AFM Major Flop

When we think about a movie industry flop, we usually associate it to a single

bad theatrical release. But last weeks’ AFM fiasco was much more damaging to

the business, since sales went down during one of the largest film markets of

the world.

From the Ocean to the Desert

The American Film Market was hosted for 30 years at the Loews Hotel, an ocean

view Santa Monica venue that was recently sold, forcing it to move out. For the

2023 edition, IFTA (Independent Film & Television Alliance) relocated the market

to the same neighborhood, but to a hotel squeezed between a high school and a

freeway. The new venue was not a hit. In March this year, it was announced that

the 2024 edition would happen at The Palms, in Vegas – following the curious

trend of building Hollywood 2.0 in Nevada (more on our past newsletter).

After shakes

Now, just ten days after the end of the first AFM Las Vegas edition, many of the

5,500 attendees announced that they are not going back next year, including

seven major distributors who are planning on creating a new event in LA. This

decision is driven by three main reasons:

Climate Change

Set up on a peculiar atmosphere of slot machines and roulettes, with no

cocktails or mingling lounges, AFM’s ambience was not aligned with the film

industry standards. Many attendees complained about the lengthy elevator lines

that made buyers late to meetings (stairs are not an option in Vegas’

skyscrapers), up to one-hour uber wait and bad food, according to Indiewire.

For Profit

Variety reports that water bottles were sold for $6,50 at The Palm’s lobby. Coffee

machines ran in the $700s for a rental. An empty minibar fee was $500. No

wonder everyone left the market thirsty!

Plus, a simple chair rental was $100, and a couch, $800. Add that to the already

exorbitant $20,000 for the room plus badge (some executives confessed to

smuggling their own furniture – and coffee machines)!

Sales Decline

The most important aspect of AFM is, of course, sales. But in the Vegas edition

buyers were not buying. Some blame it on the distractions offered by the “Sin

City”, others on prices being higher (maybe driven by companies needing to

recoup the inflated investment?).

Apparently, the only significant sales of this market gravitated towards horror

films, which have been consistent - as the genre, when packed with talent, has

been overperforming both in box offices and streamers. Dramas and indie films

negotiations were not expressive on this edition.

AFM Spinoff

A new alliance formed by AGC Studios, Black Bear, FilmNation, Lionsgate, Neon

International, WME Independent, The Veterans, and Voltage Pictures, has just

announced the creation of a new LA-based market for 2025, right after AFM, as

reported by Deadline.

At Malin Entertainment we have been attending AFM (as well as many other film

and TV markets) for decades. If you need assistance with distribution, sales,

representation or on how to navigate those events, let’s schedule a call!

Cheers,

Laura

PS: if you like our free newsletter, please share and comment!