CEO Tom Quinn, Focus Features’ Kiska Higgs and CAA’s Roeg Sutherland were among the participants taking deep dives into major issues facing the global entertainment market.
What the company is doing, however, is becoming “more deliberate in what we produce,” she added. “We haven’t been producing films that long. … We’ve learned a lot about what our members want and our member base grows continually. We try to stay agile and adapt to that. So we’re not slowing down by any means in any market; we’re just being a little bit more deliberate about what works for our members.
Pointing to Netflix’s recent $20 million acquisition of Richard Linklater’s “Hit Man” for the U.S. and a few smaller territories in Toronto, Sutherland said, “You’re seeing them be more malleable. And when they were saying, ‘We’ll only buy world or don’t come and see us,’ now they’re starting to buy just U.S. or they’re buying certain territories.”
Katie Irwin of WME Independent noted that the new development was “helpful for risk-averse investors who can go out and launch sales in a strategic way.” Discussing the challenges facing independent distributors forced to compete with cash-filled behemoths like Netflix, which also have the advantage of low P&A costs, Quinn said Neon sometimes wins some, sometimes loses some, but noted that it was a relatively small player. “Practically every other company is much bigger than us.”
Contrasting the business models of streamers and distribs like Neon, Quinn said, “Most of these streamers are silos … and certainly Netflix is a diversified silo that is playing to everyone. It’s hard to differentiate any single success inside a platform like Netflix. We’re playing to one audience with the hope of crossing over to other audiences. Our audience is an under-35, active theater-going cinephile.
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