Funding in the Film Industry
Johnny Fewings a music and film executive, has worked at Universal Pictures, since
2000, and his main job is to manage where they buy their films. Films can be bought at different stages, from script all the way to final edit, each stage becomes more expensive to buy but subsequent risk is also reduced. In his talk Johnny focused on two main things: budget control and funding in the film industry. These are aspects of film that I had not thought about in much detail but are vital for the industry.
Firstly, Johnny explained where the money goes when making the film. Which to understand fully it is crucial to understand the difference between ‘Above the Line’ and ‘Below the Line’ costs. The first thing that must be worked out when starting a film, are all the below the line costs. Then the above the line costs are added on to calculate the overall cost. An above the line cost is talent. When producing a first film, this is likely to be unknown talent, which reduces costs. Johnny advice finding people who share passion for the film as you, as this may allow you to get special deals. Other costs include the effects, which can be expensive therefore to do well in the industry, make yourself an expect in Project Pro. Location hugely affects cost. It is cheaper to use a studio, but only using a set loses the benefit of realism. A compromise to use cheaper establishment shots. For a first film it is best to avoid special shoots, such as car chases or battle scenes, as these are very costly to do. However, it is now possible to achieve special shoots through drone imagery which is much cheaper to produce. Music makes the difference between an ordinary film and a great film. To achieve this it is vital to build a network of people with various skills, reducing the need of buying them in. Lastly, technology, Johnny advised that it is cheaper to rent equipment for a day than buy it.
Secondly Johnny explored where the money for films comes from. He explained that in the industry there is soft money, which people do not want or expect back. For example, tax credit that will be 20% of production costs as long as you follow the rules. Also subsidies exist but there rules you must achieve to be applicable for these. Another option is equity, however this is unlikely for a first film. There are people who do want their money back, EIS and other investment schemes and Co Pro. Money can also come from Pre sales or deferment. Companies such as GAP will lend money, but will want it back first with added interest, so not a good option. Crowdfunding is a new method that is very useful and effective, but to make it work it is important to have a compelling offer for people.
The main things I gained was that to work in the film industry you need to be smart about how you create things, especially when making first films. This can be achieved by following websites that keep people up-to-date about new technology. Also, no matter what your qualifications, if you do not have the creative skills, it is impossible to work in the film industry. Johnny suggested two key skills necessary to succeed: the ability to storyboard is vital, as every shot must be planned. Also being an expert in effects, either Project Pro or After Effects, as these skills are essential.
I will start to teach myself how to storyboard, practicing until confident. I want to learn how to use After Effects, having taught myself a little through online tutorials. This has encouraged me to look for courses which would teach the skills of an effects programme to compliment my Premiere Pro skills. I will look for opportunities to grow my creative skills, through producing more work in my free-time. I found this talk interesting as it showed me a side of the film industry I never previously considered. The useful advice will help me to develop my own skills.