The 40th edition of Sundance Film Festival has demonstrated that the market for independently produced documentaries is still alive and thriving, despite corporate consolidation. While not many sales have been made thus far, there has been significant interest from buyers in certain celebrity-focused films, such as “Super/Man: The Christopher Reeve Story” and “Will & Harper,” featuring Will Ferrell, as well as in other documentaries.
A Positive Shift in the Market
According to Submarine Entertainment sales agent Josh Braun, “The market didn’t have a pulse six months ago,” but now there is a renewed sense of optimism. Although deals have not yet been closed for any of the titles, Braun is hopeful, given that four of his films have received offers, unlike the previous year when only one film sold.
Impressive Recognition and Bidding Wars
Several films represented by Braun have garnered prestigious awards at Sundance, including “Daughters,” which won the U.S. Documentary Audience Award and the Festival Favorite Award. These accolades are expected to help Submarine Entertainment negotiate distribution deals for their documentaries. However, sales agents like Braun are currently dealing with bidding wars, especially concerning “Super/Man: The Christopher Reeve Story” and “Will & Harper,” with multiple distributors, including Max, Apple TV+, and Amazon, showing interest and reportedly willing to pay as much as $10 million per movie. Consequently, major distributors are waiting for these deals to be finalized before considering other nonfiction titles.
Success Stories at Sundance
Jason Ishikawa of Cinetic Media, who is representing “Super/Man: The Christopher Reeve Story,” expressed his confidence in the film’s prospects. He noted that even without screening the film for buyers prior to its premiere, they received a substantial offer within 15 minutes of its conclusion. Ishikawa also brought other documentaries to Sundance, such as “A New Kind of Wilderness,” “Devo,” “Look Into My Eyes,” and the Debra Granik docuseries, “Conbody Vs Everybody.” Although distribution deals have not been signed yet for these titles, Ishikawa shares Braun’s optimism about the documentary marketplace this year.
A Competitive Landscape
While market consolidation remains an ongoing issue, Ishikawa highlights that competition among buyers for the right kind of films in the theatrical space is strong. Theatrical distributors like Neon are rumored to be considering partnerships with streaming platforms for films like “Super/Man: The Christopher Reeve Story” and “Will & Harper.” However, most documentaries at Sundance will likely only secure distribution from either a streamer or a theatrical distributor, with only a fortunate few achieving both.
Shifting Financial Landscape
Filmmakers are expected to receive more conservative payments for their documentaries this year, as the days of streamers offering large sums upfront (as seen with “Knock Down the House” and “Boys State”) appear to be on hold. Territory-by-territory sales are becoming more common, allowing filmmakers to monetize their work globally. Geralyn White Dreyfous, co-founder of doc fund Impact Partners and an influential figure at Sundance, anticipates smaller deals this year and emphasizes the importance of considering all-rights deals versus territory-by-territory sales.
Promising Prospects
Despite some uncertainty, Ishikawa believes that “Super/Man: The Christopher Reeve Story” and “Will & Harper” will not be the only documentaries at Sundance 2024 to receive substantial offers. He sees a willingness among distributors to invest in quality content, and the budgets for such productions remain high for streamers. However, Braun takes a more cautious approach, acknowledging that while there is a focus on commercial films, there are also opportunities for unique and high-quality documentaries, signaling a positive step forward for the industry.
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