Jackpot Pictures
Current Films
The Final Score: The Independent Film Market
It was not until the late 1980's that independent films became popular in the market place. Independent films eventually found a place alongside Hollywood blockbusters. Increasingly over time, independent films took more market share of box office returns than studio films. Contrary to the high-risk nature of studio produced films, independent films have high-profit potential. Furthermore, the potential for a greater return on an independent film far exceeds that of a studio produced film. This is predominately because independent films generally use lower paid actors/actresses and have lower budgets.
The concept of the hero's journey has become quite commonplace in the film world. It is no surprise that the independent film world commonly focuses on this particular coming of age story drama. Beginning in the late 1970s, films such as: Star Wars Episode IV: A New Hope and Raiders of the Lost Arc paved the way for an explosion of the hero's story through the 80s, 90s, and today. These two films grossed an astronomical $798 million and $384 million, respectively; while winning an impressive six Oscars and four Oscars, respectively.
As the coming of age genre surged into the 1990s, the box office welcomed several independent classics films. Of these include: Cruel Intentions, Rounders, and The English Patient. And of course Pulp Fiction, Good Will Hunting, Usual Suspects, and The Cider House Rules; all winners of the Academy Award for Best Original Screenplay. With a budget of $11 Million, Cruel Intentions grossed $95.2 million, while Rounders had a budget of $12 Million and grossed $22.9 Million. The English Patient had a large budget of $27 Million and got off to a slow start in its opening weekend with a closing of $278,000. However, the film turned out to be quite successful, grossing an astonishing $232 Million; and winning a remarkable nine Academy Awards, including "Best Picture."
Pulp Fiction, Good Will Hunting, and Usual Suspects were all made for $10 Million or less, but grossed a striking $213 Million, $226 Million, and $51.4 Million; respectively. The Cider House Rules was budgeted somewhat high for an Indie film, $24 Million, but grossed $115 Million. Aside from their "Best Original Screenplay" victories, Good Will Hunting, Usual Suspects, and The Cider House Rules also took home the Oscar for "Best Actor in a Supporting Role": Robin Williams, Kevin Spacey, and Michael Caine; respectively.
As the coming of age story channeled its way into the 2000s, Americans, especially, began focusing on feel good movies. The impact of September 11, 2001, caused a new comradery and these particular films assisted in creating a new optimism in the way in which we view life. Similar to The Final Score, a good deal of these films tend to be combined with comedy and/or romance.
Monster's Ball (2001) is the first hero's journey independent success of the new century. This moving story examined racial, moral, and romance issues. The film had a budget of $4 Million and turned a Box Office gross of $31.3 Million. Halle Berry's brilliant performance earned her the Oscar for "Best Actress in a Leading Role." In 2002, 40 Days and 40 Nights was released; it was budgeted at $17 Million and grossed $37.9 Million in the theatres. Continuing into 2004, Garden State was released. With a small budget, $2.5 Million, similar to that of The Final Score, the film grossed $26.8 Million at the Box Office.
The following chart demonstrates the return on investment of some of the most successful independent and studio films derived from thenumbers.com and imdbpro.com. NOTE: The percentage return for independent films far exceeds that of the studio films.
The potential for large returns from independent films is not their sole convincing aspect. For the past five years, the market for these films has grown exponentially. More independent films are being made now than ever before and there are now more avenues for creating and distributing these films. One such means for distribution is the foreign market. For example, the 2006 release Borat, which was created independently, was distributed by 20th Century Fox in 19 countries including France, Germany, Brazil, Japan, the UK, USA and others. Not to mention Sacha Baron Cohen's Golden Globe for best actor in a comedy/musical.
Of the five Nominees for Best Picture in the 2006 Academy Awards: Crash, Capote, Brokeback Mountain, Goodnight and Good Luck, and Munich, four were independent films. Crash took home the Oscar. Add those to 2006 Academy Award nominees Matt Dillon (Crash), Heath Ledger (Brokeback Mountain), David Strathairn (Good night and Good Luck and Terrence Howard (Hustle $ Flow) and of course Phillip Seymour Hoffman (Winner, Best Actor in a Leading Role - Capote).
In 2007, the Oscars for both "Best Actor in a Leading Role" and "Best Actor in a Supporting Role" went to actors' performances in Indies: Forest Whitaker (The Last King of Scotland) and Alan Arkin (Little Miss Sunshine), respectively. Hillary Swank (Boys Don't Cry, 1999), Catherine Zeta Jones (Chicago, 2002), and Charlize Theron (Monster, 2003); gave legendary performances earning them "Best Actress in a Leading Role" Oscars.
In the past decade, the star system of filmmaking has driven the budgets of studio produced films through the roof. The average cost for a studio film is $60 Million, with an additional $20 Million designated for Prints and Advertising costs. Many studio films will pay their actors immense salaries of $10 million plus; one more reason to go independent. This resulted in the creation of several major Independent Studios: Lionsgate, Miramax, Fox Searchlight, Lucasfilm, and the Weinstein Company. Countless A-List Actors are now involved in independent films. (See chart)
A very common channel for independent filmmakers and producers to distribute their films comes from the festival circuit. Robert Redford started the Sundance Film Festival in 1981. Since its establishment, people have flocked to see the newest independent creations every year. The conception of the Sundance Film Festival was crucial in advancing the art of the independent film. Hundreds of festivals have since have arisen throughout the US and abroad further allowing filmmakers to present their work on the big screen.
The festival circuit is a goldmine for these filmmakers as large distribution companies send representatives to find the next big independent film. Intriguing festivals include Sundance, Cannes, Toronto, Melbourne, Roma and Shanghai for their reputation as the leading festivals in the world. Other festivals to look at are Greenwich, Fairfield County, Newport, Boston and Tribeca. These festivals are especially interesting to us because of their geographical location. These festivals tend to promote films shot in their regions in order to foster more overall interest in film in their surrounding communities.
This is especially true in the tri-state area and New England, both of which have many advocates working to establish a greater film industry on the East Coast. This revolution of east coast filmmaking today is perhaps led by Robert De Niro and Jane Rosenthal who started the Tribeca Film Festival in 2002. The festival was founded to "celebrate New York City as a major filmmaking center and to contribute to the long-term recovery of lower Manhattan [post 9/11]." This particular festival is the goal for all east coast independent filmmakers.