Investing in Movies: Strategies for Investors and Producers

by Joseph N. Cohen

Overview

In this second edition of Investing in Movies, industry veteran Joseph N. Cohen provides investors and producers with an analytical framework to assess the opportunities and pitfalls of film investments.

The book traces macroeconomic trends and the globalization of the business, including the rise of streamers, as well as the impact these have on potential returns. It offers a broad range of guidelines on how to source interesting projects and advice on what kinds of projects to avoid, as well as numerous ways to maximize risk-adjusted returns. While focusing primarily on investments in independent films, Cohen also provides valuable insights into the studio and independent slate deals that have been marketed to the institutional investment community. As well, this new edition has been updated to fully optimize the current film industry climate including brand new chapters on the Chinese film market, new media/streaming services, and the effects of COVID-19 on the global film market.

Written in a detailed and approachable manner, this book is essential for students and aspiring professionals looking to gain an insider perspective against the minefield of film investing.

Product Details

ISBN-13:	9780367721596
Publisher:	Taylor & Francis
Publication date:	12/31/2021
Series:	American Film Market Presents
Edition description:	2nd ed.
Pages:	274
Sales rank:	652,674
Product dimensions:	6.00(w) x 9.00(h) x (d)

About the Author

Joseph N. Cohen, a graduate of Yale and Oxford, held senior positions at Salomon Bros. and Lehman Brothers before he became president of Largo Entertainment, a joint venture between JVC and producer Lawrence Gordon, in 1989. During Cohen’s tenure, Largo produced such hits as Point Break and Malcolm X. Cohen founded American Entertainment Investors (AEI) in 1996, which is best known for advising independent production companies, including Alcon, River Road and Black Label. AEI advised Goldman Sachs and Assured Guaranty in restructuring the Weinstein Company in 2010. Cohen is a member of the Motion Picture Academy and has taught film finance at the Peter Stark Producing Program at the University of Southern California.

Table of Contents

Acknowledgments ix

Introduction 1

1 Pros and Cons of Motion Picture Investment 13

2 Macroeconomic Trends and Studio Co-Financing 33

3 Tax and Other "Soft Money" Benefits and Limited Partnerships 40

4 Welcome to the World of Independents 50

5 The Evolution of Revenue Streams 59

6 COVID and Post-COVID 68

7 The Rise of the Streamers 77

8 Cast of Characters 97

9 Globalization of the Business 120

10 How to Have Fun and Not Lose Your Shirt 137

11 Managing Risk 154

12 Working the Banks and Non-Bank Lenders 167

13 How to Beat the Odds: Niche Strategies 188

14 Evaluating Projects and How to Pitch Them 200

15 Where You Should Be in the Food Chain; Distribution versus Production 213

16 The Sinkhole of Development 228

17 Exit Strategies: The Value of Film Libraries 234

18 New Directions: The Digital World 241

19 Art versus Commerce 249

Index 261

Editorial Reviews

Praise for the first edition

"Joe Cohen is not only one of the most knowledgeable people in the world regarding film finance, he is also one of the most honorable people with whom we have ever worked. This book is a valuable tool in understanding how the movie business functions today, and where it is headed in the future."

—Andrew A. Kosove & Broderick Johnson, Co-Founders/Co-CEOs, Alcon Entertainment, LLC

"If you want to know how to actually make money, not lose it, investing in films—Yes, you read that correctly, and it can be done—this is a must read from the smartest, most experienced guy doing just that, successfully for many years."

—Larry Turman, Producer, Director of The Peter Stark Producing Program, USC

From the Publisher