While estimating yet more box office for the film financiers back in Century City, California I've become aware of a distinctive new force in the business, Overture Films. It's an upstart "studio" out of Colorado that has put together a 500 million dollar credit line with theatrical distribution through Paramount/Vantage, broadcast distribution through Starz and video distribution through Anchor Bay. It's enough to make you wanna ask "Who ARE these guys?".In fact, to paraphrase Overture's own online mission statement...Overture is a wholly owned unit of Starz Media, a controlled subsidiary of Liberty Media Corporation attributed to the Liberty Capital Group (NASDAQ: LCAPA, LCAPB) a tracking stock group of Liberty Media Corporation. I don't know about you but, this looks like a good investment opportunity.
Overture Films has a very creative line-up with production costs of under $30 million. They're attracting big talent because, if you believe the PR, they let the filmmakers make the movies. If you ask me, this is the strategy MGM should be taking. This was the philosophy upon which the original U.A. was founded. The New York Times ran this article back in January. Since then, the fruits of their labor are starting to appear in theatres.
Though on the surface of things these movies aren't making big bucks, Overture's strategy is open book. They're targeting the niche markets and are in-sync with the times by looking to broadcast (and that will translate to the Internet) and the DVD rental and sell-through markets. If I were shopping a film, or wanting to submit an original screenplay, I'd take a look at Overture.
TRAITOR (in theatres this weekend)
RIGHTEOUS KILL (opens September 12 in the U.S.)
Overture also has two more in post production, including this Dustin Hoffman/Emma Thompson starrer. You'll notice that all these movies headline big box office talent, doing their thing in a lower budget sphere. That's a first in anyone's book. It also ultimately reflects a new model for an industry that's moving increasingly towards home-based/mobile entertainment.
LAST CHANCE HARVEY (out in U.S. theatres January 2009)
Very interesting and super smart. Artists will always gravitate to where they're afforded the most creative freedom. By the way, the CEO's name is Chris McGurk whose vision for Overture may be summed up with this quote: "We have a shot at establishing ourselves as the quality alternative for a more discerning, older audience." The COO is Danny Rosett. Hurray for Chris and Danny. The over-40 crowd salutes you. I've got a feeling we'll be hearing a lot more about the mini-studio and its chief executive. After TRAITOR'S soft opening on Wednesday ($800,000), McGurk told Josh Friedman of the L.A. Times "we're just getting into the meat of our batting order".
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