CresCine @Cannes Takeaways
With the Palme d’Or winners announced and the Marche du Film boasting a record number of attendees, the 2024 edition of the Cannes Film Festival wrapped only a few weeks ago.
CresCine conquered the Croisette this year with an unprecedented amount of workshops, closed sessions, and think tank, and a high-intensity presentation on the Marche’s Main Stage, delivering the bird eye view of the industry based on its recently published “Small European Film Markets: Portraits and Comparisons” as well as greening & sustainability, COVID resilience, and skills.
Here are our hot Crescine insight Croissants from Cannes:
1. Market Avenues Diversity
Small European film markets cannot rely on a single avenue to succeed. To ensure sustainability, they must strategically combine multiple avenues, such as cultural resonance, cinematic art, exports, and production services.
2. Domestic vs. International Orientation
Small markets exhibit a wide variance in their orientation towards domestic versus international audiences. For instance, Irish films perform well internationally, while Lithuanian films cater mainly to domestic audiences.
3. Discoverability and Reach
The biggest challenge for small European films is discoverability, not quality. Films often struggle to gain visibility on digital storefronts and platforms.
4. Cross-Market Collaborations
Successful entry into international markets often requires strategic collaborations. For example, Spanish films have high US admissions when partnered with US companies, whereas European collaborations are crucial for success within Europe.
5. Festival Participation
Films from small European countries have limited representation at major international film festivals, although their presence has been increasing marginally in non-competitive A-list festivals in recent years.
6. Entrepreneurial Thinking and Collaboration
Entrepreneurial thinking, including identifying market opportunities and fostering innovation through collaboration, is crucial for the film industry. Initiatives like the Producers Club facilitate networking and knowledge exchange, helping producers adapt to changing market dynamics.
7. Skills Development and Accessibility
There is a significant skills gap in the European film industry. To remain competitive, there is a need for more accessible training programs that cover a wide range of skills, from leadership and diversity to technical know-how in fields like virtual production and VOD distribution.
8. Engage with Crowdfunding and Equity Financing
Crowd equity can successfully raise significant funds through platforms like WeFunder. Building a relationship with your audience from the financing stage creates a dedicated fan base eager to support and promote your film.
9. Capitalize on Soft Money
A combination of soft money, such as grants and subsidies, in Europe still drives production. Understand the soft money landscape in your region and use it to complement other financing models.
10. Utilize Decentralized Decision Making
Decentralized Pictures is a platform that allows communities to review and decide on project financing. This decentralized model ensures decisions reflect audience preferences, offering a forward-looking approach to film financing.
11. Package Your Project Smartly
For traditional financing, ensure your film is well-packaged. This includes having a convincing finance plan, a bankable sales agent, and clear audience metrics. Sales estimates and AI tools can help validate your project's potential, making it more appealing to investors.
12. Develop a Clear Distribution Strategy
Navigating the distribution landscape requires a solid strategy. Understand where your audience consumes media and tailor your distribution to those channels. Combining traditional and digital avenues, hybrid distribution methods can maximize reach and revenue.
13. Explore Private Equity Funding
Private equity funds can provide substantial investment into film projects, especially when the project has a strong cultural or geographical connection that appeals to investors.
14. Engage Venture Capitalists (VCs)
There is a growing interest from VC firms in the entertainment sector. Tailoring the investment pitch to highlight both the risk and the potential high returns is crucial. Building a compelling narrative around your project’s market potential can attract VC interest.
15. Invest in Content Slates
Creating a slate of projects can be an effective way to mitigate risk and attract investment. By grouping multiple projects, investors have a portfolio effect, which decreases the risk of total loss while still providing opportunities for high rewards.
