Los Angeles, CA (AP) – The Sundance Film Festival’s 40th edition showcased the enduring demand for independently produced documentaries, despite industry consolidation. While sales have been limited thus far, there is significant buyer interest in two documentaries focused on celebrities. “Super/Man: The Christopher Reeve Story” and “Will & Harper,” featuring Will Ferrell, have generated strong attention, as have several other films at the festival.
Josh Braun, a sales agent at Submarine Entertainment, expressed optimism about the current market compared to six months ago when the industry seemed stagnant. Although Submarine has not finalized any deals, Braun is encouraged by the fact that four of their documentary films have received offers, a significant improvement from last year’s festival. In particular, “Daughters” has received recognition with awards, such as the U.S. Documentary Audience Award and the Festival Favorite Award, creating favorable conditions for negotiation.
The issue of bidding wars is a challenge for sales agents like Braun. “Super/Man: The Christopher Reeve Story” and “Will & Harper” have sparked a significant sales backlog, attracting interest from major distributors like Apple TV+, Amazon, and Max. These distributors are reportedly willing to spend up to $10 million on each documentary. As a result, negotiations for other nonfiction titles will likely be on hold until these deals are finalized.
Cinetic Media’s Jason Ishikawa, representing “Super/Man: The Christopher Reeve Story,” shared his satisfaction with the film’s reception at Sundance. He highlighted the success of premiering a film at a festival without prior screenings for buyers. Ishikawa expressed confidence in future deals, despite not securing distribution for his other titles yet.
While the streamers partner with theatrical distributors for documentaries like “Super/Man” and “Will & Harper,” most documentaries at Sundance receive offers from either a streaming platform or a theatrical distributor, not both. Therefore, general expectations for monetary compensation have become more conservative, with many filmmakers opting to sell their documentaries territory by territory.
Geralyn White Dreyfous, co-founder of doc fund Impact Partners, projects smaller amounts being paid to filmmakers this year. She encourages filmmakers to consider selling their documentaries territory by territory to maximize monetization opportunities. Despite the challenges faced by filmmakers last year, particularly in terms of market consolidation and lack of slots, the competition among buyers this year is promising.
While some documentaries have already found distribution, such as Benjamin Ree’s “Ibelin,” which was acquired by Netflix, for most filmmakers, the paychecks for their documentaries will likely be modest compared to previous years when streamers were willing to spend significant sums. Only a select few documentaries, like “Super/Man” and “Will & Harper,” are anticipated to secure substantial deals. However, Ishikawa believes that distributors’ willingness to spend is not limited, as content budgets for streamers remain high.
Overall, the documentary market at Sundance 2024 shows positive signs of recovery and increased buyer interest, although the landscape has undergone significant changes. The focus on commercial films, coupled with a slight willingness to take more risks, indicates positive developments for documentary filmmakers.