AFM’s move to Vegas and the unexpected costs

A shake-up in the film market

At this year’s AFM, everyone was buzzing about the market’s bold shift from Santa Monica to Las Vegas. The backdrop of this year’s event, however, was further complicated by the coincidental clash with the U.S. presidential elections, held right in the swing state of Nevada on November 5.

The price of a cup of coffee

A particularly hot topic among attendees was the jaw-dropping costs associated with hosting in Vegas. A standout was the $700 fee to rent a coffee machine—a figure that had many industry professionals scratching their heads. While a handful of companies coughed up the fee, others resorted to smuggling their own machines or sticking to pricey bottled water, which could set you back $6.50 for a small bottle.

Contrasting opinions on the trade floor

Despite the hefty expenses on beverages, the real question was whether this change in venue would translate into better business. The reactions were mixed. Traditionally, by the midway point of the market, distributors would have a clear sense of the top projects creating a buzz. This year, however, even with a slew of A-list projects announced ahead of time, it was unclear which films were generating the most interest.

Mark Gooder of Cornerstone remarked on this unusual silence, noting the diversity in buyer interests as a potential sign of caution, high prices, or a lack of impressive offerings. This sentiment was echoed by several others who felt that the glitz and glamour of Vegas did more to distract than facilitate business deals.

Success stories amid uncertainty

Not all was doom and gloom. Hugo Grumbar from Embankment noted success with their pre-announced projects like the horror film Molepeople and the star-studded The Housekeeper. Similarly, Kim Fox from The Veterans highlighted the positive sales trajectory of Paper Tiger, featuring big names like Adam Driver and Anne Hathaway.

Spotlight on genre films

This year, genre films found a particularly receptive audience at AFM. Elevated horror and unique genre movies like Longlegs are performing exceptionally well at the box office. Sarah Schweitzman from CAA Media Finance emphasized that audiences today crave diverse and surprising genre films, driving their theatrical success.

The struggle of drama films

Conversely, dramatic pieces without the pull of notable names or directors faced more difficulty. Schweitzman noted that while genre films thrive, drama films without high-profile backing struggle both internationally and domestically.

The shift towards IP-based projects

Interestingly, the market saw an increased appetite for projects based on existing IPs. For example, the reboot of the classic action film Cliffhanger is an attempt to reimagine beloved stories for contemporary audiences. Schweitzman highlighted this trend as growing both in independent and studio circles.

Will attendees return to Vegas?

Throughout the event, there was a palpable sense of uncertainty regarding Vegas as a future location. The high cost, coupled with the tumultuous election atmosphere, kept many attendees away. For those who did make the trek, the novelty of navigating casinos to get to meetings quickly wore thin, with some describing the environment as not conducive to serious business.

The financial squeeze on sellers

A significant issue was the prohibitive cost of operating out of the Palms hotel. Many sales agents felt squeezed by exorbitant fees, from $500 to empty a minibar to $800 for importing furniture. One sales agent recounted opting for a $100 IKEA chair instead of paying the hotel’s steep fee, criticizing Vegas as a financial tipping point.

Plans for a return to Santa Monica

The financial strain and logistical challenges have led several sales agents to consider returning to Santa Monica next year, without the official AFM. They believe that organizing an independent event could offer better business opportunities at a fraction of the cost.

A call for spontaneity in the market scene

One prominent LA producer lamented the lack of spontaneous meetings and the generally inhospitable environment in Vegas. They cherished the more accessible and film-friendly atmosphere of Santa Monica, located right in the entertainment capital of the world.

Mark Gooder aptly noted how perspectives can change with new experiences, reflecting on how the Loews Hotel’s perceived shortcomings seem minor in hindsight.

If you found this insight into the AFM’s shift to Vegas intriguing, be sure to share this article on social media and stay tuned for more updates on the ever-evolving film market landscape.