PARK CITY, Utah – It’s independents’ day at the Sundance Film Festival.
Talent agents, sales executives and bankers report there’s more money flowing to indie film sector than ever before.
While the dollar amounts behind each film deal aren’t huge — in the low multi-million dollar range — the number of deals is up sharply, veterans of this ski resort film fest said.
The surge in the number of deals is the result, the insiders said, of Hollywood studios’ belt tightening and the inflow of money from outside traditional financing streams.
“We’re seeing people from the tech world and other very successful individuals are stepping into the space,” said Mark Ankner, a newly-minted partner in WME’s film group. The uber-agent said this is the biggest year he’s seen in terms of money getting behind the indie movies that screen here.
“The marketplace is stronger than it’s ever been,” he said.
Indie movies are made for a couple of million dollars — making profit potential high if the flicks get picked up. And with a wider opportunity for that to happen – we’re looking at you Netflix, iTunes, YouTube and Vimeo – the smart money is turning to films.
In addition, Participant Media launched its own indie-focused cable service, Pivot, last August. It’s here at Sundance hoping to lure movie talent with TV money.
CNN Films is also here scouting for documentaries as part of the mandate of Jeff Zucker, CEO of CNN Worldwide, is to broaden the definition of news.
Rick Hess, founder of investment bank Evolution Media Capital, told The Post: “It’s never been like this. It’s a factor of the markets globally and people looking for alternative investments. I’ve never seen so much outside money.”
Sold so far are: “Dinosaur 13” to CNN Films and Lionsgate; “Whiplash” to Sony Pictures Classic for nearly $3 million; and, Keira Knightley’s “Laggies” to A24 Films for about $2 million.
Participant Media boss Jeff Skoll revealed that he spent his first Sundance festival years ago scrounging a room and trying to figure out how to get into screenings. The next year was just a bit better: He was a guest of festival founder, Robert Redford.
Skoll the first full-time employee of eBay and the auction site’s first president, explains that he started his own socially oriented film company after his pitch to Hollywood fell on deaf ears. He joked they wanted to know if he could fund “Legally Blonde 2.”
Participant went on to fund movies such as George Clooney’s “Goodnight, Goodluck,” and “Lincoln.”
Actress Maggie Gyllenhaal tells The Post she doesn’t have the kind of disposable income to finance independent movies — but she did just buy the rights to book, “Mating,” by Norman Rush. The 1992 novel is about an anthropologist who treks across Botswana’s Kalahari Desert in search of an intellectual who has set up a secret, utopian society.
The 36-year old New York City native said she is looking for a producer to work with on it.
Gyllenhall, sister of actor, Jake, says Sundance really gave her the first break of her career in the 2001 indie science fiction film, “Donnie Darko,” which was nominated for a Grand Jury Prize here.
“Sundance continues to support teeny tiny movies and there’s no one out there that really does that like this,” said Gyllenhaal, who was seen last year in Columbia Pictures’ “White House Down.”.
“I feel like Sundance gave me my career,” she said.
Gyllenhaal mingled with festival goers at the Sundance Channel house HQ on Main Street. She stars in Sundance Channel’s latest series, “Honourable Woman.” The actress is also in Sundance movie, “Frank.”
Zach Braff, the 38-year old actor and director from South Orange, NJ, made a successful return here with his tragicomedy, “Wish I Was Here.”
The movie, which Braff funded via crowd-sourcing on Kickstarter, was sold to Focus Films for $2.75 million, according to a report. It stars Braff, Kate Huson, Mandy Patinkin and Josh Gad.
The deal with Focus includes a commitment of about 600 theaters, according to The Hollywood Reporter, which first reported the deal. CAA and Wild Bunch conducted the auction.
It was in 2004 that Braff brought his “Garden State” to Sundance and it won him wide praise. For his latest project, Braff raised more than $3 million from 46,000 people on Kickstarter.
If you were having a hard time reaching Harvey Weinstein on Sunday afternoon, he was hosting his annual, “Football Party.” It might be Sundance, but it’s also almost time for the Super Bowl.