in George A. Romero's legendary zombie series, which The train driverdirector Brad Anderson will direct and Fortitude is selling; and the psychological horror project Psycho Victoryby Anton, UTA and CAA, who will reunite The substance star Margaret Qualley with her Sanctuary director Zachary Wigon.
But the AFM's big bet this year will be on a return to action, with several high-profile projects including that of Martin Campbell CleanerA Die hardhostage-style thriller starring Anton's Daisy Ridley; Of the Black Bear Hammer down with Idris Elba as a truck driver who protects his daughter during a robbery; and Russell Crowe stars in the action film Sword and Sandals The Last Druidthat AGC Studios, Range Media and CAA Media Finance are launching in Las Vegas. Lionsgate, coming off a string of high-profile box office failures, is rolling the dice on shooters with a lineup that includes Day drinkeran action thriller that comes together Pirates of the Caribbean with Johnny Depp and Penélope Cruz; Christmas-themed action comedy Fairytale in New York characterized Everything everywhere and everything at once star Ke Huy Quan e Three hitmen and a childan action comedy from Bullet train producers 87North, who promises an action riff on the Three men and a child concept, though details about the cast and director remain under wraps. The CAA will also seek to conclude an internal agreement Cliffhangerthe big-budget reboot of Jaume Collet-Serra's 1993 action film, starring Lily James and Pierce Brosnan, which has already begun production. Rocket Science is picking up international sales for the project, which Studiocanal will release in multiple territories.
“There's definitely an appetite, internationally, for action films, but we'll really know how big that appetite will be after the AFM,” notes one American producer. “The market is changing so fast that all trends come and go faster and faster. What's hot in one market will be a flop in the next.”
This week may also reveal whether AFM's move to Las Vegas after a decade-long stint in Santa Monica will be a bonanza or bust. Exhibitors are already complaining about the costs of the new venue. A UK-based vendor said his booth at Palms Casino cost $30,000 to market, “four times what I was paying [outside the AFM building] in Santa Monica.” Others complained about hidden costs – $500 to hook up a hotel room TV with a box to play movie trailers, $150 to empty the minibar of high-priced alcohol before the market – which will be added to the tally when they consider whether to return next year.
But everyone agrees that having the entire AFM, buyers, sellers, conferences and, thanks to the 14-room complex on site, market screenings under one roof, should make this year's event more efficient. Many AFM attendees already miss the beaches of Santa Monica and the Old Market's proximity to Hollywood agents, producers, talent and financiers. But given the high-stakes nature of the independent film business these days, holding a market on the Las Vegas Strip seems especially appropriate.
“Theatrical releases have become crap,” notes a Belgium-based buyer. “So maybe Las Vegas is a good fit.”