AFM’s New L.A. Location Impresses, Yet Expensive Film Packages Turn Buyers Away

The American Film Market (AFM) has finally returned to its old stomping grounds in Los Angeles, and the industry is breathing a rather loud sigh of relief. After a universally panned and frankly bizarre detour to Las Vegas last year – a trip that felt less like a serious film market and more like a fever dream in a poorly ventilated casino – the prodigal child has returned. This time, the AFM set up shop in the swanky Fairmont Century Plaza, and yes, it’s a massive upgrade.

AFM Returns to Los Angeles 

For an industry that loves to complain, there was a surprising lack of it. The elevators worked (a low bar, but one Vegas failed to clear), the offices were accessible, and you could actually get a decent meal without having to navigate a labyrinth of slot machines. As one sales exec put it, it was the “first time I’ve been able to actually do my work rather than having to deal with everything else.” The stormy LA weather even did its part, forcing attendees to cozy up and, presumably, make some deals.

Even with the new, shiny venue, however, you can’t just slap a fresh coat of paint on a house with foundational issues and call it fixed. The AFM is grappling with an existential crisis that a five-star hotel simply can’t solve.

A Tale of Two AFMs: Shiny on the Outside, Troubled on the Inside

Let’s talk about numbers. The AFM sold out its space with 285 exhibitors. That sounds impressive until you remember that pre-pandemic, this event was pulling in close to 450. Sure, it’s on par with last year’s Vegas disaster, but holding steady with a train wreck isn’t really a victory lap. 

The buyers showed up, many likely lured back by the promise of not having to endure another year in Sin City. However, a functional market is only as good as the deals being made. And on that front, the silence was deafening.

The biggest complaint echoing through the Fairmont’s pristine halls? The price tags. Sellers are still asking for pre-pandemic, pre-streaming wars money in a post-apocalyptic theatrical market. One distribution exec didn’t mince words: “The honest truth is that we feel expectations from producers and sellers haven’t yet fully adjusted to the realities of the market.” Translation: you’re asking for champagne prices when everyone’s on a beer budget.

This delusion is happening while indie darlings with big stars are unfortunately bombing at the box office left and right. Films like “Die, My Love,” “The Smashing Machine,” and “Christy” were supposed to be sure things, but they sadly flopped, serving as a harsh reality check. It’s a tough pill to swallow, but the theatrical model for independent films is now on life support.

Can Big Stars and Sharknados Save the Day?

Despite the doom and gloom, there were a few projects that managed to generate some buzz. Mel Gibson’s biblical epic, “The Resurrection of the Christ,” was the talk of the town, reportedly boasting a budget in the $200 million range for its two parts. Attendees got a sneak peek but they were tight-lipped, bound by NDAs. Yet, the vibe was overwhelmingly positive.

Other projects, like the Charlie Plummer and Stephen Graham-led “Ibelin,” and the Daisy Edgar-Jones revenge thriller “Bad Bridgets,” also had buyers interested. And in a move that feels like a throwback to a simpler, weirder time, B-movie legends The Asylum announced the return of “Sharknado.” Yes, you read that right. Because when the market is this uncertain, why not throw some lurking sharks into the mix? We’re gonna need a bigger market demand.

But here’s the problem: even a project with A-list talent (or a proven, schlocky concept) is no longer a safe bet. The post-theatrical window, once a reliable revenue stream, has been decimated. Streamers are no longer the deep-pocketed saviors they once were, and ancillary, supporting revenues have dried up. Rupert Preston of Vertigo Releasing called it the “biggest problem” for distributors, affecting the entire ecosystem.

The Future of AFM: A Crossroads for Independent Film

So, where does this leave the AFM? The move back to Los Angeles was, without a doubt, the right call. It ended the threat of a breakaway market and brought a sense of stability back to the industry. The IFTA Board deserves credit for listening to the feedback and course-correcting after the Vegas debacle.

However, the challenges remain. Production budgets are spiraling, while market realities can’t support them. The streamers are pulling back, and the studios are largely absent from the indie space. Buyers are hunting for that elusive “needle in a haystack” – a special film that can defy the odds and find an audience.

As one veteran buyer noted, it’s not as “doomy or gloomy” as some suggest, but it is undeniably challenging. The AFM’s successful return to LA is a positive step, but it’s only the first. Now comes the hard part: convincing sellers that the market has fundamentally changed and that sky-high expectations need to come back down to Earth. Until then, we’re just rearranging deck chairs on a very lavishly expensive sinking Titanic – with sharks.