Industry braced for economic impact
By Steven Zeitchik
April 9, 2008
NEW YORK -- As the U.S. economy faces a swirl of negative forces, the film-financing world is set to endure its own perfect storm.
And like the economy, things could get a lot worse before they get better.
Much of the focus has in recent months been the fate of slate funds such as Dune and Gun Hill as Wall Street wrings its hands over its lack of selection and low batting averages.
But so-called single-picture financing -- which encompasses films ranging from the smallest indie to a $60 million star vehicle -- is going through its own turbulence. Projects that would have sailed through easily a year ago are stalled in development. Movies that are practically in preproduction are falling apart at the eleventh hour.
"We've always gotten calls from producers saying, 'Our financing has fallen through; can you help us?' " the Film Department's Mark Gill said. "Now we're getting a lot more."
Read the rest
No comments:
Post a Comment