8th Annual Miami Short Film Festival
For a lot of students who desire to become producers, there's got to be a shock when first exposed to the 'legalese' speak of entertainment lawyers and barristers.
Recently I needed to shift gears: I thought I would be developing a new feature film this year, but the worldwide credit crunch put that on hold for the time being.
But I had already started trading with my new company, and I needed to find ways to develop cash flow.
In a report on filmmaking by the British Council last year, and emphasis was made on developing 'diversified revenue streams' for small producers to stay afloat.
The projected areas of growth included New Media and international co-productions:
The UK Association of Independent Film Producers (PACT) supports the decision of our company to ‘diversify’ our ‘revenue streams’, and not only to rely upon feature film production:
“The call to arms for independents is you better start growing those other revenue streams,” said Oliver. “You’ve got to look at what your share of revenue is from secondary and new media exploitation and if that’s sufficient. That means a shift in business focus to maintain momentum.” (PACT 2008a: 7)
This year, for example, both new media revenues and international revenues were down. Over the last three years, though, both areas have shown significant growth, and as revenues from UK primary commissions begin to level out, both markets are going to be key to the continued growth of the sector. (PACT 2008a)
PACT (2008a). Independent Production Census. London, PACT UK Independent Film Producers Assocation.
We have already 'diversified' and we're going after production contracts in specialty 'niche market' areas, which other market research tells us might be a better bet to 'weather out' the global credit slow down for feature films.
Either way, I found myself having to know an awful lot recently about U.S. financing, as well as international co-production treaties and contract details.
I found that a course I took at the Miami School of Entertainment Technology when I was doing the Associate of Science program in Film Production Technology really came in handy, so thanks Prof. James, where ever you are right now.
The Miami Dade College School of Entertainment and Design Technology
I had such a great time studying film at Miami-Dade College!
And for that class we used a fantastic book, which is still current and helped me in my 'catching up' again with legal and contract details, by Mark Litwak:
Here's more about the book:
Dealmaking is the first self-defense book for everyone working in the film and television industry, Addressing a general, non-attorney readership, it is a fascinating, highly accessible and practical guide to current entertainment laws peculiarities and "creative" practices.
Armed with this book, filmmakers can save themselves thousands of dollars in legal fees as they navigate the entertainment business's shark-infested waters. Whether you are a professional or wannabe producer, writer, director, or actor, Litwak can help you make the most of your business dealings while steering you clear of contractual traps.
The second edition of this popular book contains hundreds of updates and revisions of the first edition and includes two new chapters: Legal Remedies and Retaining Attorneys, Agents, and Managers.
I think everyone should have copy of this book in their library, especially if they hope to work in the US or do co-production deals that involve talent or crew from the states or Canada.
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