“If recent box office performances are any indication, we are entering a world in which independent cinema dominates theatres. With recent successes of films such as Obsession and Backrooms, films made with much lower budgets with increasingly large returns, a new class of creators and directors born of the YouTube world is really picking up a lot of speed in the entertainment business. If these movies can beat out huge franchises like Star Wars and The Devil Wears Prada, then we are witnessing a shift in culture that’s frankly fascinating to watch.”
What are your thoughts about this? I’ve not seen ‘Backrooms’, if any one in the community has, what did you make of it?
https://www.complex.com/pop-culture/a/jamieiovine/biggest-independent-mo...
Geoff Hall Interesting. First, I have no interest in "Backrooms" - I was bored by the creepy pasta when it first emerged a long time ago. Obsession I might watch. As to independent cinema dominating, it's not a likely scenario in our market, and neither of these films represent independent cinema in terms of business, though both have kept the indie feel in terms of content. IMO we are coming through the cyclical co-opting of independent film by the studios, and that these are examples of that. This happened in the early 80s and again in the early 2000s when indie titles were becoming more popular - studios through subs would finance and acquire independent titles and in this way they kept the independent sector as a whole out of the market. Also, I would argue that neither A24 nor Blumhouse are truly "independent" studios, though Blumhouse still is on the mainstream industry cusp. Blumhouse has had a "first look" deal with Universal for over a decade and therefore the titles it selects get major studio backing and distribution out of the gate. They are not controlled or owned by them though, so *maybe* they still qualify as independent, but maybe not. A24 on the other hand is was given a $40m line of credit from Guggenheim Partners, and in 2022 enjoyed a $225m equity investment by Stripes and Neuberger Berman Client Funds, is currently valued at $2.5B. Neither of those entities is known for handing out cash unless you already have mainstream distribution sewn up (though I haven't looked at this aspect yet). A24 therefore qualifies as "independent" only by reputation in my books.
You're right that a real shift is happening since Backrooms cost about $10 million and earned over $100 million while competing with a Star Wars movie, and the film itself is more of a slow, eerie David Lynch experience than a jump scare horror. Have you noticed younger audiences specifically seeking out these weird, low budget originals instead of the usual franchise fare?
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Shadow is correct that this is cyclical. Indie films and indie-co-sudio films will be financed and distributed. For everyone that hits, dozens fall by the way side. WB and Fox set up a specialty divisions back in the early 2000s - WB Premiere and Fox Atomic. The focus was the $3M - $8M film, usually genre specific. Both shuttered within a few years.