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, enduring lengthy elevator queues that caused meeting delays and cancellations, and encountering technical issues during screenings. The timing also coincided with the U.S. election, adding to the complexities of what was already a “tightly choreographed ballet” of market operations, ultimately leading to widespread 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 venue, located at the heart of the entertainment business, is generating renewed optimism among global attendees. Many are reportedly extending their stays to facilitate meetings with agencies and studios, eager to re-engage 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 Las Vegas misstep highlighted not only operational challenges but also reflected the broader fragility of the independent film industry, which continues to recover from the pandemic and the recent Hollywood strikes. The market also faces growing difficulty in assembling film packages that suit an “extremely cautious market.”

Despite these hurdles, there is a sense of renewed optimism, a comeback worthy of a 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 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,” signaling revitalized industry activity.

Shooman emphasized that the current challenge for the indie film business lies in the need for “constant recalibration” of production models, specifically, “how stuff is made and how much it’s made for.” A notable example is IFC Films’ acquisition of Ben Leonberg’s directorial debut, “Good Boy,” a micro-budget horror told from a dog’s perspective that has grossed over $6 million at the box office. The film is on track to become one of the year’s most profitable projects, underscoring the potential for significant returns from cost-effective, high-quality productions.

This trend aligns with the broader market reality where risk-averse buyers are gravitating toward films with clearly defined audiences. Janina Vilsmaier, Senior VP of Sales and Distribution at Protagonist Pictures, observed that “distributors want movies where they know exactly who it’s for so they know what to do with it.” Films now must clearly define themselves, as genre pieces, awards contenders, or niche audience favorites — leaving “in-between projects” at a disadvantage.

Recent examples underscore this challenge. A24’s “The Smashing Machine,” starring Dwayne Johnson, and the romantic fantasy “A Big Bold Beautiful Journey” with Margot Robbie and Colin Farrell, both underperformed despite their star power and festival buzz. Critics attributed their failures to unclear audience targeting, leading industry figures like David Garrett (Mister Smith CEO) to conclude that “star wattage simply isn’t enough anymore.” A-listers now mainly serve to generate awareness, with real drawing power depending on whether “the movie itself is good.”

Garrett described the process of assembling a successful film package as “alchemy.” He cited two recent successes, the shark-meets-serial-killer survival horror “Dangerous Animals,” and the YA teen romance “Chasing Red,” adapted from Wattpad, both of which thrived due to a crystal-clear demographic focus.

The financing landscape has also evolved. Relying solely on territory pre-sales, once a hallmark of AFM deals, has become rare. Today, most packages come with partial financing already secured to reduce risk. Agencies are also more reluctant to launch big-name projects without initial funding commitments, as failure to secure pre-sales can be “embarrassing.” Delphine Perrier of Highland Film Group highlights the growing importance of “equity, tax incentives, and filming location strategy” in securing financial viability.

Kristen Figeroid, head of Neon’s International Sales and Distribution, noted that the “target to pre-sell scripts has become smaller and smaller,” forcing buyers to be more selective. Yet, the desire to make passion projects remains strong, with independent cinema now serving as the natural home for such films as major studios become increasingly risk-averse. Dylan Leiner, Executive VP at Sony Pictures Classics, adds that auteur-driven films still attract buyers because younger audiences, though raised on social media, are now seeking “guaranteed satisfaction” from trusted directors and classic-style cinema.

Sony Pictures Classics has since adapted its strategy to court slightly younger audiences, reflecting a new theatrical culture emerging post-pandemic. Beyond prestige titles, genre films and animation continue to dominate the AFM circuit. AC Independent is showcasing footage of “Victorian Psycho” and launching “Buzzkill,” a horror comedy, while Paris-based Charades focuses on animation following the success of “Flow.” Japanese animation remains a powerhouse, with “Demon Slayer: Infinity Castle” grossing over $660 million globally, demonstrating that IP-driven, high-quality animation continues to expand internationally.

Still, Shooman warns of genre oversaturation, noting that last year’s flood of horror titles led to a “dip in quality.” Nonetheless, genre’s dependable profitability ensures its continued dominance, alongside the rise of action-comedies and horror-comedies, with titles like “Weapons,” which grossed $268 million, serving as models of clear audience-driven success.

This year’s AFM, therefore, aims to pair the next wave of “Good Boys” with their perfect buyers, this time without elevator queues or the distraction of slot machines. As Janina Vilsmaier aptly put it, “Sometimes you need to go somewhere else to realize what you’ve got.”

Highlights from the AFM 2025 Sales Slate

Alone Together — Directed by Ben Sharrock; starring Callum Turner, Adria Arjona, and Amir El-Masry. A British filmmaker’s life crisis in the Arabian desert leads to transformative human connections. (Sales: HanWay)

The Arrival — Directed by Bijan Sheibani; with Kingsley Ben-Adir and Archie Madekwe. A tense drama of identity and betrayal as two long-lost brothers reunite. (Sales: Cornerstone)

Babies — Directed by Lauren Miller Rogen; starring Seth Rogen and Anna Kendrick. A heartfelt comedy-drama exploring the emotional journey to parenthood. (Sales: AGC, CAA Media Finance)

Bad Bridgets — Directed by Rich Peppiatt; starring Daisy Edgar-Jones and Emilia Jones. Two Irish sisters cause mayhem in 19th-century New York. (Sales: FilmNation, WME Independent)

Barry & Me — Directed by Markus Welter; a boy’s devotion to his St. Bernard puppy leads him into danger. (Sales: The Playmaker Munich)

Brave Cat — An animated adventure blending stop-motion and CGI. Kona, a teenage forest cat, braves her fears to find her kidnapped mother. (Sales: Indie Sales)

Buzzkill — Directed by Joe Lynch; starring Billy Magnussen and Lulu Wilson. A horror-comedy about a sheriff hunting a monster that feeds on blood alcohol. (Sales: AC Independent, UTA Independent Film Group)

Everybody Wants to F*ck Me — Directed by Jonathan Schey; starring Taron Egerton and Jessica Henwick. A razor-sharp dark comedy thriller currently filming in London. (Sales: Studiocanal)

Father Joe — Directed by Barthélémy Grossmann; starring Kiefer Sutherland and Al Pacino. A priest takes on the city’s criminal underworld. (Sales: Kinology)

Fish — Directed by Carlo Hintermann; starring Tim Roth and Hunter Schafer. A surreal tale of a professor turning into a fish. (Sales: Minerva Pictures, TVCO)

Halloween vs. Day of the Dead — A vibrant animated feature about unity across rival holidays. (Sales: Studio 100)

Heartless — Directed by Camille Delamare; starring Jeanne Goursaud and Colin Morgan. A former MMA fighter must hunt down an organ-trafficking ring. (Sales: K5 Intl.)

Hello Betty — Directed by Pierre Monnard; the true story of Swiss advertising pioneer Emmi Creola. (Sales: Picture Tree Intl.)

Ink — Directed by Danny Boyle; starring Guy Pearce, Jack O’Connell, and Claire Foy. A high-octane chronicle of the rise of Rupert Murdoch’s media empire. (Sales: Studiocanal)

Life Is Life — Directed by Riccardo Milani; starring Diego Abatantuono and Aldo Baglio. A shepherd defends his land from encroaching developers. (Sales: PiperFilm)

Love Language — Directed by Joey Power; starring Chloë Grace Moretz and Anthony Ramos. A vow writer faces her past when tasked with writing for her ex. (Sales: Protagonist)

The Mark — Directed by Justin Chadwick; starring Jessica Alba and Tom Hopper. A spy drags a single father into her world of espionage. (Sales: Highland Film Group)

Moses the Black — Directed by Yelena Popovic; starring Omar Epps, Wiz Khalifa, and Quavo. A Chicago gangster finds redemption through faith. (Sales: Stoic)

Only What We Carry — Directed by Jamie Adams; starring Simon Pegg and Sofia Boutella. A student returns home to confront her past. (Sales: International Film Trust)

Queen of the Falls — Directed by Rania Attieh and Daniel Garcia; starring Pamela Anderson and Guy Pearce. A fugitive and a roadkill cleaner race toward Niagara Falls. (Sales: Global Constellation)

Ultra — Directed by Victoria Negri; starring Shailene Woodley. A woman runs the Badwater 135 Ultramarathon to confront her inner demons. (Sales: Mister Smith Entertainment, WME Independent)

The Vile — Directed by Majid Al Ansari; starring Bdoor Mohammed and Sarah Taibah. A devoted wife’s world crumbles when her husband brings home a second wife. (Sales: AGC Intl.)

Viva La Madness — Directed by Guy Ritchie; starring Jason Statham. Plot under wraps. (Sales: Black Bear)