Major deals brokered at AFM
OCEAN AVENUE For the next week, downtown Santa Monica will become the world’s largest boardroom, as thousands of filmmakers, agents and distributors from roughly 70 countries gather in local hotels and movie theaters to compete in an intense bidding war for the latest crop of Academy Award hopefuls.
While film festivals like Cannes and Sundance provide opportunities for celebrities and Hollywood hotshots to celebrate the art and culture of filmmaking, the American Film Market (AFM), which opens today and runs through Nov. 7, is more like a prolonged power lunch where over 520 independent films are critiqued by producers and distributors looking to make bids in hopes of landing a lucrative deal.
It is estimated that $800 million worth of transactions will be made during the market’s run. Since its inception in 1981, AFM has hosted the first screenings of 14 Oscar winners, including “Crash,” “Million Dollar Baby,” and “Lord of the Rings,” said Jonathan Wolf, executive vice president of the Independent Film & Television Alliance and managing director of AFM.
“This is all about the business of film,” Wolf said.
AFM, a non-profit, trade organization representing independent film companies from 22 countries, is not only provides a chance for film-makers to strike it rich, it is also an opportunity for local businesses to get an influx of cash during the fall season, when things tend to slow down until the holiday shopping season begins. Theaters are packed daily as are many hotels, restaurants and retail stores.
The citywide event, which is sold out for the fourth consecutive year, is expected to generate between $15 million and $17 million in total spending, with a hotel room block of 1,300-plus room nights during the eight-day run.
AFM has rented out the AMC 7, Loews Broadway, Mann’s Criterion Theater and the Laemmle, and have built five digital screening rooms at the Fairmont Miramar Hotel and four video screening rooms at the Le Merigot hotel, which is also hosting many AFM guests.
The Loews Santa Monica Beach Hotel is once again the epicenter, acting as the host site for 17 of the market’s 25 years.
“There’s a lot of excitement here today as the exhibitors check in, picking up their registration and setting up booths,” said Rosalind Napoli, regional director of public relations for Loews. “They basically take over our whole hotel. We are at 100 percent occupancy. Nearly every room has been turned into an office.”
The Santa Monica Convention and Visitors Bureau (CVB) funded a report last year on the economic impact of AFM locally and found that the event contributes $11 million to the local economy, generating an estimated $500,000 in taxes for City Hall and $300,000 for the state. The breakdown of tax revenues generated for City Hall are approximately $400,000 collected from hotel taxes and $100,000 in retail sales tax and related fees.
AFM has called Santa Monica home since 1991 because of its combination of several movie theaters, thousands of feet of exhibition space, several hotels with varying rates and an ambiance that suits those who work in the entertainment industry, Wolf said.
“Our entire show is essentially between Wilshire and Pico (boulevards) and Fourth Street to the beach,” Wolf said. “If you look around Southern California and try to find an environment that gives us all the exhibition space we need, 20 plus screens and the enjoyable outdoor atmosphere, shopping and dining, there is Santa Monica and everyone else moves down three notches.”
Among the films making their industry world premieres are “Flick,” with Faye Dunaway,“Mad Money,” starring Katie Holmes, Diane Keaton and Queen Latifah, and “Smart People,” featuring Thomas Hayden-Church, Sarah Jessica Parker and Dennis Quaid.
AFM’s festival partner AFI FEST 2007 will take place from Nov.1-11 in Hollywood. Together, the two events represent the largest gathering of film industry professionals and the only combined film market-festival event in North America.
Originally published in the Santa Monica Daily Press print edition on October 31, 2007. Read the original PDF.