The American Film Market (AFM) faced a challenging period during its recent installment in Las Vegas, described diplomatically as a 'cinematic city, but not cinema-friendly'. The event, held at the Palms Casino Resort, was fraught with logistical difficulties; sales agents and buyers recounted navigating a maze of slot machines and roulette tables to reach offices, lengthy elevator queues that caused meeting delays or cancellations, and technical issues during screenings. The timing also coincided with an election, adding to the complexities of an already 'tightly choreographed ballet' of market operations, leading to significant frustration among attendees.

However, the AFM is now making a triumphant return to Los Angeles, setting up at the Fairmont Century Plaza in Century City from November 11-16. This new location, nestled in the heart of the entertainment business, is generating considerable optimism among global attendees. Many are reportedly extending their stays to facilitate meetings with agencies and studios, looking forward to re-engaging with the vital aspects of the industry circuit that were hindered in Las Vegas. Screenings for the market will be hosted at AMC Century City 15, conveniently located within the Westfield Century City mall.

The location misstep in Las Vegas highlighted not only operational challenges but also reflected the broader 'fragile health' of the independent film industry, which has been impacted by the pandemic and the recent double Hollywood strikes. The market also grapples with the increasing difficulty of not just assembling film packages, but ensuring they are precisely suited for an 'extremely cautious market' environment.

Despite these hurdles, there is a sense of optimism, akin to a good Hollywood script. Scott Shooman, head of IFC Entertainment Group, noted a positive 'shift from a buyer’s market to a seller’s market' at a recent healthy Toronto Film Festival, where 'robust MGs [minimum guarantees] were paid for a lot of different movies.' He also observed a 'slightly more competitive marketplace' with 'new domestic distributors in the mix,' suggesting renewed vitality.

The current challenge for the indie film business, according to Shooman, lies in the need for 'constant recalibration' regarding 'how stuff is made and how much it’s made for.' An exemplary success in this new landscape is IFC Films’ acquisition of Ben Leonberg’s directorial debut, 'Good Boy.' This micro-budgeted horror film, told from a dog’s perspective, has grossed over $6 million at the box office and is on track to become one of the year’s most profitable films, demonstrating the potential for significant returns from cost-effective, high-quality projects.

This success aligns with a broader trend where risk-averse buyers are increasingly seeking packages with a 'clearly defined audience.' Janina Vilsmaier, senior VP of sales and distribution at Protagonist Pictures, emphasizes that distributors want movies where 'they know exactly who it’s for so they know what to do with it.' This means films must clearly identify as a specific genre, an awards contender, or another distinct category, making it 'much more difficult' for projects that fall in between these definitions.

Recent examples illustrating this challenge include A24’s Dwayne Johnson-led wrestling drama 'The Smashing Machine,' which, despite a hefty $50 million price tag and buzz from Venice, reportedly flopped at the box office due to an unclear target audience. Similarly, the $45 million romantic fantasy 'A Big Bold Beautiful Journey,' launched with Margot Robbie and Colin Farrell, also struggled after poor reviews cited its uneven tone. These cases underscore a growing realization that 'star wattage simply isn’t enough' to draw audiences, as noted by Mister Smith CEO David Garrett. He suggests that A-listers now primarily serve to create awareness, with actual pulling power only if the movie itself is good.

The process of putting together a viable film package is now described as 'alchemy.' David Garrett cites successful cases like the shark-meets-serial killer survival horror 'Dangerous Animals,' which premiered at Directors’ Fortnight and became a box office success, and 'Chasing Red,' a YA teen romance that originated on Wattpad and is now heading into production with strong pre-sales. Both films succeeded due to their 'very, very clear demographic' appeal, a crucial factor in today’s market.

The financing landscape has also evolved; relying solely on territory pre-sales, once common at AFM, is now a rarity. Most packages come with some financing already in place to mitigate risk. There's also an acknowledgment of agencies' reluctance to launch projects with their bigger names without some committed funds, as it can be 'embarrassing' if pre-sales don't materialize. Delphine Perrier of Highland Film Group highlights the critical role of 'equity, tax incentives, and where you’re going to shoot' in making projects viable.

Kristen Figeroid, who heads Neon’s international sales and distribution, observes that 'the target to pre-sell scripts has become smaller and smaller for buyers,' leading to more discerning decisions at the script stage. However, the 'desire to make these passion projects for directors and actors is still very prevalent,' with many such projects finding their home in the independent market as studios increasingly shy away from them. Dylan Leiner, Sony Pictures Classics’ executive VP of acquisitions, production, and business affairs, notes that auteur-driven movies continue to attract buyers because younger audiences, despite being raised on social media, are increasingly selective and value the 'guaranteed satisfaction' reputation of name directors and classic films.

Sony Pictures Classics’ acquisition strategy is adapting to a post-pandemic moviegoing shake-up, targeting slightly younger demographics as a new culture for theatrical films develops. Beyond prestige projects, market stalwarts like genre and animation are expected to continue driving dealmaking at the AFM. AC Independent, for instance, will be showing footage of 'Victorian Psycho' and launching 'Buzzkill,' a horror comedy. Paris-based Charades is also focusing on genre and animation, following the success of 'Flow,' and noting the significant rise of Japanese animation, exemplified by the box office smash 'Demon Slayer: Infinity Castle' with over $660 million globally. The appeal of IP-driven Japanese animation is growing, leading to an 'uptick in quality' from high-end animation studios worldwide, with SPC citing Oscar-nominated adult animation releases like 'Persepolis' and 'Waltz With Bashir.'

Despite this, Scott Shooman cautions that the genre market experienced saturation last year, resulting in a 'pushed down' quality due to many players jumping into the space. Nevertheless, genre’s consistent ability to yield substantial profits from small budgets will maintain its status as a market favorite, especially at the AFM. Action-comedies and horror-comedies are also having a sustained moment, with films like 'Weapons' (which blended supernatural horror and dark comedy to scare up $268 million) being cited as benchmarks for quality packages with clear, defined target audiences, much like 'Good Boy.'

This year’s AFM, therefore, will be dedicated to successfully matching the latest crop of 'Good Boys' with their ideal owners, with the added benefit that buyers and sellers won't be inconvenienced by elevator queues or the noise of slot machines. As Janina Vilsmaier aptly concludes regarding the market’s return to Los Angeles, 'Sometimes you need go somewhere else to realize what you’ve got.'

The AFM sales slate for this year features a diverse range of titles across various genres, promising a vibrant market. Among the selections:

Alone Together, directed by Ben Sharrock, features Callum Turner, Adria Arjona, and Amir El-Masry in a story of a British filmmaker facing a life crisis in the Arabian desert, forming powerful connections during a freak rainstorm. Sales are handled by HanWay.

The Arrival, from director Bijan Sheibani and featuring Kingsley Ben-Adir and Archie Madekwe, is a drama about identity, obsession, and betrayal, charting the reunion of two long-lost brothers, Raheem and Tom, in adulthood. Cornerstone is managing sales.

The ensemble comedy-drama Babies, directed by Lauren Miller Rogen and starring Seth Rogen and Anna Kendrick, explores the journey to parenthood. Sales are by AGC and CAA Media Finance.

Bad Bridgets, directed by Rich Peppiatt and starring Daisy Edgar-Jones and Emilia Jones, is set in the 19th century and follows two Irish sisters on a treacherous journey to America, where they join the ranks of "Bridgets" creating mayhem in New York. FilmNation (international) and WME Independent (U.S.) are handling sales.

From director Markus Welter, Barry & Me sees Paco von Wyss, Mael Galatti, and Alma Büchenbacher in a story about a boy raising a St. Bernard puppy and risking everything to protect their bond. The Playmaker Munich manages sales.

The animated feature Brave Cat, directed by Gabriel Osorio, mixes stop-motion and CGI 3D to tell the story of Kona, a teenage forest cat who faces her fears to search for her missing mother, kidnapped by dogs. Indie Sales is handling sales.

Joe Lynch directs the horror comedy Buzzkill, starring Billy Magnussen and Lulu Wilson, where a recently widowed and recovering alcoholic sheriff investigates dismembered locals, discovering a monster that feeds on blood alcohol content. Sales are by The Veterans (international) and AC Independent, UTA Independent Film Group (U.S.).

Everybody Wants to F*ck Me, a razor-sharp dark comedy thriller directed by Jonathan Schey and starring Taron Egerton and Jessica Henwick, is currently shooting in London. Studiocanal is managing sales.

Barthélémy Grossmann’s action thriller Father Joe features Kiefer Sutherland as a man of faith waging war against the city’s criminal underworld, whose crusade collides with the empire of a powerful mob boss played by Al Pacino. Kinology handles sales.

Carlo Hintermann’s genre-bending drama Fish, in pre-production, stars Tim Roth and Hunter Schafer. It follows art history professor Fish Osborne as he discovers he is turning into a fish, with his students also mutating. Minerva Pictures and TVCO are managing sales.

The animated feature Halloween vs. Day of the Dead, directed by Celso García, tells of a boy from Halloween Ville who visits Day of the Dead Town, uncovering a magical adventure that could unite rival towns and save their holidays. Studio 100 is handling sales.

In Camille Delamare’s Heartless, Jeanne Goursaud and Colin Morgan star as a former MMA fighter and her hacker husband who must hunt a deadly organ-trafficking ring after her son’s transplanted heart is stolen. K5 Intl. handles sales.

Pierre Monnard’s Hello Betty, starring Sarah Spale, is the true story of Emmi Creola, the advertising pioneer who created the Swiss culinary icon Betty Bossi. Picture Tree Intl. is managing sales.

Danny Boyle directs Ink, an explosive cinematic rollercoaster about the rise of the Rupert Murdoch media empire, starring Guy Pearce, Jack O’Connell, and Claire Foy. Studiocanal handles sales.

The Italian box office hit Life Is Life, directed by Riccardo Milani and starring Diego Abatantuono, Aldo Baglio, and Virginia Raffaele, follows a solitary shepherd defending his land from a developer. PiperFilm is managing sales.

Joey Power’s rom-com Love Language, starring Chloë Grace Moretz, Anthony Ramos, Manny Jacinto, Isabel May, Lukas Gage, and Billie Lourd, centers on a woman with a talent for writing wedding vows, whose life changes when she’s asked to write for her old college flame. Protagonist is handling sales.

The thriller The Mark, directed by Justin Chadwick, sees Jessica Alba as a spy on a dangerous mission who pulls single father Ben (Tom Hopper) into her world of high-stakes espionage. Highland Film Group is managing sales.

Moses the Black, directed by Yelena Popovic and starring Omar Epps, Wiz Khalifa, Quavo, and Chukwudi Iwuji, tells the story of a modern-day Chicago gangster inspired by the repentance story of a fifth-century saint. Stoic handles sales.

Jamie Adams’ Only What We Carry features Simon Pegg, Charlotte Gainsbourg, Liam Hellmann, Sofia Boutella, and Quentin Tarantino in a story where a once-formidable instructor faces his former student who returns home to confront her past. International Film Trust is managing sales.

Reenactment, directed by Grant Singer and starring Benicio del Toro and Cameron Diaz, has its plot kept under wraps. Sales are handled by 193.

Rania Attieh and Daniel Garcia direct Queen of the Falls, starring Pamela Anderson and Guy Pearce, as a roadkill cleaner and a fugitive race toward Niagara Falls, chased by the law and haunted by the past. Global Constellation is handling sales.

Victoria Negri’s Ultra stars Shailene Woodley as Eve, who, after her twin sister’s death, enters the Badwater 135 Ultramarathon and is pursued by an unknown runner while confronting her darkest self. Mister Smith Entertainment (international) and WME Independent (North America) are managing sales.

The Vile, directed by Majid Al Ansari, sees Bdoor Mohammed, Sarah Taibah, and Eman Tarik in a story where a devoted wife’s life unravels when her husband returns home with a second wife. AGC Intl. is handling sales.

Finally, Guy Ritchie directs Viva La Madness, starring Jason Statham, with the plot currently under wraps. Black Bear is managing sales.