Field Notes from MIPCOM

+ why Independent Film is having a moment in the TV business

Photo by Amy W. on Unsplash

We’ve gone deep into the topic of independently financed and produced Series over the last couple years - most recently here and here.

But with MIPCOM just wrapping up this week I thought I’d send you some key take-away’s from the event as it relates to all of us hailing from the world of Independent Film. In other words, I’ll try and distill the most salient points for how it pertains to you (not studio level execs or producers because let’s face it, they are in another category).

But first! I want to welcome all our new subs who have come through the various referral networks here on Substack. Thank you to everyone who has referred us and if you find value here, please continue to share the work we’re doing. Here’s a handy button for you to click below 😃

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Word On The Croisette

I have quite a history with MIPCOM and - confession time - it’s long been my favorite market. More intimate than the Cannes Film Market but still big enough to initiate and close a good amount of business. Early on in my career I made some of my closest friends and allies in the industry at the MIP’s (r.i.p MIPTV) and have fond, fond memories of never-ending laughter and free flowing good times. But the real beauty of MIP for me was always the amount of actual business that got done and the impact it had on the bottom line of the companies I worked for.

Additionally, I learned and honed my craft of selling at MIP - everything from completed series and movies, to pitches using nothing but a one-sheet, and producing sizzles out of thin air….to the power of having a library of finished tape from which to sell while watching the global cable business be built from the ground up. Funny enough, we’ve come full circle with that last point since having a full catalogue of finished tape is how many companies are staying in business by powering up the build out of the FAST channel ecosystem.

Fast forward to today thought and the TL;DR from my vantage point is more is more - you better be armed with well produced proofs of concept, fully baked packages and pitches, or in some cases forget trying to ‘pitch’ anyone - just figure out how to make the whole series yourself.

With all that said, here’s some take-away’s I had from this year’s MIP - where we stand, and what you can do about it if you are pursuing trying to get a series concept off the ground….

• Most common question from potential buyers - what’s the audience for this show and how much audience can you drive? Real talk - you want someone to join your parade you better be bringing something else to the table other than just your idea and potential audience matters the most.

• Question I’m asking myself and clients I’m working with - Are you being realistic with how your creative concept marries the financial constraints of the current market? Can what you’re pitching be made at a price that fits with the economic realities?

• Before pitching networks, streamers, and distributors - protect your creative as long as possible. Resist the soft pitch. The project should gestate to the point it can be taken to market in a more competitive fashion. Get the package right before the deal is done.

• When pitching private equity investors to come on board your series finance plan, remind them that unlike a one-off feature film, they’ll have the ability to profit from multiple seasons if your show get’s picked up for a second and/or third season so their upside isn’t as capped in the same way (though risks are just as big!)

• Ad-based streaming (AVOD) is now a massive category. As opposed to the old model of up front licensing fees for a 3-5 year term, the AVOD platforms have matured to a point where you can potentially make more money in ad revenue over that same period especially if you can drive an audience. (see above point #1)

• Don’t sleep on creating original content for You Tube. While the big studios try and steer the Titanic and squeeze their big budget thinking into a small container, us Indies are used to working on a shoestring and can respond quicker by putting our low budget chops to work in creating Grade A series and features made exclusively for the You Tube platform. I’m doing it myself and helping clients reimagine their IP for digital propositions. The biggest challenge with You Tube is that the economics don’t yet pencil out in most cases for anything resembling a ‘normal’ budget so staying lean and mean is the name of the game.

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I’m going to leave it at that for now while I continue gathering more intel and hearing from my trusted sources as they trickle back into town.

Did you go to MIP and do you have insights to share? Please comment below or email me about any series you’re trying to get off the ground at stacey@filmspecific.com.

I hope you all have a fabulous weekend ahead and speak to you again soon!

Stacey

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