Film Funding Episode 1 by StudioBinder Flashcards
Package Unit System
The producer assembles a package like maybe a director, script, actor, piece of intellectual property, etc. The goal of this is to obtain funding to actually make the movie.
What one thing does a package need to make clear?
Why is the movie a good investment for financiers?
How does a spec script usually get noticed for a package?
A spec script may land in a producer’s lap through a writer’s agent or manager. A script may also get the attention of a producer by doing well at a film festival, getting selected for a fellowship, or appearing on the blacklist.
Is the spec script packaging process common?
The spec script packaging process is much publicized, but rare. More often than not, spec scripts are a way for producers and executives to scout talent for other projects rather than make the script itself.
What does it mean when a producer options the rights for a script? How does that process work?
If a producer does see a spec script they want to make, they might not buy it outright and instead get an option for the rights, meaning they have the exclusive ability to purchase the script within a few years. If the project isn’t produced, the project is released back to the writer, or the option is renewed. Options cost much less money than buying, and allow the producer to only have to spend big on the screenplay once they know it will be made.
What is the definition of intellectual property (IP) in the packaging process?
A creative work like a book or an article which you can legally protect with copyrights. A producer will obtain the rights for a piece of pre-existing intellectual property and seek out the necessary creatives to convert this IP into a movie.
How does IP work in the packaging process? (Exclusive vs non-exclusive rights, optioning the rights, and chain of title)
The producer must decide if they need the exclusive or non-exclusive rights. Exclusive rights means no one else can own the rights to the property. This costs more to obtain. A producer also needs to determine how long they want the rights for. Typically, a producer will want the rights in perpetuity, meaning forever. But a producer can also get an option for the rights to keep development costs lower. Optioning the rights is when exclusive rights to an IP only stand for an agreed-upon time. Who owns what rights to a property is referred to as the chain of title. And producers are sure to review a chain of title before dealing with a property.
What is the chain of title?
Who owns what rights to a property is referred to as the chain of title. And producers are sure to review a chain of title before dealing with a property.
Why do producers have an easier time finding funding for movies based on IP?
Producers often have an easier time finding funding for a project based on IP because the material has already proven to be popular!
How does a producer go about obtaining IP?
It can unfold in a million different ways, but it always has to do with identifying the material, going to the representative, and starting a negotiation. The creative comes into it too. Some authors are more interested than others in terms of like, “I want to understand the creative vision. I want this to be something that compliments the book and the vision of the book that I wrote.” Whereas others don’t care and they’ll just take the check.
Sometimes a filmmaker will create a proof of concept to try to further sell an idea to investors. What are some examples of this?
Short film, present a finished scene, table read, etc.
What can a producer do if he needs a completed screenplay in a package?
If a package doesn’t already include a completed screenplay, a producer may try to get initial seed money to pay a screenwriter. Getting funding for the screenplay however, doesn’t mean that the financier will give a filmmaker money for production.
When does a writer require additional compensation?
The Writer’s Guild Rules state that a writer can offer one draft, one revision, and one polish before they require additional payment. This means that the best producers are ones who can give insightful and effective notes from the get-go, making sure they and the screenwriter have a common goal for the final product.
What does a writer do?
Writers can be utilized in the marketing and studio process, but they can also just work on spec. The producer will also work with the writer to create a logline–one sentence which summarizes the general tone and plot of the film. A logline helps a producer sell a project.
What is a logline?
The producer will also work with the writer to create a logline–one sentence which summarizes the general tone and plot of the film. A logline helps a producer sell a project.
What is a proposal?
One way a producer can sell a project is by making a proposal–a few pages which include a brief overview of the film, some previous movies it could be compared to, and the finances involved. A proposal will often incorporate market research which explains the potential audience for the movie; “Have material that’s good and commercial. Don’t come into [a meeting] if you have material that isn’t commercial.”
What is a pitch?
A producer will also put together a pitch, which is similar to a proposal, but is more focused on generating excitement for a project and is typically delivered verbally. Any idea that is presented to a producer is a pitch in their minds.
