The 40th edition of Sundance showcased the enduring demand for independent documentaries, even in the face of corporate consolidation in the industry. While sales have been limited thus far, there has been significant buyer interest in two celebrity-centered documentaries: 'Super/Man: The Christopher Reeve Story' and 'Will & Harper,' featuring Will Ferrell. In addition, numerous other documentaries have attracted healthy interest from potential buyers.
According to Josh Braun, a sales agent from Submarine Entertainment, the market for documentaries had been sluggish six months ago, leading to concerns heading into Sundance. However, there is now a renewed sense of optimism in the industry, with a resurgent pulse. Braun notes that although no deals have been closed yet, four of Submarine's films have received offers, a notable improvement compared to the previous year.
Some of the documentaries represented by Braun, including 'Daughters,' 'Gaucho Gaucho,' and 'Union,' have garnered prestigious Sundance prizes such as the U.S. Documentary Audience Award and the Festival Favorite Award. These accolades are expected to assist in negotiations for distribution deals.
The presence of bidding wars is an issue that sales agents such as Braun and Jason Ishikawa from Cinetic Media must contend with. Both 'Super/Man: The Christopher Reeve Story' and 'Will & Harper' have generated significant interest, leading to a backlog of sales. Major distributors like Max, Apple TV+, and Amazon are reportedly willing to offer as much as $10 million for each documentary. Until deals for these films are finalized, negotiations for other nonfiction titles with prominent distributors are put on hold.
Ishikawa highlights the success of 'Super/Man' as evidence that film festivals still play a crucial role in securing distribution deals. In the case of 'Super/Man,' a significant offer was received just 15 minutes after the film ended. Alongside 'Super/Man,' Ishikawa represents other documentaries such as 'A New Kind of Wilderness,' 'Devo,' 'Look Into My Eyes,' and the Debra Granik docuseries 'Conbody Vs Everybody,' all of which are still seeking distribution deals. However, Ishikawa is more optimistic about the documentary marketplace this year, noting the heightened competitiveness among buyers, with some actively seeking films for theatrical release.
It is rumored that theatrical distributors like Neon may partner with streaming platforms for films like 'Super/Man' and 'Will & Harper.' Nevertheless, the majority of documentaries seeking distribution from Sundance are likely to secure just one mode of distribution, if any. A prime example is Benjamin Ree's 'Ibelin,' which was acquired by Netflix. It is anticipated that Sundance 2024 will result in more deals compared to the previous year, but the financial compensation for filmmakers will likely be conservative. The days of hefty checks from streaming platforms for documentaries appear to be on hold for now. As a result, filmmakers are increasingly considering selling their documentaries territory by territory to maximize monetization opportunities.
Geralyn White Dreyfous, co-founder of doc fund Impact Partners, expects smaller deals this year and emphasizes the importance of deciding between an all-rights deal or selling territory by territory. Last year, Dreyfous had two highly anticipated documentaries at Sundance, with one finding theatrical distribution and the other still searching for a home.
Ishikawa, however, believes that 'Super/Man' and 'Will & Harper' won't be the only documentaries at Sundance 2024 to secure significant deals. He argues against the notion of a finite budget that distributors are willing to spend and suggests that streamers, in particular, still have substantial content budgets.
Braun takes a more cautious approach, acknowledging that the market is primarily focused on commercial films but also sees potential for high-quality documentaries that may not initially stand out. He sees this as a positive step forward, indicating that distributors may be more willing to take risks in the future.
As Sundance continues to showcase groundbreaking documentaries, the landscape for independent filmmaking remains complex. Despite the challenges posed by industry consolidation and shifting distribution models, the market for nonfiction films thrives on the enduring demand for compelling storytelling and thought-provoking content.
