Every year the Sundance Film Festival is full of media buyers from major movie studios; however, in 2017 two names are spending more than any other movie studio.
Both Amazon and Netflix are outspending traditional movie studios such as Paramount, Fox Searchlight, and Universal/Focus Features for rights to movies. And it seems that movie owners are excited to sell to Netflix and Amazon—something that is a big change from 2015.
Back in 2015 both Netflix and Amazon tried to buy up many movies at Sundance but ended up being outbid. There was also concern about how many people would see a film bought by Netflix and Amazon. “We don’t really know yet how many people would see it on streaming,” said one filmmaker at Sundance in 2015.
Now filmmakers are much more willing to sell to Netflix or Amazon because they know there is a large audience; however, there is more to this story than willingness to sell.
Both Netflix and Amazon have brought deep pockets to the Sundance and are driving up the prices.
“The indie U.S. distributors are on the precipice of being on a dangerous tipping point because Netflix and Amazon are driving up the prices into a realm where only a couple of companies can buy movies, and they have to buy them on a worldwide basis,” one veteran acquisition executive told Mashable.
For now the long-term impact of Netflix and Amazon’s shakeup of the streaming world has yet to be clearly seen but what is known for sure is the dominance of the old movie studios is over, but how things will play out is still anyone’s guess.
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