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CRESCINE

Crescine Newsdossier #10
13 June 2024
 

Welcome back to the CresCine's newsdossier and our post-Cannes wrap-up! Here are your main industry updates to catch up with just before Summer.

πŸ” In this issue:

🎬 Dive into the CresCine Key Takeaways after Cannes

 πŸ“š Take a look into CresCine Members’ Groundbreaking Book on Media Economics 

πŸŽ™οΈ Celebrate CresCine’s Session at the 2024 Annual Conference of the European Media Management Association (emma) 

🎀 Get ahead of the game with the CresCine @Film EU Summit 2024 in Bratislava

Follow us on Social Media for extra content and don’t miss our upcoming in-depth Small Markets report breakdown!
 

1.CresCine @Cannes Takeaways

2. CresCine Members Publish Book on the Economics of Media

3. CresCine Session Held at the 2024 Annual Conference of the European Media Management Association

4. CresCine @Film EU Summit 2024: Navigating the Future
 

1.CresCine @ Cannes Takeaways

With the Palme d’Or winners announced and the Marche du Film boasting a record number of attendees, the 2024 edition of the Cannes Film Festival wrapped only a few weeks ago.

CresCine conquered the Croisette this year with an unprecedented amount of workshops, closed sessions, and think tank, and a high-intensity presentation on the Marche’s Main Stage, delivering the bird eye view of the industry based on its recently published β€œSmall European Film Markets: Portraits and Comparisons” as well as greening & sustainability, COVID resilience, and skills.

Here are our hot Crescine insight Croissants from Cannes:

1. Market Avenues Diversity

Small European film markets cannot rely on a single avenue to succeed. To ensure sustainability, they must strategically combine multiple avenues, such as cultural resonance, cinematic art, exports, and production services.

2. Domestic vs. International Orientation

Small markets exhibit a wide variance in their orientation towards domestic versus international audiences. For instance, Irish films perform well internationally, while Lithuanian films cater mainly to domestic audiences.

3. Discoverability and Reach

The biggest challenge for small European films is discoverability, not quality. Films often struggle to gain visibility on digital storefronts and platforms.

4. Cross-Market Collaborations

Successful entry into international markets often requires strategic collaborations. For example, Spanish films have high US admissions when partnered with US companies, whereas European collaborations are crucial for success within Europe.

5. Festival Participation

Films from small European countries have limited representation at major international film festivals, although their presence has been increasing marginally in non-competitive A-list festivals in recent years.

6. Entrepreneurial Thinking and Collaboration

Entrepreneurial thinking, including identifying market opportunities and fostering innovation through collaboration, is crucial for the film industry. Initiatives like the Producers Club facilitate networking and knowledge exchange, helping producers adapt to changing market dynamics.

7. Skills Development and Accessibility

There is a significant skills gap in the European film industry. To remain competitive, there is a need for more accessible training programs that cover a wide range of skills, from leadership and diversity to technical know-how in fields like virtual production and VOD distribution.

8. Engage with Crowdfunding and Equity Financing

Crowd equity can successfully raise significant funds through platforms like WeFunder. Building a relationship with your audience from the financing stage creates a dedicated fan base eager to support and promote your film.

9. Capitalize on Soft Money

A combination of soft money, such as grants and subsidies, in Europe still drives production. Understand the soft money landscape in your region and use it to complement other financing models.

10. Utilize Decentralized Decision Making

Decentralized Pictures is a platform that allows communities to review and decide on project financing. This decentralized model ensures decisions reflect audience preferences, offering a forward-looking approach to film financing.

11. Package Your Project Smartly

For traditional financing, ensure your film is well-packaged. This includes having a convincing finance plan, a bankable sales agent, and clear audience metrics. Sales estimates and AI tools can help validate your project's potential, making it more appealing to investors.

12. Develop a Clear Distribution Strategy

Navigating the distribution landscape requires a solid strategy. Understand where your audience consumes media and tailor your distribution to those channels. Combining traditional and digital avenues, hybrid distribution methods can maximize reach and revenue.

13. Explore Private Equity Funding

Private equity funds can provide substantial investment into film projects, especially when the project has a strong cultural or geographical connection that appeals to investors.

14. Engage Venture Capitalists (VCs)

There is a growing interest from VC firms in the entertainment sector. Tailoring the investment pitch to highlight both the risk and the potential high returns is crucial. Building a compelling narrative around your project’s market potential can attract VC interest.

15. Invest in Content Slates

Creating a slate of projects can be an effective way to mitigate risk and attract investment. By grouping multiple projects, investors have a portfolio effect, which decreases the risk of total loss while still providing opportunities for high rewards.
 WATCH THE FULL FINANCING SESSION NOW 
 

2. CresCine Members Publish Book on the Economics of Media

CresCine researchers Ulrike Rohn from Tallinn University and Tim Raats from Vrije Universiteit Brussel, together with BjΓΈrn von Rimscha from Johannes-Gutenberg-University Mainz, have published an edited book on the economics of media. 

With more than 30 chapters from authors worldwide, β€œThe DeGruyter Handbook of Media Economics” provides a comprehensive exploration of current trends and future trajectories in media industries, including the film industries.

Several CresCine members have contributed to this volume. From Tallinn University, Indrek Ibrus contributed with a chapter on media innovation and Ulrike Rohn with a chapter on data analytics in media organizations. From Vrije Universiteit Brussel, Tim Raats wrote a chapter on curriculum development, Catalina Iordache on the effects of streaming on media markets,  Heritiana Ranaivoson, Annelien Smets and Pieter Ballon contributed with a chapter on recommender systems in media markets,  and Alessandro D’Arma, Jeanette Steemers and Tim Raats with a chapter on public service media in the platform age. 

Also of potential interest to our CresCine network might be the chapter on different data sources available for researching media industries by Denise Voci and Pamela NΓΆlleke-Przybylski, the chapter on audiences in media markets by Mercedes Medina, Francisco J. PΓ©rez-Latre and Alfonso Vara-Miguel, the chapter on the value of clusters in the media industries by Marlen Komorowski and Sari Virta, the chapter on the industrial challenges in the Nigerian Film Industry (Nollywood) by Godwin Iretomiwa Simon, as well as the chapter on changing authorship and copyright in the media industries by D. Bondy Valdovinos Kaye. 
 GET THE BOOK 
 

3. CresCine Session at the 2024 Annual Conference of the European Media Management Association

CresCine has organized a session at the 2024 annual conference of the European Media Management Association (emma)!

The CresCine session, titled 'Enriching Research and Management Practice for Increasing the International Competitiveness of Film Industries,' has explored tools and results developed by CresCine and their applicability for media management researchers and practitioners. It has also discussed the benefits of research-industry collaborations for scholarship and industry practice, as evidenced by the CresCine.

The session, co-chaired by Ulrike Rohn and Ivana Kostovska, featured CresCine researchers from Estonia, Belgium, and Portugal:

Exploring audience preferences for domestic films in small markets (AndrΓ© Rui GraΓ§a - CICANT/LusΓ³fona University)


Release windows in post-covid film distribution: Exploring strategies and practices in Europe (Paul Hammoud - SMIT-VUB)

Film export and competitiveness: A comparative view on circulation of films in cinemas and VOD (Ivana Kostovska - SMIT-VUB)

The effects of US films on local industries in Europe (Ana Falcon - Tallinn University)

The special session was well received by the audience and provided both positive feedback from the academic community of media management researchers and good ideas for further research. 

The emma conference occurred in Leeuwarden, The Netherlands, June 6-7. NHL Stenden University has hosted the conference in collaboration with Erasmus University.
 FOLLOW EMMA CONFERENCE 
 

4. CresCine @ FilmEU Summit 2024: Navigating the Future

CresCine is proud to have participated in the 4th annual FilmEU Summit hosted by VΕ MU in Bratislava, Slovakia, from June 3-6. This week-long event was a remarkable opportunity for collaboration, innovation, and co-creation.

It marked the first time Universidade LusΓ³fona - Centro UniversitΓ‘rio Lisboa, LUCA School of Arts, DΓΊn Laoghaire Institute of Art, Design and Technology and Tallinn University were joined by alliance members VSMU, LMTA, National Academy of Theatre and Film Arts "Kr. Sarafov" and VIA University College for an in-person conference.

We were thrilled to engage with such a diverse and dynamic group of partners to shape the future of FilmEU.

Keynote Speakers

As part of the Summit, two Keynote Speaker talks were live-streamed:

June 4: Jakob Isak Nielsen "Future Models for the Film Industry in Small Countries"

Abstract: Small film industries in Europe share a common challenge: their domestic audiences are often too small to sustain a local film industry. However, the strategies to address this challenge vary significantly. In this keynote, Jakob Isak Nielsen presented research from the new report Small European Film Markets: Portraits and Comparisons. The research focuses on seven small film 'ecosystems' in Europe, highlighting four main avenues as essential orientation points.

June 6: Sarah Atkinson "The Future of Screen Media"

These insightful presentations provided a deep dive into future models for the film industry and the evolving landscape of screen media. We are excited about the new possibilities and strategies discussed to advance the film industry across Europe.

Stay tuned for our next newsletter for a full breakdown of the Small European Film Markets: Portraits and Comparisons Report!
 READ MORE 
 

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