How do you assess the market value and potential of your film production? This is a crucial question for any filmmaker who wants to secure funding, distribution, and audience for their project. In this article, you will learn some practical tips and tools to help you evaluate your film's worth and potential in the competitive and dynamic film industry.
One of the first steps to assess your film's value and potential is to identify your genre and target audience. Different genres have different market expectations, trends, and opportunities. For example, horror films tend to have low production costs and high profitability, while dramas may require more investment and appeal to a smaller niche. Similarly, your audience will determine your film's tone, style, and message. You need to research who your ideal viewers are, what they want, and how to reach them. You can use online platforms, surveys, focus groups, and festivals to test and validate your audience's interest and feedback.
This sounds like good solid advice, but to be honest unless you have a buyer for the film (Netflix, Warner, etc) so that the investor can see an exit, there’s no need to make the film. No buyer = lawsuits.
Another way to assess your film's value and potential is to compare it with similar films that have been released or are in development. You can use online databases, trade publications, and industry reports to find comparable films in terms of genre, budget, cast, crew, theme, and release strategy. You can then analyze their box office performance, critical reception, awards, and streaming deals to estimate how your film might fare in the market. You can also identify the strengths and weaknesses of your film's competitors and use them to improve your film's quality and differentiation.
I am currently conducting research on the potential for co-production between India and the United Kingdom in feature films production. So, in order to create a successful model, I have been researching previous models of co-production films between two countries. There is a historical trace of movies that fruitfully accomplished co-productions. I have been analyzing what are all the challenges and opportunities. I am also looking into the model of China-Australia co-productions. So, I personally feel this is an effective method.
Your production budget is the amount of money you need to make your film. It includes the costs of pre-production, production, and post-production, such as script development, location scouting, equipment rental, crew salaries, editing, music, and marketing. Your production budget will affect your film's value and potential in several ways. First, it will determine how much funding you need to raise and how you will finance your film. Second, it will influence your creative decisions and artistic vision. Third, it will impact your profit margin and return on investment. You need to create a realistic and detailed production budget that reflects your film's goals and resources.
Post production is where indie films go to die. There’s never enough money budgeted to fix problems that occurred during production. Folks forget you have to pay actors to fix scenes, etc. I wouldn’t worry too much about marketing as that’s the distributor’s responsibility. You just want to protect your investor’s position in the pay back when it comes to studio marketing. More on that later.
Your distribution strategy is how you plan to deliver your film to your audience. It includes the channels, platforms, and markets you will use to sell or license your film. Your distribution options will depend on your film's genre, audience, budget, and quality. You can choose between traditional distribution, such as theatrical release, broadcast, or DVD, or alternative distribution, such as online streaming, video on demand, or self-distribution. You need to research the advantages and disadvantages of each option and how they affect your film's revenue, exposure, and rights. You also need to negotiate the best deals and contracts with your distributors.
See my note above. If you don’t have a buyer (even if you have to finance the film independently), then you’re toast. Period.
Your marketing potential is how you can promote and position your film to attract and retain your audience. It includes the elements that make your film unique, appealing, and memorable, such as your title, poster, trailer, logline, tagline, and synopsis. Your marketing potential will also depend on your film's genre, audience, budget, and quality. You need to develop a marketing plan that outlines your objectives, strategies, and tactics to generate awareness, interest, and action for your film. You also need to measure and monitor your marketing results and feedback to adjust and improve your plan.
Finally, you can use professional tools and services to help you assess your film's value and potential. There are many online and offline resources that offer data, analysis, advice, and support for filmmakers at different stages of their film production. For example, you can use software, apps, or websites that provide budgeting, scheduling, scriptwriting, editing, or distribution tools. You can also consult experts, mentors, or consultants who have experience and expertise in film production, finance, marketing, or distribution. You can also join networks, organizations, or associations that offer training, funding, or exposure opportunities for filmmakers.
It's worth considering the value of professional tools and services when assessing your film's potential. There's a wide array of resources available, both online and offline, that can provide valuable data, analysis, and advice tailored to filmmakers at different stages of production. From software and apps for budgeting, scheduling, and scriptwriting, to expert consultants and mentors in finance, marketing, and distribution, tapping into these resources can offer valuable insights and support. Additionally, joining networks, organizations, or associations that offer training, funding, or exposure opportunities can open doors to new connections and further enhance your filmmaking journey.
If the movie is an indie filmmaker calling card, make it via any means necessary and aim to gain interest on the festival circuit. You'll probably never see a return on your investment. But if the film does well and you get to the next career opportunity, all the effort is worth it. If you're contemplating an indie to make money, you're just as likely to do well at a casino or playing the lottery. It's not impossible, just very long odds. You're better off working for someone else to network and gain experience vs. risking your own money against entrenched distribution systems.