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Film Financing - Can Film Graduates Take the Challenge?
By John Gaskin
John Gaskin (Copyright 2005)
Graduates from a Film Studies program have a new opportunity
in film & video production. Of course, with every opportunity
comes a challenge - and in this case, the challenge is to find
financing for your, or your employer's, projects.
With the advent of digital equipment the scope of film & video
production has widened. The usual Hollywood styled film
production is no longer the only route to a career for film
graduates. There are a multitude of opportunities in audio and
visual applications throughout business, government and the
entertainment industry. That means OPPORTUNITY for the
keenest graduates to produce their own film & video projects, or
to land the most interesting positions with leading film & video
production companies.
Financing has been a dirty word for years in the film industry.
The 'Blue Suits' and the cold heart of the banker are
synonymous with the enemy of the creative. However, in this
new era of opportunity you need to be both the 'Blue Suit' and
the creative.
How do you find a way to learn about film financing, film
budgeting, etc.? First let's look at Film Studies programs.
There are so many Film Study programs available now that I
find it confusing, and I've worked in the film industry for over 20
years. The Universities are taking a Liberal Arts degree
approach to their curriculums, and the Colleges/Schools are
primarily taking a hands-on technical approach. In either case, it
is unarguable that Film Studies is big business. The following
excerpt from The New York Times Company, published
March 6, 2005?, made it clear to me how big a business
Film Studies really is:
"Some 600 colleges and universities in the United
States offer programs in film studies or related
subjects, a number that has grown steadily over the
years¡. At the University of Southern California, whose School
of Cinema-Television is the nation's oldest film school
(established in 1929), fully half of the university's 16,500
undergraduate students take at least one cinema/ television
class."
Which College, School or University will best prepare the
graduate for a career in film & video? If a student has invested 2
to 4 years of their lives in this degree, how can they turn it into a
worthwhile career?
Let's see what the Universities say about their own programs,
and the kind of results they expect - that is, what the Graduate
will be capable of when entering the work force. This
promotional letter, posted on one University's web site, says it
all:
"A major in Film Studies is not an occupational or professional
degree. A sound program of studies in this discipline, however,
should qualify a student for a variety of vocational possibilities.
Obviously an individual will need to employ his or her
knowledge about film in either a creative or a practical capacity
and, in either case, exercise the judgment and initiative that a
rigorous pursuit of a major in Film Studies should develop."
The use of 'should' twice in three sentences tells the story - it's up
to you, Bud!
Film Studies programs (at any level) either don't address, or
don't address strongly enough, the major force behind all film
and video production - the MONEY! If the word money is brought
up at all, it's only a handshake and a nod. Most undergraduate
programs have very little mention of Film Budgeting, and such
things as Cost Reports and Business Plans are treated as
foreign topics entirely. The Masters programs are only slightly
better.
The reason for the void of information on such things as Film
Budgets, Cost Reports, etc. in the academic sector originates
from the big Hollywood production machine. The perpetual
negotiations with the three big guilds (SAG, DGA and WGA), as
well as with the IATSE & Teamster crew unions has forced the
producing studios to be extremely confidential.
That era of total confidentiality isn't over, nevertheless there is a
huge demand to know more about film financing, film
budgeting, etc. The new crop of Independent Film & Video
makers want to make their own projects, find their own financing
and do their own film budgeting and reporting of production
costs. It is even increasingly possible for producers to distribute
their own projects over the internet.
Believe me, the film school graduate who has a thorough
understanding of their Film Studies program, AND understands
the basic processes of Film Budgeting, Cost Reporting and
Business Plans, is light-years ahead of the pack. A film studies
graduate who can help prepare a financing package (that is,
help to prepare a Film Budget and a simple Business Plan)
would absolutely blow away any Independent Film & Video
Production company. Can you imagine an Independent
Producer who wouldn't LOVE to have help with preparing and
presenting a financing package?
I used to assume that the film students had a lack of interest in
Film Budgeting and Costs (of any kind). Not anymore. I recently
did a survey of film students at a respected film school. Here are
the results of the survey:
Over 80% of the students said they felt it was important to know
more about budgeting and how it affected their careers as
filmmakers.
Film & Video production is one of the biggest industries in THE
WORLD (next to weapon manufacturing, of course). The wide
spread use of digital medium has created a new opportunity.
That opportunity, although less expensive than the Hollywood
style film productions we've grown used to, is still costly and
requires financing. How do you get that financing? Where do
you start?
Answer: You start with the basics of Film Budgeting, Cost
Reporting and very simple Business Plans. If you can calculate
a focal point, or learn how to operate a video camera, a Film
Budget is a piece of cake.
Based on my experience over the past 20 years in the film
industry, I can confidently say:
1. Graduates from Film Study programs who know the basics of
film & video production money (Budgeting, Cost Reporting and
Business Plans) will find they can take on more responsibility in
their film & video projects, and
2. as a result will have more successful careers than their peers
who haven't learned to prepare Film Budgets, who don't
understand any production's Cost Report and who never saw a
simple Business Plan.
So how does a film student get familiar with Budgets, Cost
Reports and a simple Business Plan? I've been a Production
Auditor for 20 years and I've NEVER shown a crewmember a
Final Budget or a Weekly Cost Report (the universally standard
financial report card issued to the Financiers and Producers
every week) in that entire time. They are considered sacrosanct
by Studio Executives, Producers and Financiers everywhere.
Well, I'm about to tease you with some relevant articles that will
open the door enough to let you walk through. They're written for
the complete novice, so be patient if you've already been
exposed to budgets and cost reports.
Visit my web site at http://www.talkfilm.biz and sign-up for 7
FREE informative articles on how to participate in the budgeting
and cost reporting process. You can instantly download my
Ebook, "Walk The Talk".
Written by John Gaskin - With 20 years experience in the Film
Industry as a Production
Auditor, John has managed over 40 major films all over the
world. John has worked with some of the industries top
professionals including academy award winning producer Ron
Howard, Brian Grazer, Walter Salles, etc. See more "About the
Author" at http://www.talkfilm.biz .
About the Author
So how does a film student get familiar with Budgets, Cost Reports? Visit my web site at http://www.talkfilm.biz and sign-up for 7 FREE informative articles on how to participate in the budgeting and cost reporting process.
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