AFM: Recent Box-Office Bombs Make Buyers Nervous...
Some are expecting a distinctly chilly American Film Market thanks to several films that recently have bombed or underperformed at the international box office (duds include Bill Condon's The Fifth Estate and The Mortal Instruments: City of Bones, while Ron Howard's Rush hasn't lived up to expectations), leaving buyers rightly nervous.
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And just as foreign distributors prepared over the weekend for their journey to Los Angeles for AFM, which gets underway Wednesday and runs through Nov. 13, the big-budget film adaptation Ender's Game continued to do lackluster business offshore (it's faring better in North America).
To boot, international sales agents continue to fight over the same stars, making it difficult to close deals on projects at script stage. "In a way, we're reaping what we've sown," says The Solution Entertainment Group's Lisa Wilson. "There is a handful of actors and actresses whom we've made valuable, and we're all making the same offers to the same people."
Added another top sales agent: "I would say buyers are cautious and slightly disappointed. You hope that a lot of projects come in at the last minute, but it's not going to happen to the level everyone expected."
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Nevertheless, there are still enough high-profile projects to get buyers in the door. Good Universe's Elton John biopic Rocketman is generating sizeable interest, and the pop icon himself may make an appearance at AFM to personally plug the project. Another buzzed-about title is Voltage Pictures' Adam Sandler comedy The Cobbler.
Buyer Dylan Wiley, senior vp/general manager of Entertainment One Films U.S., says the continued advantage of coming in early on a project is that the finished film market is so competitive. "Distributors are willing to accept some execution and timing for more reasonably priced product purchased in advance at AFM and other film markets," he says.
In addition to touting new wares, sales agents will use AFM to update foreign distributors on projects they've already invested in, including Johnny Depp action-comedy Mortdecai, which David Koepp began shooting last month for Lionsgate and OddLot Entertainment. Lionsgate International is selling the film overseas. Radiant Films' Madame Bovary, starring Mia Wasikowska, also began shooting in recent days.
Thank you Hollywood Reporter
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