In Bleak Hollywood, indie films are making a surprising comeback

• Indie films like “Longlegs” and “Thelma” thrive despite challenges from Hollywood.
• Strong box office and diverse audience targeting have boosted the success of independent films.
• Increased film financing and innovative distribution methods are also helping indie growth.

Despite all the doom and gloom in Hollywood, there is optimism coming from a surprising place: indie films.

A strong box office this year has supported films like “Longlegs” and “Cuckoo” by Neon in the horror genre, which is especially popular with young people (and best viewed in a communal setting). There’s also A24’s thriller “Civil War” and Magnolia Pictures’ action comedy “Thelma.”

Sure, they’re not financial successes when measured against this year’s big franchise films like “Despicable Me 4,” “Deadpool & Wolverine” and “Inside Out 2.”

They also didn’t seem destined to be obvious commercial hits, and yet they are successes by specialist film standards. “Longlegs” barely promoted its biggest star, Nicolas Cage, and is the biggest indie film of the year, grossing more than $100 million worldwide. “Thelma,” about an 83-year-old woman who tracks down her phone con artist, became Magnolia’s top-grossing narrative feature.

Conservative-themed films are also taking off, following recent faith-based films. The Dennis Quaid biopic “Reagan” and Matt Walsh’s doc “Am I Racist” made the top 10 at the domestic box office this summer.

“Coming out of COVID-19 and post-peak streaming, it’s become apparent again that indie film can be very successful in theaters,” said Shawn Robbins, founder and owner of Box Office Theory, a film industry analysis firm. “There have always been studios that have made movies like this, but the distribution strategies, the marketing, mostly through social media, have changed the game.”

The summer box office bounced back from a soft spring, with releases that targeted a wide range of moviegoers, lifting all movie boats. Anecdotally, several indie projects have moved forward since the spring, said Seth Needle, a co-founder of Blue Harbor Entertainment, a film marketer and distributor.

“There’s been a very strong box office from the independents; it certainly shows the ceiling that there is for an independent film that’s well made and well marketed. In the past, you’d see all of that at the expense of the independents,” Needle said, referring to the success of franchises.

The case for hope for indie films

Recently, there have been a number of pieces predicting the death of indie films. They were blocked during the pandemic when festivals, a key source of awareness, were closed. Strikes by Hollywood writers and actors have halted most film and television production for much of 2023. Netflix, after spending heavily on entertainment and giving creative freedom to filmmakers, has also scaled back its focus attention to catchy commercial hits. .

Still, the production of indie films — traditionally defined as those made outside the major studios — has been more stable over the past two years than the major studios, which have cut spending sharply to reach streaming profitability, according to research firm Ampere Analysis. . The rush to get delayed projects into production at the major studios pushed many independent projects off the shooting schedule earlier this year. But indie production activity has since recovered, on Ampere.

Some optimists also point to an increase in film financing and the momentum of indie players like Miramax, which just got a new CEO in Jonathan Glickman, and Neon, which has a new deal with Waypoint Entertainment to back mid-budget films. Private financing and tax incentives offered by localities to stimulate the film industry are other sources. Film and TV investor Content Partners has just started a film financing arm, starting with $15 million in debt financing for Lionsgate films.

Brands like Procter & Gamble and Neutrogena are also playing a bigger role in financing films, providing another source of hope for indie films. Brands are becoming more open to funding projects, then trying to recoup the cost by selling it to a studio or streamer.

Some indie films are finding non-traditional ways to distribute outside the traditional theater system through avenues like startup Kinema, which helps filmmakers host in-person and online screenings. Blue Harbor is taking an experimental approach to distributing “Know Your Place” by promoting the film to pockets of audiences in Seattle, where the film is based, in addition to a limited theatrical run.

Indie films can also be a bargain to rent or buy streaming compared to big studio films.

“One of the trading platforms told us that there is an opportunity for indie film because a lot of studio films rent for $20, trying to capitalize on box office success, while indie films can be less than half that from this,” said Michael Messina. a Blue Harbor co-founder.

However, not all indie filmmakers are convinced that the economy has fundamentally changed. Netflix and the other big streamers still aren’t buying the same number of movies they used to, and mid-budget movies are on the decline. Film sales at the Toronto Film Festival, a closely watched barometer of the health of the indie industry, have been off.

Buying behaviors still make it difficult for indie filmmakers, said Ken Kao, co-founder and president of Waypoint Entertainment.

“They’re still forcing movies to be made for a certain price, and it’s a challenge,” he said. “If it’s an auteur film, it has to be made for less than $15 (million) if you’re lucky. Almost every film I make now, I figure out how to squeeze the budget. Us” Redirecting to Eastern Europe to make them all depends on the fact that these studios don’t want to pay for medium-sized independent films, I don’t think that was the case 10 to 15 years ago.