Who needs TIFF? Many films already sold
Some of the most-sought-after titles, which are expected to be box-office hits, have been snapped up by streaming services
Some of the most sought-after movies set to screen at this year’s Toronto International Film Festival have already been sold, before the first curtain went up Thursday on what’s become the unofficial kick-off for Oscar season.
Online entrants such as Netflix, which is expanding to original feature films from documentaries and TV, are influencing the festival business by purchasing worldwide rights earlier. “In the past, the rule of thumb was, if you had a very commercial title, you’d wait for the festival,” said Courtney Sexton, senior director for CNN Films, which grabbed the base-jumping documentary Sunshine Superman in Toronto last year.
“Going in, some of the more commercial titles have already been taken.”
The gathering, running through Sept. 20, has become a crucial place to screen ambitious pictures that are likely to vie for Academy Awards. Best-picture nominee The Theory of Everything had its premiere here, and Oscar winners Slumdog Millionaire and The King’s Speech were also shown in Toronto, where attendance has been growing.
But for distributors seeking the next Oscar-winner, the pickings will be slimmer.
Newer players including Netflix Inc., A24 and the Orchard have created more competition, snapping up theatrical and home-video rights to films screening in Toronto, including Beasts of No Nation, Green Roomand the Jesse Eisenberg picture Louder Than Bombs.
That’ll cut into the action at Toronto, one of the most important film markets.
Movies shown at Toronto are typically made by independent filmmakers, using their own wherewithal or backed by investors. At festivals they meet with buyers and distributors who steer pictures through a run in theatres and then to DVDs and TV.
“Netflix made a compelling offer and presentation,” said Jonathan King, executive vice-president at Participant Media, one of the producers of Beasts of No Nation. “It was important to us that we get this story to the widest audience possible.”
Typically, rights are sold by territory, with the U.S. the biggest, although some studios buy globally. Recently, Internet companies have entered the fray, often seeking worldwide rights for fresh material. That’s cre-
“High-end projects are pre-selling and have distributors in place by the time they premiere.” MICAH GREEN CREATIVE ARTISTS AGENCY
ated pressure to find and obtain new projects earlier in the production cycle, before costly bidding wars break out. Netflix bought Beasts of No Nation in March, paying almost $12 million, according to Variety. It plans to open the movie on Oct.16, in theatres and online.
“Most of the high-end projects are pre-selling, and have distributors in place by the time they premiere at festivals,” said Micah Green, co-head of the film finance and sales group at Creative Artists Agency.
Organizers of the Toronto festival say they’ve seen no signs of a let up in interest. Featured films include: Maggie’s Planwith Greta Gerwig and Ethan Hawke; The Family Fang directed by Jason Bateman; Eye in the Sky with Helen Mirren; and Into the Forest starring Ellen Page.
The number of industry delegates attending has increased by more than 20 per cent over the past four years, with 4-per-cent growth in 2015, based on preliminary numbers. Overall attendance surged 57 per cent in 2014 from 2013.
“We have some strong sales titles in the festival lineup this year, and we’re looking forward to some brisk business in the marketplace,” said Kathleen Drumm, director of the festival’s industry office.
Nick Meyer, CEO of sales and production at Sierra/Affinity, is one who is back. Last year, he was there drumming up deals for Demolition, directed by Jean-Marc Vallée, whose credits include Dallas Buyers Club and Wild. “Toronto is a pretty special place,” Meyer said. “It’s been good for our business.”