1 00:00:09,600 --> 00:00:13,800 Speaker 1: Welcome to Strictly Business, Variety's weekly podcast featuring conversations with 2 00:00:13,880 --> 00:00:17,480 Speaker 1: industry leaders about the business of media and entertainment. I'm 3 00:00:17,520 --> 00:00:20,720 Speaker 1: Centia Littleton, co editor in chief of Variety Today. My 4 00:00:20,800 --> 00:00:23,840 Speaker 1: guest is Stuart Ford, who is chairman and CEO of 5 00:00:23,960 --> 00:00:27,480 Speaker 1: AGC Studios. He is a longtime player in the world 6 00:00:27,480 --> 00:00:30,440 Speaker 1: of the global film business and more recently he's expanded 7 00:00:30,440 --> 00:00:33,479 Speaker 1: into television. Ford and I spoke a few days before 8 00:00:33,479 --> 00:00:36,320 Speaker 1: we both headed off to Sundance. He's here to launch 9 00:00:36,360 --> 00:00:41,000 Speaker 1: the family film fing starring Taikoititi. It's set to premiere 10 00:00:41,159 --> 00:00:44,280 Speaker 1: set to premiere January twenty fourth at the festival's Family 11 00:00:44,360 --> 00:00:48,560 Speaker 1: matinee section. In our conversation, Ford gives a very detailed 12 00:00:48,760 --> 00:00:52,159 Speaker 1: and very blunt assessment what he sees as the problem 13 00:00:52,280 --> 00:00:55,440 Speaker 1: with film business economics right now, but he also sees 14 00:00:55,440 --> 00:00:58,680 Speaker 1: a lot of opportunity for indie outfits like his from 15 00:00:58,680 --> 00:01:01,760 Speaker 1: all the tumult with Hollywood studios and streamers. It's a 16 00:01:01,920 --> 00:01:05,720 Speaker 1: very wonky conversation, but if you're interested in the intricacies 17 00:01:05,720 --> 00:01:09,960 Speaker 1: of pay one deals and international TV financing models, this 18 00:01:10,000 --> 00:01:17,840 Speaker 1: is the Strictly Business episode for you. Stuart Ford, Chairman 19 00:01:17,920 --> 00:01:20,880 Speaker 1: and CEO of AGC Studios, Thank you so much for 20 00:01:20,959 --> 00:01:21,400 Speaker 1: joining me. 21 00:01:21,520 --> 00:01:23,080 Speaker 2: Hi Cynthia, It's a pleasure to be here. 22 00:01:23,280 --> 00:01:25,200 Speaker 1: You and I are talking here a couple of days 23 00:01:25,240 --> 00:01:29,160 Speaker 1: before the sun Dance Film Festival begins in Park City, Utah. 24 00:01:29,319 --> 00:01:31,120 Speaker 1: What are some of the things that you're looking to 25 00:01:31,160 --> 00:01:32,720 Speaker 1: do there? What do you think people are going to 26 00:01:32,720 --> 00:01:34,600 Speaker 1: be talking about at this year's festival. 27 00:01:34,720 --> 00:01:39,160 Speaker 3: We have a film that is debuting on Saturdays. We 28 00:01:39,360 --> 00:01:42,360 Speaker 3: have US rights and a whole host of international rights available, 29 00:01:42,440 --> 00:01:45,880 Speaker 3: so we'll definitely be wearing our sales hat with that. 30 00:01:46,560 --> 00:01:47,520 Speaker 2: And what film is that? 31 00:01:47,840 --> 00:01:51,560 Speaker 3: It is a film called Fing starring Taiko Waititi, and 32 00:01:51,680 --> 00:01:54,440 Speaker 3: it is a family film that we shot in Australia 33 00:01:54,520 --> 00:01:54,920 Speaker 3: last year. 34 00:01:55,000 --> 00:01:57,280 Speaker 1: Great, what do you think is going to be the 35 00:01:57,440 --> 00:02:00,960 Speaker 1: tenor and the dynamic of the marketplace? Are doing business 36 00:02:01,000 --> 00:02:02,880 Speaker 1: all over the world, You must have a sense of 37 00:02:02,920 --> 00:02:05,120 Speaker 1: where the heat and what people are going to be 38 00:02:05,160 --> 00:02:06,200 Speaker 1: focused on this year. 39 00:02:06,360 --> 00:02:09,800 Speaker 3: Sometimes there's always something of a benchmark in the independent 40 00:02:09,840 --> 00:02:13,520 Speaker 3: film world, and obviously there's something of a symbolism this 41 00:02:13,639 --> 00:02:16,400 Speaker 3: year with it being the last year in Park City, 42 00:02:16,600 --> 00:02:20,880 Speaker 3: which coincides with all of this change in turbulence going 43 00:02:20,880 --> 00:02:24,560 Speaker 3: on around the broader film industry and entertainment sector, and 44 00:02:24,639 --> 00:02:27,560 Speaker 3: of course independent film is far from immune from that 45 00:02:27,720 --> 00:02:31,600 Speaker 3: change and turbulence, and so I think for that reason, 46 00:02:31,760 --> 00:02:34,680 Speaker 3: a lot of the conversation is about who are we 47 00:02:35,000 --> 00:02:37,800 Speaker 3: as an independent film sector and who are we going 48 00:02:37,840 --> 00:02:41,480 Speaker 3: to be going forwards? What are the economics and what 49 00:02:41,560 --> 00:02:45,360 Speaker 3: are the creative mandates for independent film in this brave 50 00:02:45,400 --> 00:02:45,840 Speaker 3: new world. 51 00:02:46,160 --> 00:02:49,480 Speaker 1: You are involved with the exact kind of films that 52 00:02:49,639 --> 00:02:53,880 Speaker 1: are the hardest to get into traditional theaters, the hardest 53 00:02:53,880 --> 00:02:57,480 Speaker 1: to get a traditional audience into. You're not based on IP, 54 00:02:57,800 --> 00:03:00,799 Speaker 1: you are not a variation of a theme park ride 55 00:03:01,080 --> 00:03:04,280 Speaker 1: or a novel series or anything like that. How are 56 00:03:04,320 --> 00:03:06,320 Speaker 1: you able to make these movies work? How are you 57 00:03:06,400 --> 00:03:08,720 Speaker 1: able to get financing? How are you able to get distribution? 58 00:03:09,360 --> 00:03:11,520 Speaker 3: Well, you know, we're lucky in as much as we 59 00:03:11,560 --> 00:03:16,520 Speaker 3: have both a self financing and a sales capability within 60 00:03:16,560 --> 00:03:19,560 Speaker 3: AGC Studios, we are one of the, if you like, 61 00:03:19,600 --> 00:03:22,280 Speaker 3: the privileged few in the independent sector that to some 62 00:03:22,480 --> 00:03:26,280 Speaker 3: extent can drive our own projects into production. That's not 63 00:03:26,360 --> 00:03:28,640 Speaker 3: to say we have carte blanche to do it. Obviously, 64 00:03:28,960 --> 00:03:34,320 Speaker 3: there are financial parameters and creative parameters that we have 65 00:03:34,440 --> 00:03:37,840 Speaker 3: to pay very very close attention to as you say, craceively. 66 00:03:38,560 --> 00:03:40,480 Speaker 3: You know, we really live in the space that's been 67 00:03:40,720 --> 00:03:44,200 Speaker 3: largely abdicated by the major studios, which is making intelligent 68 00:03:44,280 --> 00:03:48,400 Speaker 3: films for adults for the most part, usually via established 69 00:03:48,760 --> 00:03:54,280 Speaker 3: filmmakers and established filmmaker relationships, but always hopefully with commercial 70 00:03:54,320 --> 00:03:57,080 Speaker 3: potential at the end of the rainbow. But these are movies, 71 00:03:57,120 --> 00:03:59,800 Speaker 3: as you say, they're not based on IP They're based 72 00:03:59,840 --> 00:04:04,080 Speaker 3: more on identity, and I think that is really where 73 00:04:04,080 --> 00:04:07,840 Speaker 3: the independent film sector is going to continue to find 74 00:04:07,840 --> 00:04:11,080 Speaker 3: success and continue to find a role within the broader ecosystem, 75 00:04:11,400 --> 00:04:15,200 Speaker 3: which is by creacing films that have an identity that 76 00:04:15,320 --> 00:04:16,719 Speaker 3: audiences can discover. 77 00:04:16,960 --> 00:04:19,919 Speaker 1: Are you seeing new sources of funding, new sources of 78 00:04:19,960 --> 00:04:23,200 Speaker 1: investors that are interested in putting money into content, because 79 00:04:23,760 --> 00:04:26,320 Speaker 1: it's been a rough ride for the last couple of years. 80 00:04:26,120 --> 00:04:29,280 Speaker 3: There are other forms of content that frankly look exciting 81 00:04:29,760 --> 00:04:32,640 Speaker 3: for investors in a way that perhaps independent film has 82 00:04:32,680 --> 00:04:35,359 Speaker 3: not done for the past few years. The honest answer 83 00:04:35,360 --> 00:04:38,360 Speaker 3: since theory is I don't see particularly new forms of 84 00:04:38,440 --> 00:04:41,600 Speaker 3: capital coming into the independent business right now. I still 85 00:04:41,600 --> 00:04:44,480 Speaker 3: see capital coming in and I still see movies getting made. 86 00:04:44,640 --> 00:04:48,080 Speaker 3: The model Contrary to popular belief that independent film is dead, 87 00:04:48,240 --> 00:04:50,280 Speaker 3: I think it's far from dead. I do think to 88 00:04:50,320 --> 00:04:53,719 Speaker 3: some extent it is shedding its old skin and moving 89 00:04:53,760 --> 00:04:57,480 Speaker 3: into the next incarnation, if you like. But there's a 90 00:04:57,560 --> 00:05:01,159 Speaker 3: number of economic and financing reality is that no amount 91 00:05:01,160 --> 00:05:05,200 Speaker 3: of rose tinted lenses can ignore that production costs have 92 00:05:05,279 --> 00:05:08,480 Speaker 3: gone up significantly in recent years, both because the cost 93 00:05:08,480 --> 00:05:10,800 Speaker 3: of goods and services and because the streamers drove up 94 00:05:10,839 --> 00:05:15,880 Speaker 3: those production costs, whilst for independence revenue streams have remained stagnant. 95 00:05:16,000 --> 00:05:20,159 Speaker 3: So we've had, you know, the unholy situation of budget 96 00:05:20,200 --> 00:05:25,440 Speaker 3: inflation meeting, but let's call it buyer conservatism. Financing structures 97 00:05:25,440 --> 00:05:27,960 Speaker 3: have had to become more complex. Obviously, we still have 98 00:05:28,040 --> 00:05:31,280 Speaker 3: soft money and regional incentives. There's still bank financing available 99 00:05:31,320 --> 00:05:35,160 Speaker 3: for pre sales, but as pre sales have become tougher 100 00:05:35,400 --> 00:05:38,480 Speaker 3: to obtain, financers are having to lean more heavily on 101 00:05:38,600 --> 00:05:42,720 Speaker 3: gap financing, which can be expensive money and take more 102 00:05:43,000 --> 00:05:46,800 Speaker 3: equity risk. So that increased sort of cost of capital 103 00:05:47,000 --> 00:05:50,920 Speaker 3: and risk exposure is deterring a lot of capital from 104 00:05:50,960 --> 00:05:53,039 Speaker 3: coming into the marketplace right now, and we have to 105 00:05:53,240 --> 00:05:55,640 Speaker 3: address that. And in the meantime, as I said, it 106 00:05:55,720 --> 00:05:58,200 Speaker 3: is a model that still works. We're very prolific. We 107 00:05:58,279 --> 00:06:00,720 Speaker 3: made five or six films like this year. We're going 108 00:06:00,760 --> 00:06:03,600 Speaker 3: into production on three films in the first quarter of 109 00:06:03,680 --> 00:06:07,040 Speaker 3: this year. It still works for the right projects that 110 00:06:07,080 --> 00:06:10,000 Speaker 3: are constructed in the right way. But the bullseye definitely 111 00:06:10,040 --> 00:06:14,239 Speaker 3: got smaller, and I think the risk is currently front 112 00:06:14,240 --> 00:06:18,160 Speaker 3: loaded onto producers and financiers more than it should be. 113 00:06:18,360 --> 00:06:21,520 Speaker 1: That's an interesting sentiment from somebody who's at the intersection 114 00:06:21,600 --> 00:06:23,800 Speaker 1: of all of that. Let me ask you each when 115 00:06:23,839 --> 00:06:26,640 Speaker 1: you start out with the film, how much at the 116 00:06:26,680 --> 00:06:29,200 Speaker 1: outset do you say this will be in theaters or 117 00:06:29,240 --> 00:06:32,760 Speaker 1: the goal is to absolutely this needs a theatrical release, 118 00:06:33,080 --> 00:06:36,320 Speaker 1: or are you very open to this can premiere on streaming, 119 00:06:36,480 --> 00:06:39,839 Speaker 1: this can premiere on paid bod like how much of 120 00:06:39,880 --> 00:06:43,040 Speaker 1: that calculation. It's such a debate in Hollywood about the 121 00:06:43,080 --> 00:06:44,240 Speaker 1: movie going experience. 122 00:06:44,279 --> 00:06:47,120 Speaker 3: I think it has to be fluid. Obviously, most filmmakers, 123 00:06:47,440 --> 00:06:52,880 Speaker 3: certainly established filmmakers, have a yearning for the theatrical exposure 124 00:06:53,080 --> 00:06:56,599 Speaker 3: and experience, and so I don't think we've ever gone 125 00:06:56,600 --> 00:06:59,520 Speaker 3: into a film with an understanding well none of us 126 00:06:59,560 --> 00:07:01,480 Speaker 3: think this is or the theatrical but let's go make 127 00:07:01,520 --> 00:07:03,360 Speaker 3: it and sell it to streaming later. I think nearly 128 00:07:03,440 --> 00:07:06,200 Speaker 3: always we want to keep the theatrical door open, and 129 00:07:06,240 --> 00:07:08,160 Speaker 3: I think the kind of films certainly that we may 130 00:07:09,160 --> 00:07:11,800 Speaker 3: have a shot, you know, and are sort of geared 131 00:07:12,000 --> 00:07:16,280 Speaker 3: to potentially work for the theatrical audience, but for obvious 132 00:07:16,320 --> 00:07:21,480 Speaker 3: realities dictate that it may not be ultimately desirable or 133 00:07:21,520 --> 00:07:24,960 Speaker 3: achievable to procure a meaningful theatrical release, and so we 134 00:07:25,040 --> 00:07:28,240 Speaker 3: have to be versatile. I think the p VOD driven 135 00:07:28,520 --> 00:07:32,000 Speaker 3: US release model has become more attractive in the last 136 00:07:32,000 --> 00:07:35,080 Speaker 3: couple of years, and certainly we've had films that, although 137 00:07:35,080 --> 00:07:39,080 Speaker 3: the theatrical exposure was limited, they were given a thirsty 138 00:07:39,200 --> 00:07:43,760 Speaker 3: day fairly reasonably traditional theatrical window or proper theatrical marketing campaign, 139 00:07:44,080 --> 00:07:46,560 Speaker 3: but then went on to do you know, outstanding business 140 00:07:46,560 --> 00:07:48,280 Speaker 3: on PVOD. And that's one of the one of the 141 00:07:48,360 --> 00:07:51,720 Speaker 3: chinks of daylight in the sky right now for independent 142 00:07:51,760 --> 00:07:54,840 Speaker 3: film is the growth of p VOD. But likewise, you know, 143 00:07:54,880 --> 00:07:58,080 Speaker 3: we've sold films, finished films to streamers sometimes when we 144 00:07:58,160 --> 00:08:02,640 Speaker 3: had a number of theatrical opportunities are by way of alternative, 145 00:08:02,720 --> 00:08:05,920 Speaker 3: but for economic or other reasons, we went with the streamer, 146 00:08:06,040 --> 00:08:10,000 Speaker 3: and there's no doubt that when a Netflix wants to 147 00:08:10,040 --> 00:08:13,520 Speaker 3: really turn on the machine and make a film part 148 00:08:13,560 --> 00:08:16,239 Speaker 3: of the conversation, which is really what we all want 149 00:08:16,480 --> 00:08:19,120 Speaker 3: from our theatrical releases, is to be part of the culture. 150 00:08:19,280 --> 00:08:21,160 Speaker 3: They can do it and that you know, I saw it, 151 00:08:21,200 --> 00:08:23,960 Speaker 3: for example with Rick Linklator's film Hitman a couple of 152 00:08:24,080 --> 00:08:28,160 Speaker 3: years ago, where Netflix did a devastatingly effective marketing and 153 00:08:28,160 --> 00:08:30,920 Speaker 3: published each job and everyone I knew saw that film 154 00:08:30,920 --> 00:08:34,480 Speaker 3: and everyone I knew talked about that film. So you know, 155 00:08:34,559 --> 00:08:38,080 Speaker 3: we have to remain platform agnostic when we are going 156 00:08:38,120 --> 00:08:40,760 Speaker 3: through our internal green light process, and then you see 157 00:08:40,880 --> 00:08:42,920 Speaker 3: see how a project evolves, and obviously you have to 158 00:08:42,920 --> 00:08:44,400 Speaker 3: see how the marketplace. 159 00:08:43,920 --> 00:08:47,120 Speaker 1: Evolves an impact in the UK and other markets where 160 00:08:47,160 --> 00:08:49,040 Speaker 1: you do a lot of business, would you say, are 161 00:08:49,080 --> 00:08:51,800 Speaker 1: these are these some of the same questions that you're hearing, 162 00:08:51,880 --> 00:08:54,720 Speaker 1: or are there pockets of real strength from traditional cinema 163 00:08:54,760 --> 00:08:55,240 Speaker 1: movie going. 164 00:08:55,600 --> 00:08:59,319 Speaker 3: There are pockets of growth around the world for traditional 165 00:08:59,320 --> 00:09:02,960 Speaker 3: cinema movie going. I think Middle East for example. Obviously, 166 00:09:03,320 --> 00:09:06,920 Speaker 3: audiences are growing and opening up there and there's a 167 00:09:07,000 --> 00:09:10,600 Speaker 3: huge amount of inward investment into the infrastructure. But I 168 00:09:10,600 --> 00:09:14,320 Speaker 3: would say in all of the established cinematic marketplaces around 169 00:09:14,360 --> 00:09:18,040 Speaker 3: the world, we actually see most of the same challenges 170 00:09:18,760 --> 00:09:22,760 Speaker 3: and problems that we associate here with the US theatrical 171 00:09:22,800 --> 00:09:26,160 Speaker 3: sector and the US independent distribution sector as well. So 172 00:09:26,240 --> 00:09:29,680 Speaker 3: you have the same problems of a fragmented audience. You 173 00:09:29,720 --> 00:09:33,120 Speaker 3: have the same problems of trying to cajole older audiences 174 00:09:33,160 --> 00:09:35,920 Speaker 3: to leave their living room and come to a movie theater. 175 00:09:36,240 --> 00:09:39,560 Speaker 1: In younger audiences to put down the phone for two 176 00:09:39,600 --> 00:09:41,120 Speaker 1: hours and go into the theater. 177 00:09:41,679 --> 00:09:44,600 Speaker 3: Of course, they're distracted by so many other options. That 178 00:09:44,840 --> 00:09:49,560 Speaker 3: is a near ubiquitous challenge for theatrical distributors worldwide right now. 179 00:09:50,000 --> 00:09:54,280 Speaker 3: The other I think, very very ubiquitous challenge that people 180 00:09:54,360 --> 00:09:59,680 Speaker 3: don't always realize is independent distributors in the US and 181 00:09:59,760 --> 00:10:04,560 Speaker 3: it's nationally could energize their businesses and the whole independent 182 00:10:04,640 --> 00:10:08,760 Speaker 3: sector could light up very quickly if we could somehow 183 00:10:09,360 --> 00:10:13,520 Speaker 3: get to a place where streamers are paying more meaningful 184 00:10:13,600 --> 00:10:17,360 Speaker 3: license fees for that pay one window post theatrical and 185 00:10:17,679 --> 00:10:21,800 Speaker 3: it is the decline and appetite of the streamers for 186 00:10:21,840 --> 00:10:25,200 Speaker 3: that for those films, or certainly decline in appetite to 187 00:10:25,240 --> 00:10:28,680 Speaker 3: pay what I would say, are you know market rate 188 00:10:29,080 --> 00:10:33,720 Speaker 3: license fees that has caused the slowdown in US independent 189 00:10:33,760 --> 00:10:36,840 Speaker 3: theatrical distribution in the next few years, although we hope 190 00:10:36,880 --> 00:10:37,760 Speaker 3: that's on. 191 00:10:37,760 --> 00:10:38,520 Speaker 2: An uptick now. 192 00:10:38,600 --> 00:10:41,480 Speaker 3: And then when we are out in the marketplace licensing 193 00:10:41,559 --> 00:10:46,640 Speaker 3: to distributors internationally, the uncertainty as to what their pay 194 00:10:46,720 --> 00:10:49,440 Speaker 3: one and spot revenues will be on a film or 195 00:10:49,480 --> 00:10:52,720 Speaker 3: there certainty that they will be very modest unless the 196 00:10:52,800 --> 00:10:55,839 Speaker 3: film is a bona fide the actual success because is 197 00:10:55,880 --> 00:10:59,160 Speaker 3: a huge amount of hesitation and conservatism in the marketplace. 198 00:10:59,600 --> 00:11:01,920 Speaker 3: So obviously there's lots of changes going on at the 199 00:11:01,920 --> 00:11:04,000 Speaker 3: corporate level right now. In the streaming universe, there are 200 00:11:04,040 --> 00:11:07,600 Speaker 3: changes going on at the structural and the audience level, 201 00:11:07,760 --> 00:11:11,040 Speaker 3: and I don't know whether we get there, but I 202 00:11:11,120 --> 00:11:13,960 Speaker 3: do know that if the streamers, of course, out of 203 00:11:14,200 --> 00:11:19,800 Speaker 3: economic self interest, can rediscover their appetite to license movies 204 00:11:19,840 --> 00:11:24,960 Speaker 3: that somebody else has sourced, produced, financed, unmarketed nationally or 205 00:11:25,000 --> 00:11:30,880 Speaker 3: globally for them, then we would have a rapidly revitalized industry. 206 00:11:31,000 --> 00:11:33,800 Speaker 3: And it's one of the things I am hoping will 207 00:11:34,080 --> 00:11:37,679 Speaker 3: evolve in the next couple of years in the marketplace. 208 00:11:37,880 --> 00:11:40,200 Speaker 1: Let me ask you for those pay one deals. Do 209 00:11:40,280 --> 00:11:44,760 Speaker 1: you typically do those one off deals or with an 210 00:11:44,840 --> 00:11:47,360 Speaker 1: organization like AGC. That's part of the strength that you're 211 00:11:47,400 --> 00:11:50,120 Speaker 1: able to more package them. I got to believe that 212 00:11:50,200 --> 00:11:52,480 Speaker 1: doing a one off deal is a lot harder than 213 00:11:52,520 --> 00:11:53,920 Speaker 1: having a package of titles. 214 00:11:54,000 --> 00:11:57,040 Speaker 3: We certainly have an ongoing dialogue with the people who 215 00:11:57,120 --> 00:12:00,600 Speaker 3: license pay one window at the all a major stream platforms, 216 00:12:00,640 --> 00:12:04,200 Speaker 3: although ultimately they prefer to deal at least on a 217 00:12:04,200 --> 00:12:07,520 Speaker 3: contractual basis with the theatrical distributor. If there's a theatrical 218 00:12:07,520 --> 00:12:10,079 Speaker 3: distributor at the front of the line. So it really 219 00:12:10,080 --> 00:12:12,480 Speaker 3: depends ultimately in terms of the economics of that pay 220 00:12:12,520 --> 00:12:16,240 Speaker 3: one deal, who's that all rights by a IE theatrical 221 00:12:16,280 --> 00:12:19,559 Speaker 3: distributor that the film is going through. And obviously some 222 00:12:19,800 --> 00:12:22,320 Speaker 3: distributors have output deals and they have a rate card, 223 00:12:22,400 --> 00:12:25,160 Speaker 3: and there's a degree of certainty as to what the 224 00:12:25,200 --> 00:12:28,199 Speaker 3: license fee will be depending on box office performance. Others, 225 00:12:28,600 --> 00:12:31,640 Speaker 3: some very good companies do not for one reason or another, 226 00:12:31,679 --> 00:12:34,239 Speaker 3: and then it really does become more of a negotiation 227 00:12:34,320 --> 00:12:38,360 Speaker 3: about the film itself and the level of theatrical exposure. 228 00:12:38,640 --> 00:12:40,520 Speaker 3: We get right in the middle of those conversations, and 229 00:12:40,720 --> 00:12:46,520 Speaker 3: it's complicated and frankly, it's unpredictable, and that that unpredictability 230 00:12:46,559 --> 00:12:49,080 Speaker 3: of what should be the biggest single revenue for a 231 00:12:49,080 --> 00:12:53,200 Speaker 3: film post theatrical, is what has really deterred a lot 232 00:12:53,200 --> 00:12:58,160 Speaker 3: of independent distributors, both domestically and internationally from pre buying films. 233 00:12:58,320 --> 00:13:01,720 Speaker 3: And of course it's that we say all activity that 234 00:13:01,880 --> 00:13:05,360 Speaker 3: really turns the wheels of the entire independent sector. So 235 00:13:05,880 --> 00:13:09,640 Speaker 3: whether it's via one or more of the streaming platforms, 236 00:13:09,920 --> 00:13:12,640 Speaker 3: discovering more of an appetite for these films, and as 237 00:13:12,679 --> 00:13:14,960 Speaker 3: you say, that has happened in the context of the 238 00:13:14,960 --> 00:13:17,880 Speaker 3: studio films and the studio arena. You know, my friends 239 00:13:17,880 --> 00:13:21,720 Speaker 3: at Sony International just announced their huge global pay one 240 00:13:21,760 --> 00:13:25,199 Speaker 3: deal with Netflix. The appetite is there for the studio tempoles, 241 00:13:25,200 --> 00:13:27,560 Speaker 3: and you can see why it would be obviously in 242 00:13:27,600 --> 00:13:30,400 Speaker 3: terms of the noise and the marketing spend that goes 243 00:13:30,400 --> 00:13:34,440 Speaker 3: behind those films. I personally believe the appetite should be 244 00:13:34,520 --> 00:13:38,520 Speaker 3: greater for at least the upper echelon the top, let's 245 00:13:38,520 --> 00:13:41,840 Speaker 3: say the top twenty five percent of independent films are 246 00:13:41,880 --> 00:13:45,560 Speaker 3: because not only is somebody else footing the bills for 247 00:13:45,640 --> 00:13:48,400 Speaker 3: the delivery of those films and the marketing of those 248 00:13:48,440 --> 00:13:52,599 Speaker 3: films to streamers, but also I'm talking about again the 249 00:13:52,679 --> 00:13:57,280 Speaker 3: upper echelon. These films have an identity and an individuality 250 00:13:57,640 --> 00:14:01,079 Speaker 3: which I think has been undervalued in recent years because 251 00:14:01,080 --> 00:14:03,760 Speaker 3: of all of the other changes going on in the marketplace, 252 00:14:04,160 --> 00:14:07,480 Speaker 3: but which I actually believe is going to enjoy something 253 00:14:07,559 --> 00:14:10,800 Speaker 3: of a return to prominence and an uptick and value 254 00:14:11,080 --> 00:14:13,960 Speaker 3: in the next few years. As from where I'm sitting, 255 00:14:14,080 --> 00:14:17,560 Speaker 3: the streamer's appetite in terms of their own productions becomes 256 00:14:17,600 --> 00:14:21,080 Speaker 3: more and more about audience retention and therefore inevitably a 257 00:14:21,120 --> 00:14:24,680 Speaker 3: little bit more generic. And I think any independent film 258 00:14:24,720 --> 00:14:27,800 Speaker 3: that has a voice, that has something to say, any 259 00:14:27,840 --> 00:14:31,640 Speaker 3: filmmaker that has a brand, I think there's a premium 260 00:14:31,720 --> 00:14:33,560 Speaker 3: value to that, and I'm hoping that's going to start 261 00:14:33,560 --> 00:14:36,440 Speaker 3: to reflect itself in these license fee revenues. 262 00:14:37,040 --> 00:14:39,840 Speaker 1: We could talk the intricacies of these for a long time, 263 00:14:39,960 --> 00:14:42,520 Speaker 1: but I want to follow up on something you said earlier. 264 00:14:42,560 --> 00:14:46,160 Speaker 1: You said the indie film sector is evolving and needs 265 00:14:46,200 --> 00:14:48,880 Speaker 1: to shed some of its old skin. Can you elaborate 266 00:14:48,920 --> 00:14:49,120 Speaker 1: on that. 267 00:14:49,400 --> 00:14:53,080 Speaker 3: I think it's becoming more streamlined as a sector in 268 00:14:53,120 --> 00:14:56,000 Speaker 3: the independent film world was a very broad church for 269 00:14:56,080 --> 00:14:58,760 Speaker 3: decades and decades, and in fact, one of the main 270 00:14:58,800 --> 00:15:01,960 Speaker 3: staples of the independent film world where non theatrical movies 271 00:15:02,480 --> 00:15:05,760 Speaker 3: that would play very strongly on home entertainment, whether they 272 00:15:05,840 --> 00:15:09,200 Speaker 3: be action programmers, where whether they be low budget horror, 273 00:15:09,240 --> 00:15:12,440 Speaker 3: whether they be you know, star driven comedies, that side 274 00:15:12,440 --> 00:15:18,120 Speaker 3: of the international marketplace has really really diminished and almost vanished. 275 00:15:17,880 --> 00:15:20,640 Speaker 1: In resents it is the AFM business that we. 276 00:15:20,640 --> 00:15:26,760 Speaker 3: Were exactly and that's because they all rights distributors no 277 00:15:26,880 --> 00:15:30,280 Speaker 3: longer have this certainty as to what non theatrical revenues are. 278 00:15:30,120 --> 00:15:32,840 Speaker 2: To the same degree. So that just isn't the appetite to. 279 00:15:32,840 --> 00:15:35,360 Speaker 3: Buy this product and churn it out on a sort 280 00:15:35,360 --> 00:15:39,640 Speaker 3: of a straight to director consumer basis. However, so you 281 00:15:39,720 --> 00:15:42,920 Speaker 3: mentioned YouTube in the context of it, you know, potentially 282 00:15:43,000 --> 00:15:44,680 Speaker 3: becoming a major revenue stream. 283 00:15:44,800 --> 00:15:45,920 Speaker 2: The revenue stream. 284 00:15:45,680 --> 00:15:49,040 Speaker 3: The independent business hasn't managed to replace adequately, of course, 285 00:15:49,120 --> 00:15:49,920 Speaker 3: is home entertainment. 286 00:15:50,040 --> 00:15:50,640 Speaker 2: It's it's the. 287 00:15:50,600 --> 00:15:54,800 Speaker 3: DVD business which fueled the huge expansion not just of 288 00:15:54,840 --> 00:15:59,600 Speaker 3: independent film financing, but actually of independent film becoming a 289 00:15:59,720 --> 00:16:03,520 Speaker 3: main stream theatrical proposition throughout the nineties and two thousands. 290 00:16:03,560 --> 00:16:05,720 Speaker 3: And I can explain that why that was if you like. 291 00:16:05,720 --> 00:16:07,120 Speaker 2: But no one's ever replaced that. 292 00:16:07,400 --> 00:16:10,560 Speaker 3: It could be that direct to consumer, a transmission of 293 00:16:10,600 --> 00:16:14,440 Speaker 3: movies via YouTube or platforms like YouTube is ultimately what 294 00:16:14,520 --> 00:16:16,920 Speaker 3: does replace that, and it may be one of the 295 00:16:17,360 --> 00:16:19,760 Speaker 3: one of the saviors of the independent film model in 296 00:16:19,880 --> 00:16:22,040 Speaker 3: due course. I just wish we could get there a 297 00:16:22,040 --> 00:16:22,640 Speaker 3: bit quicker. 298 00:16:22,800 --> 00:16:25,680 Speaker 1: Okay, listen up streamers. Let me ask you a little 299 00:16:25,680 --> 00:16:29,560 Speaker 1: bit more specifically about AGC. Stewart. For years you ran 300 00:16:29,600 --> 00:16:33,160 Speaker 1: a very successful company called I Am Global AGC. Like, 301 00:16:33,160 --> 00:16:35,800 Speaker 1: if I'm not mistaken, you launched seven years ago. Tell 302 00:16:35,840 --> 00:16:39,000 Speaker 1: me what was different about the build and the ramp 303 00:16:39,080 --> 00:16:40,000 Speaker 1: up of AGC. 304 00:16:40,600 --> 00:16:41,720 Speaker 2: The differences are pretty simple. 305 00:16:41,720 --> 00:16:43,520 Speaker 3: I Am Global is a company that we launched in 306 00:16:43,520 --> 00:16:47,160 Speaker 3: two thousands, and it was definitely born of the boom 307 00:16:47,320 --> 00:16:51,440 Speaker 3: in independent film both domestically and internationally, you know, over 308 00:16:51,480 --> 00:16:55,280 Speaker 3: the preceding decade and in the decade that followed AGC. 309 00:16:55,800 --> 00:16:58,240 Speaker 3: When we launched it, we were sort of already in 310 00:16:58,480 --> 00:17:02,080 Speaker 3: peak content, if you and so the mandate was and 311 00:17:02,120 --> 00:17:05,160 Speaker 3: continues to be not just to make independent films, but 312 00:17:05,200 --> 00:17:09,280 Speaker 3: to also make television and also make unscripted television. Indeed, 313 00:17:09,440 --> 00:17:11,440 Speaker 3: that is what we have done. So by having that 314 00:17:11,560 --> 00:17:14,080 Speaker 3: sort of very diverse portfolio and being quite a broad 315 00:17:14,200 --> 00:17:18,879 Speaker 3: church creatively. That's allowed us to be prolific in recent 316 00:17:19,000 --> 00:17:21,280 Speaker 3: years at a time when many have found it hard 317 00:17:21,359 --> 00:17:25,400 Speaker 3: to be prolific. And so I think we have made 318 00:17:25,560 --> 00:17:28,360 Speaker 3: or partnered on fifty one films and shows in those 319 00:17:28,400 --> 00:17:31,320 Speaker 3: seven years, which is a pretty good run rate. I 320 00:17:31,359 --> 00:17:34,000 Speaker 3: wish it was more always, but we're proud of that 321 00:17:34,080 --> 00:17:37,240 Speaker 3: level of output. And we've done it partly by being 322 00:17:37,320 --> 00:17:40,959 Speaker 3: very versatile and fluid in our business model, partly by 323 00:17:41,000 --> 00:17:44,000 Speaker 3: being platform agnostic as I mentioned before, and then of 324 00:17:44,040 --> 00:17:46,920 Speaker 3: course having the know how and the access to capital 325 00:17:47,160 --> 00:17:50,560 Speaker 3: to drive our own content into production. And I say 326 00:17:50,600 --> 00:17:55,000 Speaker 3: content because independently financed not just films but also television, 327 00:17:55,280 --> 00:17:59,320 Speaker 3: and that actually is a robust business for us, and 328 00:17:59,359 --> 00:18:02,920 Speaker 3: a frank business where the margins are more attractive than 329 00:18:02,960 --> 00:18:05,679 Speaker 3: the independent film business, even though all we're really doing 330 00:18:05,760 --> 00:18:10,080 Speaker 3: is bringing the appetite for risk taking and the capacity 331 00:18:10,119 --> 00:18:14,840 Speaker 3: for global licensing to television that we have practiced for 332 00:18:14,880 --> 00:18:15,679 Speaker 3: a very long time in. 333 00:18:15,680 --> 00:18:19,480 Speaker 1: Film, and going into television scripted and unscripted, that must 334 00:18:19,480 --> 00:18:23,119 Speaker 1: have opened the horizons and brought in new partners on 335 00:18:23,160 --> 00:18:25,840 Speaker 1: a different level. Or would you say it's still the 336 00:18:26,000 --> 00:18:29,600 Speaker 1: basic the same group of people that are interested in content. 337 00:18:29,800 --> 00:18:32,360 Speaker 3: Well, it's a different set of creative partners of showrunners 338 00:18:32,359 --> 00:18:35,040 Speaker 3: and directors, and obviously a broader s way of acting 339 00:18:35,080 --> 00:18:38,760 Speaker 3: talents as well. So that's been fun and exciting. So 340 00:18:39,119 --> 00:18:41,320 Speaker 3: I think actually the Hamburg Days show that we start 341 00:18:41,320 --> 00:18:43,399 Speaker 3: shooting in May is a good snapshot of how we 342 00:18:43,480 --> 00:18:47,159 Speaker 3: tend to function in the television space, which is acting 343 00:18:47,280 --> 00:18:51,680 Speaker 3: as a financing partner and as a studio on international 344 00:18:51,720 --> 00:18:55,119 Speaker 3: shows that more often than not have maybe one or 345 00:18:55,160 --> 00:18:58,840 Speaker 3: two significant local territorial pre sales, usually in one of 346 00:18:58,880 --> 00:19:01,919 Speaker 3: the major territories such as the UK and Germany, and 347 00:19:02,000 --> 00:19:06,440 Speaker 3: we find that we play very well both with local streamers, 348 00:19:06,920 --> 00:19:09,080 Speaker 3: we play very well with global streamers who may only 349 00:19:09,119 --> 00:19:12,040 Speaker 3: be buying a certain footprint, and we play extremely well 350 00:19:12,080 --> 00:19:15,600 Speaker 3: with traditional pay and free TV broadcasters, who of course 351 00:19:15,840 --> 00:19:19,560 Speaker 3: all need premium shows, but as production costs and talent 352 00:19:19,640 --> 00:19:23,920 Speaker 3: costs have skyrocketed in recent years, they struggle to greenlight 353 00:19:23,960 --> 00:19:26,920 Speaker 3: these shows on their own the way they once did, 354 00:19:27,200 --> 00:19:31,000 Speaker 3: but will nevertheless still pay really quite generous license fees 355 00:19:31,280 --> 00:19:34,080 Speaker 3: for their own home territory on a show provided somebody 356 00:19:34,119 --> 00:19:38,000 Speaker 3: like us is willing to assume financial risk and grab 357 00:19:38,040 --> 00:19:39,320 Speaker 3: the reins and go make the show. 358 00:19:39,560 --> 00:19:42,320 Speaker 1: As a studio, can you get you out AGC Studios 359 00:19:42,680 --> 00:19:45,119 Speaker 1: for us in terms of the key division. 360 00:19:44,880 --> 00:19:48,320 Speaker 3: From a production perspective, film production and finance is a 361 00:19:48,359 --> 00:19:52,200 Speaker 3: major pillar. Scripted television production and finance is another major pillar. 362 00:19:52,560 --> 00:19:56,000 Speaker 3: And then we have a fast growing unscripted division that 363 00:19:56,000 --> 00:19:59,679 Speaker 3: we call AGC unwritten that we made the Tender Swindler 364 00:19:59,720 --> 00:20:01,960 Speaker 3: docum mentory a few years ago. We've just finished a 365 00:20:02,000 --> 00:20:05,800 Speaker 3: tinderp Swindler spinoff Dock for Netflix. We are going into 366 00:20:05,840 --> 00:20:10,600 Speaker 3: production on a fairly ambitious competition show for Netflix in 367 00:20:10,640 --> 00:20:13,960 Speaker 3: the new year. So that's become, you know, a valuable 368 00:20:14,000 --> 00:20:17,919 Speaker 3: third arm, so the company from a content perspective, and 369 00:20:17,920 --> 00:20:20,600 Speaker 3: then across all of those areas, but particularly film and 370 00:20:20,600 --> 00:20:23,760 Speaker 3: scripted television, we have what I think is an industry 371 00:20:23,840 --> 00:20:28,040 Speaker 3: leading international sales and distribution team who are you know, 372 00:20:28,119 --> 00:20:30,359 Speaker 3: I think is good, if not better than anyone in 373 00:20:30,359 --> 00:20:34,920 Speaker 3: the business at aggressively monetizing our own shows and then 374 00:20:34,960 --> 00:20:37,640 Speaker 3: selectively sometimes third party financed. 375 00:20:37,680 --> 00:20:39,280 Speaker 2: Movies and shows as well. 376 00:20:39,359 --> 00:20:43,679 Speaker 3: So we operate eighty percent as a producer, financier and 377 00:20:43,800 --> 00:20:47,200 Speaker 3: seller of our own stuff. Maybe twenty percent are handling 378 00:20:47,240 --> 00:20:49,840 Speaker 3: sales for other people's material if we think it's you know, 379 00:20:49,880 --> 00:20:53,760 Speaker 3: particularly high quality or of course potentially highly lucrative, and 380 00:20:53,840 --> 00:20:57,160 Speaker 3: we rely on you know, a huge network of relationships 381 00:20:57,200 --> 00:20:59,560 Speaker 3: that I and members of my sales team have built 382 00:20:59,600 --> 00:21:03,120 Speaker 3: up over twenty five years across Europe, Asia, Latin America, 383 00:21:03,200 --> 00:21:03,640 Speaker 3: Middle East. 384 00:21:03,800 --> 00:21:04,399 Speaker 2: Some of those. 385 00:21:04,280 --> 00:21:07,040 Speaker 3: Relationships have converged in recent years a lot of the 386 00:21:07,080 --> 00:21:09,960 Speaker 3: TV broadcasters who were very much involved in the film 387 00:21:10,000 --> 00:21:13,639 Speaker 3: buying business and now also in the premium scripted television business. 388 00:21:13,760 --> 00:21:17,280 Speaker 3: Obviously we deal with the international arms of the streaming platforms, 389 00:21:17,280 --> 00:21:20,359 Speaker 3: who again have an appetite both for film and TV. 390 00:21:20,800 --> 00:21:25,000 Speaker 3: So we're very fluid moving between different constituents of buyers, 391 00:21:25,160 --> 00:21:29,200 Speaker 3: obviously different constituents of co producer co production partners as well. 392 00:21:29,400 --> 00:21:32,200 Speaker 3: And I think it's that it's the breadth of those relationships. 393 00:21:32,200 --> 00:21:34,520 Speaker 3: It's to know how and how to not just make 394 00:21:35,280 --> 00:21:38,040 Speaker 3: premium film and TV, but to really exploit it to 395 00:21:38,080 --> 00:21:41,160 Speaker 3: the maximum on a global basis. That gives us something 396 00:21:41,320 --> 00:21:44,080 Speaker 3: of an edge in the marketplace. Just perhaps is the 397 00:21:44,119 --> 00:21:48,159 Speaker 3: reason why we have been so prolific in a period, 398 00:21:48,200 --> 00:21:50,600 Speaker 3: whether it was because of the pandemic, whether it's because 399 00:21:50,640 --> 00:21:53,480 Speaker 3: of the strikes, whether it's because of the streamer slowdown, 400 00:21:53,760 --> 00:21:56,840 Speaker 3: many of our peers have found the marketplace to be 401 00:21:57,000 --> 00:21:58,119 Speaker 3: very stop starts. 402 00:21:58,320 --> 00:21:59,280 Speaker 2: We just keep running. 403 00:22:00,480 --> 00:22:04,000 Speaker 3: In Los Angeles, in Hollywood we have an office in 404 00:22:03,560 --> 00:22:06,760 Speaker 3: the beautiful old Taft building. We have an office small 405 00:22:06,760 --> 00:22:10,200 Speaker 3: office in London as well, and right now we're at 406 00:22:10,240 --> 00:22:14,200 Speaker 3: about thirty five people, which is very lean for the 407 00:22:14,280 --> 00:22:16,960 Speaker 3: level of output and the volume activity that we have. 408 00:22:17,119 --> 00:22:19,119 Speaker 3: But frankly, I think that has to be the model 409 00:22:19,320 --> 00:22:22,159 Speaker 3: in this current climate, and it works for us. We 410 00:22:22,200 --> 00:22:26,400 Speaker 3: have a profitable, dynamic business at a time when it's 411 00:22:26,480 --> 00:22:29,160 Speaker 3: not easy to achieve that. So I don't have any 412 00:22:29,160 --> 00:22:32,439 Speaker 3: great plans to expand our headcount. We just have to 413 00:22:32,800 --> 00:22:35,480 Speaker 3: keep getting better and better and better at what we do, 414 00:22:35,720 --> 00:22:40,080 Speaker 3: and hopefully efficiencies will continue to follow, whether that's because 415 00:22:40,119 --> 00:22:44,080 Speaker 3: of technology or because of the marketplace thinning out a 416 00:22:44,080 --> 00:22:44,480 Speaker 3: little bit. 417 00:22:44,560 --> 00:22:47,480 Speaker 1: Would you say that the consolidation in among the big 418 00:22:47,600 --> 00:22:51,160 Speaker 1: US studios has opened opportunities for savvy companies. 419 00:22:51,320 --> 00:22:54,040 Speaker 3: Yes, without question, it's the best of times and it's 420 00:22:54,040 --> 00:22:55,000 Speaker 3: the worst of times. 421 00:22:55,200 --> 00:22:56,080 Speaker 2: The worst of times. 422 00:22:56,240 --> 00:22:59,119 Speaker 3: We've already discussed some of the economic and distribution. 423 00:22:58,960 --> 00:23:01,920 Speaker 2: We went right into the world. We went right into 424 00:23:01,960 --> 00:23:02,800 Speaker 2: the gloom and the doom. 425 00:23:03,240 --> 00:23:06,159 Speaker 3: But one of the real shafts of daylight in the 426 00:23:06,200 --> 00:23:08,920 Speaker 3: business is that, you know, because of changes in their 427 00:23:08,920 --> 00:23:12,399 Speaker 3: business model, because of all of the corporate consolidation, because 428 00:23:12,440 --> 00:23:15,960 Speaker 3: of the uncertainty being brought about by the changes going 429 00:23:15,960 --> 00:23:20,560 Speaker 3: on at a macro level, there's more great projects available 430 00:23:20,600 --> 00:23:24,480 Speaker 3: for ballsy independent producer financiers than at any time I've 431 00:23:24,520 --> 00:23:27,679 Speaker 3: seen in the industry. There's more top tier talent who 432 00:23:27,760 --> 00:23:31,000 Speaker 3: are looking to get their movies and their shows made 433 00:23:31,440 --> 00:23:33,600 Speaker 3: with partners who have the means and the know how 434 00:23:33,680 --> 00:23:37,200 Speaker 3: and the nerve to back them. So in that respect, 435 00:23:37,280 --> 00:23:39,800 Speaker 3: you know, we and I think you know many others 436 00:23:40,280 --> 00:23:41,040 Speaker 3: are prospering. 437 00:23:41,160 --> 00:23:43,800 Speaker 2: I hope the fruits. 438 00:23:43,160 --> 00:23:46,320 Speaker 3: Of that, of that scenario will really become apparent in 439 00:23:46,359 --> 00:23:47,320 Speaker 3: the next couple of years. 440 00:23:47,359 --> 00:23:47,800 Speaker 2: I think. 441 00:23:47,880 --> 00:23:49,840 Speaker 3: I don't think twenty five was a great year for 442 00:23:50,160 --> 00:23:53,600 Speaker 3: the broader scale of independent film, but I do have 443 00:23:53,640 --> 00:23:55,480 Speaker 3: a fair amount of optimism that we're going to see 444 00:23:55,480 --> 00:23:58,840 Speaker 3: a pipeline of really great stuff coming through in twenty 445 00:23:58,880 --> 00:24:02,400 Speaker 3: six and twenty seven, maybe twenty eight. Literally because of 446 00:24:02,440 --> 00:24:04,760 Speaker 3: that inertia at the more corporate level. 447 00:24:05,320 --> 00:24:07,879 Speaker 1: Is there anybody that's impressed you out there on the 448 00:24:08,000 --> 00:24:12,600 Speaker 1: exhibition operator side that is trying to address the challenges 449 00:24:12,640 --> 00:24:13,280 Speaker 1: of movie going. 450 00:24:13,560 --> 00:24:14,200 Speaker 2: I think in the. 451 00:24:14,240 --> 00:24:19,280 Speaker 3: UK both the Picture House and the Everyman circuits have 452 00:24:19,600 --> 00:24:22,960 Speaker 3: done a great job of updating this cinemas, expanding and 453 00:24:23,080 --> 00:24:28,720 Speaker 3: really marketing the experience to more mature, upscale audiences. Obviously, 454 00:24:28,720 --> 00:24:31,480 Speaker 3: the US is a very different creature and it's much 455 00:24:31,520 --> 00:24:33,720 Speaker 3: harder to do that at the kind of scale that 456 00:24:33,880 --> 00:24:38,080 Speaker 3: is required. Although frankly, film distribution economics in the UK 457 00:24:38,760 --> 00:24:42,240 Speaker 3: as arguably even more challenging than in the US. They 458 00:24:42,280 --> 00:24:46,719 Speaker 3: have even fewer streaming and traditional PATV buyers and at 459 00:24:46,760 --> 00:24:50,040 Speaker 3: the rental rate from exhibitors is about the lowest in 460 00:24:50,040 --> 00:24:52,199 Speaker 3: the Western world, so it's not easy to be a 461 00:24:52,280 --> 00:24:54,280 Speaker 3: UK independent distribution right now. 462 00:24:54,320 --> 00:24:56,320 Speaker 1: Stuart, let me ask you, you've had a range of 463 00:24:56,400 --> 00:25:00,359 Speaker 1: experience in international film. What would you say was experience 464 00:25:00,359 --> 00:25:02,880 Speaker 1: anywhere along the way of your career that has really 465 00:25:02,960 --> 00:25:06,320 Speaker 1: best prepared you to lead AGC studios right now? 466 00:25:06,680 --> 00:25:10,200 Speaker 3: It's probably accumulation of a lot of different experiences. Sort 467 00:25:10,200 --> 00:25:12,639 Speaker 3: of began my career on the business side of film 468 00:25:12,840 --> 00:25:15,080 Speaker 3: in London and I spent you know, much of my 469 00:25:15,119 --> 00:25:19,760 Speaker 3: twenties really immersed in complex, complex international co productions and 470 00:25:20,240 --> 00:25:23,120 Speaker 3: during what was something of a boom time for British cinema. 471 00:25:23,160 --> 00:25:25,679 Speaker 3: And then when I was in my late twenties, I 472 00:25:25,720 --> 00:25:28,159 Speaker 3: moved to New York and I worked for Merrimac Films. 473 00:25:28,240 --> 00:25:30,960 Speaker 3: In this is the late nineties and early two thousands, 474 00:25:31,000 --> 00:25:34,720 Speaker 3: when you know, the company was definitely at its apergy 475 00:25:34,880 --> 00:25:38,399 Speaker 3: in terms of its importance to the industry and its appetite. 476 00:25:38,400 --> 00:25:42,080 Speaker 3: And I was privileged during that period to serve in 477 00:25:42,200 --> 00:25:45,480 Speaker 3: various senior executive capacities, so I got to see not 478 00:25:45,600 --> 00:25:47,600 Speaker 3: just how movies got made and not just how they 479 00:25:47,640 --> 00:25:51,200 Speaker 3: got edited and in posts, but I also co ran 480 00:25:51,240 --> 00:25:54,600 Speaker 3: the acquisitions division and was running around the world vacuuming 481 00:25:54,680 --> 00:25:56,679 Speaker 3: up all the best foreign language films. Then I ran 482 00:25:56,760 --> 00:26:00,399 Speaker 3: international sales, and I was running what then was probably 483 00:26:00,400 --> 00:26:05,160 Speaker 3: the most muscular international film sales platform in the industry, 484 00:26:05,400 --> 00:26:08,200 Speaker 3: selling Quentin Tarantino movies around the world and Anthony Miguel 485 00:26:08,280 --> 00:26:10,680 Speaker 3: films and Rowera Rodriguez, et cetera. So I was really 486 00:26:10,760 --> 00:26:13,360 Speaker 3: lucky that I got to see every nook and cranny 487 00:26:13,600 --> 00:26:16,320 Speaker 3: of the biz. And I think now as a CEO, 488 00:26:16,480 --> 00:26:18,480 Speaker 3: where I really do have to be a jack of 489 00:26:18,520 --> 00:26:22,160 Speaker 3: all trades. I draw upon all of those different experiences 490 00:26:22,680 --> 00:26:25,879 Speaker 3: from that time, and frankly, what I love most about 491 00:26:26,040 --> 00:26:28,679 Speaker 3: my job on my life is that I do everything. 492 00:26:28,840 --> 00:26:30,600 Speaker 3: I have amazing people around me, but I get my 493 00:26:30,680 --> 00:26:34,680 Speaker 3: fingers in every pie. I get my hands dirty with marketing, 494 00:26:34,760 --> 00:26:38,919 Speaker 3: with sales, with production, with casting, with all the dealmaking. Obviously, 495 00:26:39,000 --> 00:26:41,560 Speaker 3: the corporate finances and the capital raising is a key 496 00:26:41,600 --> 00:26:44,240 Speaker 3: part of the equation, the press and the pr and 497 00:26:44,280 --> 00:26:46,240 Speaker 3: I love that. And I don't think I'd ever want 498 00:26:46,280 --> 00:26:48,840 Speaker 3: to work in the film or the television business unless 499 00:26:48,880 --> 00:26:51,760 Speaker 3: I could continue to sort of flex all of those 500 00:26:51,800 --> 00:26:54,000 Speaker 3: muscles on a daily basis, if that makes sense. 501 00:26:54,119 --> 00:26:57,440 Speaker 1: Stuart, that is so evident in this conversation. I want 502 00:26:57,440 --> 00:26:59,360 Speaker 1: to thank you so much for your time and your 503 00:26:59,520 --> 00:27:01,960 Speaker 1: enthusiasm and good luck at Sundance. 504 00:27:02,080 --> 00:27:03,560 Speaker 2: Thanks Cynthia, it's been a real pleasure. 505 00:27:03,720 --> 00:27:06,280 Speaker 1: Thanks for listening. Be sure to leave us a review 506 00:27:06,320 --> 00:27:09,080 Speaker 1: at the podcast platform of your choice. We love to 507 00:27:09,080 --> 00:27:11,879 Speaker 1: hear from listeners. Please go to Variety dot com and 508 00:27:11,920 --> 00:27:15,560 Speaker 1: sign up for the free weekly Strictly Business newsletter, and 509 00:27:15,680 --> 00:27:18,400 Speaker 1: don't forget to tune in next week for another episode 510 00:27:18,400 --> 00:27:19,520 Speaker 1: of Strictly Business.