The Sundance Film Festival generates buzz as a launch pad for independent films. Movie reviews and red carpet photos attract much of the attention at Sundance. Film moguls go to Sundance to rub shoulders with up-and-comers who present their wares in hopes that a benefactor looking for profits will write a big check. It seems like a good start for finding out what film will bring within the greatest amount of fast money.
Returning Sundance to roots from before
The Sundance Movie Festival was known as "The United States Film Festival" in 1978 when it was founded in Salt Lake City, Utah. The first board chairman of the festival was actor Robert Redford. The United States Movie Festival moved to Park City in 1980 in hopes that a ski area would attract more crowds within the middle of winter. It was a modest annual affair until Redford’s Sundance Institute took over in 1985 and it became the Sundance Film Festival. The Sundance Institute, which promotes independent movie making, and Redford brought the event worldwide attention. In recent years the Sundance Film Festival featured bigger movies and Hollywood glitz, but for 2011 Redford made an effort to return Sundance to its independent origins.
In 2011, there are brand new deals for Sundance
Redford may be trying to bring Sundance back down to Earth, however in 2011, the 10-day affair, which concludes January 30, is still the biggest event within the world for promoting and investing in American independent films. Film corporations make news betting millions on obscure movies that might not make cash. In 2011, the first Sundance deal that happened was Lionsgate getting the rights to invest millions marketing and distributing "Buried" in North America for about $3.2 million. After an all night bidding session, Paramount Pictures won the hottest movie paying $4 million for the Sundance 2011 movie "Like Crazy.".
The future of independent films?
Selling independent films to the highest bidder isn’t the primary objective of the Sundance Movie Festival, its organizers will insist. Kevin Smith, the controversial director of such hits as “Clerks” (1994) and “Jersey Girl” (2004), sought to emphasize that point Sunday night. He sold the rights to his latest movie, “Red State,” to himself for $20. The Sundance deal was announced by him. Then he said he would assume word of mouth would be enough advertising while his business would distribute it. “Red State” played at Sundance to mixed reviews. Right now, there appear to be less of a return on Hollywood blockbusters. Maybe Smith and Sundance are going about things the better way now.
Citations
TIME
time.com/time/arts/article/0,8599,1956952,00.html
The Guardian
guardian.co.uk/film/filmblog/2010/feb/02/sundance-film-festival-deals
CNN
cnn.com/2011/SHOWBIZ/Movies/01/24/sundance.like.crazy.sale.ew/
Wall Street Journal
blogs.wsj.com/speakeasy/2011/01/19/sundance-2011-7-film-companies-hot-to-trot-in-park-city/
MTV
mtv.com/news/articles/1656516/kevin-smith-red-state-sundance-reviews.jhtml
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