Producers Talk Soft Money Pot at Red Sea Film Festival 2024

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Hollywood and international producers looking for new film projects they can finance amid a brutal industry contraction on Saturday turned their focus to Saudi Arabia and its burgeoning film market and soft money pot.

“I promise you, we are the next big thing. Saudi is the next big thing,” said Zeinab Abu Alsamh at a Red Sea Film Festival panel entitled “Finding the Next Big Thing” on Saturday. She serves as the general manager of MBC Studios, a Middle East production powerhouse based in Jeddah, Saudi Arabia.

Her comments follow the country launching a host of soft money schemes for local and foreign companies to help build the country’s film and TV industry virtually from scratch. International film producers and packaging agencies adjusting to unprecedented industry disruption said they believe her as they talked up how to tap into Saudi Arabia’s growing infrastructure and financial incentives on offer.  

Glen Basner, CEO of Filmnation Entertainment, who is making his first visit to the Red Sea festival, said he had an appreciation for regional talent and soft money possibilities to exploit. “It’s, one, a place to really learn how to make a film here, what the matches are and why it is financially attractive. And secondly, to get a sense of the burgeoning talent that’s here in the region. Just walking around the souk (market) today and looking at all the promos and videos, I’m walking away feeling really excited about what’s happening here from the creative filmmaking perspective,” Basner told the fest session.

Also on the mind of panelists was how to finance films by dipping into the international soft money pot as traditional pay TV operators had become more budget-conscious and were drawing back from the indie market, at least for now.

Katie Irwin, an agent and the co-head of international at WME Independent, said her Hollywood agency didn’t have the luxury to see where the indie film market would shake out amid unprecedented industry disruption, before placing its next bet on film projects. “We have to lead the marketplace, not solely follow it,” she argued.

That’s especially challenging when finding diamonds in the rough among indie film projects pitched to Hollywood. That’s where international incentives and producing partners come in to help offset falling revenues from foreign pay TV operators.

“We’re looking a lot at opportunities for international co-productions. In the U.S., we don’t have a very comprehensive system for that. But that presents an opportunity for local and regional filmmakers,” Irwin said.

Fremantle COO Seb Shorr also pointed to soft money and international co-production dollars as ways to put together film projects in foreign markets his company already operates. (Fremantle does not have a film sales division, so it works closely with Hollywood and international financiers.)

“We are really experienced and well-resourced in being able to execute with soft money in all the different countries, and that’s a big strength for us,” Shorr insisted. He added that Fremantle has worked extensively in Italy and Spain, sees a tax credit coming in Germany and is getting ready to produce a film in Australia.

“We’re pretty opportunistic on each project, on what is the best construct,” Shorr said.

The Red Sea Film Festival continues through to Dec. 14.

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