MARKETING NEWS WANDA FEATURE FASHION NEWS Why is Nike prepared Wanda Group's The value of beauty as to pay $500m to keep entertainment illustrated by the sale a basketball star's ambitions know no of P&G's cosmetics to endorsement? Ask bounds. Is Disney Coty, Inc. for $12.5bn LeBron James Full edition watching? Full edition In full edition MediaTainment (Abridged) Finance Issue 27 For decision-makers and strategists who value creativity and www.mediatainmentfinance.com appreciate the value creativity brings to business

For decision-makers and strategists who appreciate the value creativity brings to business

FILM FUNDING Investment in movies: the fun and frustration MTF visits the Berlin Film Festival and listens to experts debate Page 8

CREATIVE Q&A FEATURE OUT-OF-HOME NEWS INDIA FEATURE Instrumental has funds from Warner English football icon David There is more to the Asian Music Group to Beckham is ready to take on US superpower than Bollywood. It's build a hybrid TV- Major League Soccer now that he's growing so rapidly, its international record label YouTube found the ideal home for a team influence is not far behind In full network Page 4 In full edition edition Editor’s Note Inside Full Edition

NEWS ights! Camera! Action! might be a clichéd phrase, but 3 Film p 9 Books/Print p motion pictures still grip 4 Television p 10 Ads & Marketing p attention as entertainment.The unpredictability of success must 5 Music p 11 Fashion/Luxury p also make movies the most volatile form of L 6 Out-Of-Home p 12 Architecture/Design p creativity to finance. 7 Sports p 13 Photography/Art p This prompted MTF to first visit this year’s 8 Games p 14 Copyright p Berlin Film Festival, then head to the UK's Pinewood Studios, where the James Bond, Star Wars and Harry Potter films are shot, to talk to its chairman Michael Grade. We also had a word with Philipp Kreuzer, co-founder of the REPORT FEATURE new German film funding firm Maze Pictures. COUNTRY PROFILE THE Q&A SESSIONS What we learned about funding's precarious challenges makes fascinating reading in our latest Creative Commentaries report on page 36. India Instrumental

Our corporate profile reveals how mega Chinese conglomerate Wanda Group has included the filmed entertainment business in its diversification strategy. And Bollywood movies are captivating audiences at home and overseas, as we discover in the Country Profile on India. In full edition In full edition Also, check out the interview with Conrad Withey, the YouTube network impresario h h melding the business models of record labels and TV networks. And don’t forget the News sections on investments in the creative sectors. FEATURE FEATURE Until our next issue, it’s a wrap. CREATIVE CORPORATE CREATIVE COMMENTARIES Juliana Koranteng editor-in-chief Wanda Film email [email protected] Group Funding twitter @mediatainmentMT

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Creative Q&A Session: Instrumental

Digital technology is enabling the emergence of a whole new way of doing business in the worlds of media, entertainment and creativity. Instrumental is using YouTube, Facebook, Vine, Periscope and other social media, plus apps to show record labels and TV networks how to reach today’s young, tomorrow’s adults. One solution is to introduce brand owners and advertisers to the 30 million registered devotees following its roster of artists

The beauty of digital technology is creative studios that mentor young the freedom it gives creative talent to emerging media, entertainment and develop new intellectual property (IP) creative (MEC) talent. that traditional media organisations Many of them started by getting have been far too bloated to get their hold of affordable video cameras, heads around. converting their bedrooms into London-based Instrumental is amateur TV studios and uploading among the new wave of digital studios their amateur productions on to to have successfully adopted Google- YouTube, a video sharing platform owned video sharing goliath YouTube that reaches more than 1 billion to create a new type of entertainment people globally. business for the 21st century. Several now look set to become the The company describes itself superstars of tomorrow as research Instrumental CEO/Co-Founder as a social music network, but its shows they are more popular among Conrad Withey foundation is the multichannel teenagers weaned on the Internet, networks (MCN), a new form of compared to conventional movie, TV

MediaTainment Finance 27 S P4 feature Instrumental and music celebrities. YouTube has lowered the entry barriers. And that has inspired a new wave of MEC impresarios, like Instrumental’s CEO/Co-Founder Conrad Withey, to build a next- generation entertainment venture that melds a record label, TV network, live theatre and talent management expertise into a new type of enterprise for the 21st century.

Hybrid TV/labels model As Withey puts it: “The way we work with talent is similar to the music industry, but the way we finance them is similar to the TV networks.” Formerly called PopShack until the company realised that moniker restricted its image to one linked to only pop music, the name was changed to Instrumental in October Top and right: British singer Red 2015. It then hit the headlines when (real name Nicole Simpson) is Warner Music Group (WMG), the among the YouTube acts whose multinational record label, became a careers are being developed by Instrumental; she has more than major investor. 90,000 registered followers The endorsement of Bill Roedy, the man who almost singlehandedly turned iconic US music TV brand MTV into a global phenomenon, includes working in the music was also assured when he joined business (a former Warner Music Instrumental’s board of directors. Entertainment president) and the Instrumental is an IP harbour TV industry (a consultant serving in which reside 300 mostly music independent TV producers), reasons artists, each one of whom hosts his or that brand owners and advertisers her own YouTube channel where they will want to be associated with more than 10 million views. In an perform their own compositions or Instrumental’s creative assets and industry that traditionally needed cover versions of hits, or create their multitude of viewers. radio and TV commercials to boost own type of entertainment. their music artists’ profiles, Withey A myriad of mostly teenage points out how social media (another Millennials and young digital native YouTube celebrities digital tech) has made the artists adults get it, and hundreds of Among the artists on the at Instrumental and other MCNs thousands of them are subscribers to company’s roster is Elyar Fox, who independent entrepreneurs. each of the 300 channels. Combined, has been compared to Justin Bieber They know their fans and how to Instrumental as a platform reaches and whose YouTube channel boasts deploy social media dexterously to more than 30 million YouTube fans more than 294,000 subscribers. reach them round-the-clock. who watch their favourite artists’ Up-and-coming songstress Red has Elyar Fox, for example, has more channels billions and billions of times. more than 94,500 subscribers. The than 1.7 million Facebook fans, And that excludes the millions YouTube videos of colleague Matt almost 260,000 Twitter followers of Facebook, Twitter and Instagram DeFreitas (pictured on page 32), who and 135,000 Instagram devotees. In followers devoted to Instrumental’s received public attention when he addition to Facebook, Twitter and roster of artists. auditioned for singing contest The Instagram, artists like Fox are at So Withey, whose background X Factor in the UK, have nabbed

MediaTainment Finance 27 S P5 feature Instrumental home using micro-video platform Vine and live video streaming app Periscope. The goal of Instrumental’s management is to combine Fox’s resources with those of his 299 colleagues to build a destination that not only marketers want to be associated with, but record labels and TV producers would also approach in their search for new talent. They are already liaising with WMG’s more than 180 record labels worldwide plus another 140-plus third party labels whose recordings are distributed by WMG. The 58-year-old WMG, which operates YouTube channels for many of its labels and artists like Charli XCX (1 million subscribers), Jason Derulo (4 million), Skrillex (12 million), Madonna (651,000), also hopes to learn from the new digital skills that the very young Instrumental brings. media channels, depending on the Instrumental’s roster of acts might Instrumental protégé Elyar Fox has already age group being targeted.” not be as huge as frontrunners like had a Top 5 hit in the UK, boasts more than 23 PewDiePie (more than 42 million “Vine is much more effective for million YouTube views and continues to retain YouTube subscribers). But while younger people. Older people prefer the loyalty of 295,000 YouTube subscribers, being a multi-million dollar megastar Facebook. YouTube sits in between. 134,000 Instagram and 258,000 Twitter followers is a nice goal to aim for, Withey insists So you tailor the content for the the business focuses on creators with platform. We’ve even developed our the skills and nous to make a more own app to help our artists to do so.” of them out there but many were than decent living from their passion. being underserved by traditional In this issue of MTF, we talk to Con- media. We believed we could build a Facebook is the new YouTube rad Withey about what inspired him business around them. We could see Additionally, he says working to enter the fast-growing business the scale of some of their fan bases; with next-generation creators who of YouTube MCNs, how he believed some are in the millions. We thought, adopt social media seamlessly ensures his concept (melding a record label if we could (combine) that into one that Instrumental is always on top and TV network) was different from community, that would also create an of innovative media trends, such as the competition, why social media interesting environment for brands to Facebook’s increasingly powerful has empowered a new generation reach. That would build the venture, impact on video viewings, hitherto of creators to be both creative and especially when you are thinking of the preserve of only YouTube. entrepreneurial, and why the role of thousands of artists, each with their Facebook CEO Mark Zuckerberg fans is more vital than ever before. own channel. And we would also be announced in January that the social able to unlock value for each artist. media behemoth now captures 100 MTF: What is happening in digital million hours of viewing daily. It is entertainment to make your company MTF: You say: “The way we work with not as colossal as YouTube’s estimated believe there is a gap that Instrumental talent is similar to the music industry, 650 million hours daily, but no one can fill? but the way we finance them is similar considered Facebook as a video Withey: We were excited about the to TV networks.” Could you expand a bit platform even two years ago. emergence of the micro celebrity, more on this? “If you look at the number of artists who distributed their videos Withey: We’re fairly similar to labels. videos on Facebook, it is huge. If you and music via social media and built We scout for emerging talent and are promoting a live show, we find their own audience online without advertise their potential, and build a artists tend to use all available social traditional media. There were many great audience for them. But the

MediaTainment Finance 27 S P6 feature Instrumental

business model isn’t about them YouTube’s. But they are both useful. Music Group (WMG) and are closely selling music, it is about building a When promoting a live show, we find aligned with its labels. We provide fan base that could attract brands artists tend to use all available social WMG access to artists whose talents who will pay for the association. media channels, and make selections they can follow and choose to work depending on the age group being with. We identify those talents and MTF: Can you explain how Instrumental targeted. Vine is much more effective help upstream them, getting them can develop its relationship with the TV for younger people. Older people ready to work with the labels and industry for its artists? prefer Facebook. YouTube sits in music publishers. We also talk to Withey: In our careers, we’ve worked between. So you tailor the content to talent agencies about the artists who with several independents (TV the platform. could do well in the live entertain- producers) who are excited about ment sector. Once one of our artists formats and ideas that can come from MTF: Apart from a handful of YouTube gets to a certain stage, old-school online, already proven. Our artists celebrities, online entertainment and development comes into its own. For have ideas and a lot of energy that creativity have yet to prove they can those that we find big opportuni- are more like TV. They can come up provide a stable income and career for ties for, we get involved with local with compelling ones that we can creators. True or false? (singing, performing, acting) coaches take to producers who might want Withey: Our view is that the news and find rehearsal space for them to one to turn into longer forms of media tends to focus on the practise, practise, and grow. Then, entertainment. blockbuster stars and how much we provide the support network. But money they make. There are also remember that some of our art- MTF: You make an interesting point thousands of creators making a good ists are not interested in traditional about how artists are learning to use living out of YouTube. More and more media and are happy to stay digital. Facebook as much as YouTube to reach artists are building a sustainable their followers. What can Facebook, career out of it, creating products and MTF: In addition to social media, what still very much seen as a mass market services that fans want and letting other type of digital technology could In- medium accessible to consumers, do for fans benefit from their association strumental use to market and distribute professional music artists? with brands. We are also seeing a lot content to engage with today’s young Withey: Facebook tends to reach of younger, school-age artists, who fans? different demographics, perhaps are effectively replacing their paper Withey: Artists are starting to use those who are a little older than round pocket money with income Periscope, Meerkat and similar live Millennials. It now allows all kinds from their YouTube creations. They video streaming platforms to invite of artists to reach their audience are not likely to be the next Justin fans into a live moment, when they with videos, which Facebook is very Bieber, but if they are committed, are on stage or in a recording studio. enthusiastic about. If you look at they can make money. We also use fan-related apps to move the number of videos on Facebook, fans from their third party social net- it is huge. However, what counts MTF: How can the company also work works into the artists’ fan clubs. We as a view on Facebook is different with record labels and music publishers can also create our own live stream- from what counts as a view on for the benefit of its roster? ing events, as well as offer exclusive YouTube; Facebook’s isn’t as long as Withey: We’re now owned by Warner content and merchandise.

“The way we work with talent is similar to the music industry, but the way we finance them is similar to the TV networks”

MediaTainment Finance 27 S P7 news feature

MediaTainmentFinance Creative Commentaries

Spotlight on Film Funding Investing in motion pictures is not for wimps. Don't gamble with the roof over your head. More likely than not, you'll lose. And yet, the Siren continues to call and the glamour, possible fame and rare riches make the movies impossible to resist

INVESTING IN MOVIES After this year's visit to the Berlin Film Festival and interviews with film financiers, MTF analyses the allure of movie investments. Also check out our listing of where to find money - Page 8-15

MediaTainment Finance 27 S P8 FEATURE Creative Commentaries: Investing in Movies

International Film Festival (Berlinale) confirm private investors continue to find film funding fascinating and Fascinating and frustrating in equal measures. Private funding mounts “Film as an investment opportunity is a very complex and highly risky frustrating: the undertaking; indeed, that is why we can see the growing importance of specialised film financiers like us,” says Philipp Kreuzer (pictured world of film left below), joint CEO/Co-Founder of Germany-based Maze Pictures, which launched only late last year to develop, produce and finance movies funding for the international market. Kreuzer jointly set up the company, which also made its debut Michael Grade, of Pinewood Group (UK); Guneet at the Berlinale’s European Film Market, with business partner Jörg Monga , of Sikhya Entertainment (India); and Schulze, another highly experienced film/TV producer. Philipp Kreuzer, of Maze Pictures (Germany) “For an indie like us,” Kreuzer continues, “access to talent, There is nothing about international film-making and distribution and international partners are key to making sure raising capital that these three industry stalwarts do not any investment proposal is sound. know. Their views are among the observations gathered Investment decisions are not always only made by pure economic by MTF as it analyses the challenges within the most awe- calculus, the funding logic can at inspiring creative sector times be biased. Nonetheless, the world markets for production and inancing distribution are enormous and there movies, which are clear upsides.” generated Among the slate of Maze Pictures US$38bn at movies (and TV series) in production cinema box or co-production are Oscar Wilde offices globally biopic The Happy Prince, starring in 2015, remains Rupert Everett and Colin Firth; and a risky and The Postcard Killings, a transatlantic precarious gamble. Apart from the murder mystery written by best- bigF Hollywood studios and their selling Swedish novelists Liza counterparts in big film markets like Marklund and Tove Alsterdal and co- the UK, India and China, private produced with UK-based Good Films. investors remain wary about backing In the US, uber film producer projects that rely on audiences’ and Chi-Raq respectively. But their Robert Simonds co-founded STX whims at best to be profitable. productions are designed to feed Entertainment in 2015 with an There has been some disruption by their streaming video platforms with ambitious remit to create movies a new generation of entertainment original content and yield profit. costing between US$20m and funders. Tech conglomerates like However, a series of developments US$80m, and roll out 15 of them a Netflix Inc. and Amazon.com Inc. are in recent years, industry interviews year by 2017. laying billion-dollar bets on making plus MediaTainment Finance’s Simond’s partner is investment critically acclaimed titles or potential (MTF) own visit to this year’s Berlin mogul Bill McGlashan, Managing box office hits like Beasts of No Nation Partner at private equity firm TPG

MediaTainment Finance 27 S P9 FEATURE Creative Commentaries: Investing in Movies

Film Festival award for best director. overwhelming demand is from film “Film as an As part of the Genesis Fund grant production”. scheme, up to 10 avant-garde non- He agreed that the British investment fiction film-makers will be awarded government’s generous tax £5,000 (US$7,100) each to push incentives have been a key driver for opportunity is boundaries in documentary making. bringing Hollywood producers to Pinewood Studios. “But they would very complex and The Pinewood case study not work if (the country) didn’t have The number of enterprises eager to the skills base and infrastructure.” highly risky" bankroll film-makers keeps growing. Late last year, MTF attended a Broadcasting Press Guild media briefing by Michael Grade (pictured Growth (which is part of the TPG right), Chairman of UK-based conglomerate handling US$70bn of Pinewood Group plc, who disclosed capital). Other STX investors include plans to invest in aspiring film and TV Chinese private equity company producers. Hony Capital and William Wrigley Jr, The group, which is listed on the former CEO/chairman of the US the UK’s second-tier AIM stock chewing gum empire. exchange, offers blockbuster post- Already out or in the pipeline production facilities, sound stages are movies starring Matthew and sets for Hollywood and other McConaughey (Free State of Jones); international studios to shoot Gary Oldman (The Space Between megahits such as the James Bond, Us); and Desierto by Alfonso Cuarón, Harry Potter and Star Wars franchises who helmed Oscar winner Gravity. in the UK. Other money-stacked investments Its ambition to grow into a true include the US$100m-plus that Hollywood-standard operation has became available to Ron Howard and led to expansions in North America, Brian Grazer’s multi-award-winning Europe and Asia. It is also spending With a capitalisation value of Imagine Entertainment in February a reported £200m (US$287m) £250m (US$359m), Pinewood Group from New York investment bank The to double the size of its existing is said to be seeking to float on a Raine Group. British production sets in England’s main stock exchange or find a buyer. Buckinghamshire region. Whatever happens, at the core of its Money for the experimental The demand from film producers assets will be plans to develop its own Internationally, money is also continues to soar, said Grade (the film and TV intellectual properties. accessible at the low-budget, art- BBC’s former chairman and former It is managing £55m (US$79m) house end of the scale. executive chairman of ITV plc, the of film financing funds set up by the South Korean film-making giant UK’s largest commercial TV network). UK regional governments of Wales Lotte Entertainment has formed the “When we raised the finance via and the Isle of Man, as well as its own US$17m Busan-Lotte Creative Film (private equity multinational) 3i Pinewood Pictures private equity. Fund with the local government, Group to buy this place around 2000, To date, films co-financed through banks and private investors this place was a ghost ship. We were Pinewood Pictures include The Riot (including CJ E&M’s Timewise) in the investing in a business that had no Club, and Genius, starring Jude Law city of Busan. The goal is to broaden bookings. Today, we have businesses and Colin Firth (image on next page), the variety of films made, including around the world,” he said. which screened at the Berlinale and low-budget fare, in the country. “The amount we do has tripled comes out this year. New York-London not-for-profit since then, and the sources of Grade added: “We’re looking to do organisation BRITDOC has launched revenues have multiplied 10 to 12 deals that producers bring to us. We the Genesis Fund with Pulse Films, times. It’s lovely to have Star Wars are more like a bank so we’re looking the major UK film company behind and James Bond. The key thing is to for producers looking for finance. Nick Cave’s 20,000 Days on Earth, keep the Hollywood studios (who Little by little, we feel confident Katy Perry: Part of Me, and the highly finance these pictures) coming back.” we can make things happen in the acclaimed The Witch by Robert Although the sets are good for content world and the facilities side Eggers, who won the 2015 Sundance both TV and movies, he added, “the of the business without putting our

MediaTainment Finance 27 S P10 FEATURE Creative Commentaries: Investing in Movies

bottom line at risk.” truly a form of gambling. passion as businesses. However, he told MTF that movie “Just to be able to exist is my Dack-Ojumu admitted her funding is not for every investor definition of success,” said Guneet company has had to diversify. “It’s type. “Investing in movies is still too Monga, CEO/Producer of Mumbai- a safer bet to make TV than to make risky for most venture capital and based Sikhya Entertainment, who films these days.” private equity. Most of the movies was recently voted one of the Top 12 Despite being one of the world’s at Pinewood are financed by the women achievers in The Hollywood fastest growing economies and home Hollywood studios.” Reporter’s Global Entertainment to the world’s third biggest film Still Pinewood has appointed report.“Sometimes we can’t even market after Hollywood and China, Yu-Fai Suen, formerly COO at pay ourselves a salary,” added Sol India can be a tough place for raising Rocket Pictures (owned by singer Bondy, Producer/Co-Founder of money, Monga said. Elton John), to be managing Berlin-based One Two Films. His All the movies are privately director of Pinewood Pictures, company co-produced Angry Indian financed because there is no public which administers the company’s Goddesses, which has been sold to funding, and yet only 10% of the 600 investment portfolios. His résumé more than 50 territories. films released annually make money. includes senior roles at Aramid “I am rich in experience but not It makes “the pressure of raising Capital Partners, the hedge fund in my bank account,” stated Natasha equity a bit crazy,” she declared. specialising in film investment. Dack-Ojumu, Co-Founder/Producer Additionally, Pinewood’s at UK-based Tigerlily Films, whose Mad or motivated appointment of Suen reinforces the credits include the highly acclaimed Investing in audiovisual media and view that money expertise is required The Ones Below (2015) and this entertainment can at times require when making motion pictures. year’s suspense filled documentary courageous tenacity or sheer pig- The Lovers and the Despot. Yet, headedness. the business has been even more Notes from the Berlin festival It is difficult to know which one precarious in the past, Dack-Ojumu At this year’s Berlinale, high-profile applies to Ryan Kavanaugh, CEO of added. “In 2008, we could not actors like George Clooney, Meryl California-based film investment pay ourselves and the staff, so we Streep, Julianne Moore (pictured group Relativity Media. MTF has been downscaled back to Ground Zero.” on this issue’s cover and above) and following its bankruptcy protection The three were speaking during Greta Gerwig (above) came to discuss court hearings. the Berlin festival panel called and promote their latest releases. What exactly happened to the Producers as Entrepreneurs, But it was the eye opening company still confounds the industry. which examined how independent comments by producers at the event Its original wager to back mid-sized producers are able to sustain their that confirmed making movies is quality box office hits seemed to

MediaTainment Finance 27 S P11 FEATURE Creative Commentaries: Investing in Movies initially pay off. arrangement, Spacey was supposed crisis until it was saved by British From 2006 to 2009, it was hit to become Relativity’s chairman. taxpayers’ money. after hit with films like Mamma Mia!, However, he later pulled out of It has since emerged that RBS American Gangster, 3:10 to Yuma, the proposal to chair the company earned a profit of £1bn (US$1.4bn) The Pursuit of Happyness, Charlie while Brunetti has agreed to become between 1998 and 2007 after taking Wilson’s War, 21, Fast & Furious and president of production. advantage of the British tax credit The Social Network. In March, Kavanaugh said he had system and invested about £3.5bn Rumour has it that Kavanaugh, a secured US$400m in private equity (US$5bn) in made-in-the-UK movies young charismatic former venture from a company called Maple Leaf like the Harry Potter series, Brad Pitt- capital investor, had developed an Films (part of Maple Leaf Capital) to starrer Troy, and Batman Begins. algorithm and formula for predicting finance 75% of Relativity’s future It did this by acquiring the movies that could not fail. movies over the next five years. distribution rights and then leasing Yet, Relativity ended up owing So does the mayhem experienced them back to the studios. The law multiples of millions of dollars. It has at Relativity mean film investment is allowed for the tax due on the income been struggling to survive ever since among the worst bets you can make to be deferred for several years. Other it was forced to file for bankruptcy on the creative sectors? Without benefits included RBS not losing protection in July 2015. knowing the full facts, it is difficult money if the films were duds. It recently announced a series to come to exact conclusions about Then, you have a new generation of investments that would help the either case. of investors like Amazon.com backing company escape insolvency. During maverick concepts like Spike Lee's the legal maelstrom, Relativity For the love of movies and money Chi-Raq (pictured below) and Woody merged with Los Angeles-based What is clear is that when film Allen's next movie. Trigger Street Productions, a investments work, they work very It is stories like these, the glamour successful venture co-founded well. Hollywood, especially The and the rewards that continue to attract by Oscar-winning actor Kevin Walt Disney Studios, proves that entrepreneurs to the business. As Spacey and his business partner irrefutably. And so can the UK’s Tigerlily Films’ Dack-Ojumu said at the Dana Brunetti. The move was Royal Bank of Scotland (RBS), the Berlinale about the financial challenges: designed to show Relativity Media global banking group that almost “As long as I’m able to work out how was still trusted by the Hollywood collapsed after the 2008 economic much I need, I’ll keep going.” establishment. As part of that

MediaTainment Finance 27 S P12 FEATURE Creative Commentaries: Investing in Movies The MTF who's who in international film funding

A24 Headquarters: New York and Los Angeles Leading executives: Founders Daniel Katz, David Fenkel, John Hodges; Head of International Sasha Lloyd Size of investment capital: Its own capital, or capital managed by its investors. URL: http://a24films.com/ Movie projects: Moonlight, planned for release Autumn 2016, starring Naomie Harris, André Holland and Maher- shala Ali; released Alex Garland’s critically acclaimed, multi-award-winning debut Ex Machina (2016 Oscar win- ner Best Visual Effects; Best Original Screenplay nominee). Notes: In 2013, A24 entered into a US$40m partnership with DirecTV Cinema to acquire independent films, with DirecTV securing the rights to air the films on-demand for 30-days prior to a theatrical release by A24.

Abundantia Entertainment Headquarters: Mumbai Leading executives: Founder/CEO Vikram Malhotra (former COO of Viacom 18 Motion Pictures) Size of investment capital: RW Media (owned by investment banker Ashok Wadhwa) and Callista Capital (Singa- pore-based private equity firm) have a 49.9% stake. URL: www.abundantiaentertainment.com Movie projects: Through partner Crouching Tiger Motion Pictures, Abundantia produced and released Baby (2015), directed by Neeraj Pandey and starring Akshay Kumar. The sequel was recently announced for release in 2017.

Amazon Studios Headquarters: Santa Monica, California Leading executives: Head of Amazon Studios Roy Price; Head of Motion Picture Production Ted Hope Size of investment capital: US$1.3bn budget for original movies and TV content in 2014; aims to produce up to 12 movies with US$5m-US$25m budget annually. URL: studios.amazon.com Movie projects: Winner of three Golden Globe Awards series Mozart in the Jungle, starring Lola Kirke, Saffron Burrows and Gael García Bernal; Spike Lee’s film Chi-Raq; also new will be Love & Friendship, starring Kate Beckinsale and Chloë Sevigny; and the recently announced Jim Jarmusch movie Paterson, starring Adam Driver and Golshifteh Farahani.

MediaTainment Finance 27 S P13 FEATURE Creative Commentaries: Investing in Movies

AMBI Group Headquarters: New York Leading executives: Owners Monika Bacardi and Andrea Iervolino Size of investment capital: US$200m fund, together with New York based private equity firm Raven Capital Man- agement; fund launched November 2015. URL: www.ambipictures.com Movie projects: This Beautiful Fantastic, starring Jessica Brown Findlay and Tom Wilkinson; James Franco’s In Dubious Battle; sci-fi thriller Rupture, starring Noomi Rapace, Michael Chiklis and Peter Stormare; psychological thriller Lavender, starring Abbie Cornish and Dermot Mulroney; romantic comedy All Roads Lead to Rome, star- ring Sarah Jessica Parker. Notes: Fund to fully finance mid-budget movies (US$25-US$30m budget) and at least 10 smaller ones (US$10m budget). Also acquired a majority of Exclusive Media Group’s library covering around 400 titles, plus remake and sequel rights. Library includes Begin Again, Donnie Darko, Sliding Doors.

Annapurna Pictures Headquarters: Los Angeles Leading executives: Founder Megan Ellison Size of investment capital: Unknown URL: www.annapurnapics.com Movie projects: Kathryn Bigelow’s Zero Dark Thirty; Joy, starring 2016 Oscar nominee Jennifer Lawrence; up- coming Wiener-Dog, with Danny DeVito and Greta Gerwig; and The Bad Batch, written and directed by Ana Lily Amirpour (A Girl Walks Home Alone at Night), starring Jim Carrey and Keanu Reeves.

ARTE France Cinéma Headquarters: Issy-les-Moulineaux, Paris Leading executives: Executive Director Olivier Père; Deputy Director Rémi Burah Size of investment capital: ARTE subsidiary that invests 3.2% of its budget in film production, 2.5% in French films. In 2005, set up ARTE Cofinova to implement financing of 4-6 more films per year. URL: pro.arte.tv Movie projects: Lars von Trier’s Melancholia; Gianfranco Rosi’s Fire at Sea; 2014 Palme d’Or nominated French- Mauritanian Timbuktu; Sundance selected Love & Friendship, starring Kate Beckinsale and Chloë Sevigny, due for release in 2016.

Ausfilm Headquarters: Sydney (plus Los Angeles office) Leading executives: CEO Debra Richards; Head of Marketing and Business Development Rachelle Gibson Size of investment capital: Administers three federal government tax-based incentives for the Location; Post, Digital and Visual Effects; and Producer, Films and Television schemes. URL: www.ausfilm.com.au Movie projects: Major projects that have benefited from the Location incentive funds include The Moon and the Sun, starring Pierce Brosnan and William Hurt; Unbroken, directed by Angelina Jolie.

MediaTainment Finance 27 S P14 FEATURE Creative Commentaries: Investing in Movies

Third Eye Cinema Fund Headquarters: Mumbai Leading executives: CEO Kewal Handa; Chief Investment Advisor Sandeep Bhargava Size of investment capital: Minimum INR10m (US$146,000), target INR200bn (US$2.9bn), target return 25% for the first Sebi-registered fund targeted at Indian movie industry. URL:http://thirdeyecf.com/ Movie projects: Aiming for small to medium-sized films costing between INR50-250m each.

Tribeca Film Institute Headquarters: New York Leading executives: Executive Director Anna Ponder; Director, Scripted Programmes Molly O’Keefe Size of investment capital: Over US$1m annually in grants; provides funding and runs development programmes. URL: https://tribecafilminstitute.org/ Movie projects: Development grant for Black Sunshine (by Akosua Adoma Owusu, a filmmaker and producer, whose Kwaku Ananse was nominated for the 2013 Golden Bear prize at the Berlinale). Notes: Non-profit organisation; co-chairs are Robert De Niro, Jane Rosenthal and Scott Rechler.

World Cinema Fund Headquarters: Berlin Leading executives: Project Managers Sonja Heinen and Vincenzo Bugno Size of investment capital: Annual budget of approx. €350,000 (US$389,000), maximum funding €80,000 (US$89,000) per project. Funding provided by Germany’s Federal Foundation for Culture, in cooperation with the Goethe Institute, the Foreign Ministry and German producers. URL: www.berlinale.de/worldcinemafund Movie projects: Black Sunshine (by Akosua Adoma Owusu, whose Kwaku Ananse was nominated for the 2013 Golden Bear prize at the Berlinale). Notes: The Fund works together with the Federal Foundation for Culture, and in cooperation with the Goethe In- stitute, the Foreign Ministry and German producers. Its aim is to develop and support cinema in regions that have a weak film infrastructure, as well as foster cultural diversity in German cinemas.

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Research: Liliana Lombardero-Donohue

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London: The London Book Fair Cannes: Midem Rio de Janeiro: 2016 Summer Olympic 12-14 April 2016 7-10 June 2016 Games S Olympia London S Palais des Festivals 5-21 August 2016 Organised by: Reed Exhibitions Organised by: Reed MIDEM S Various venues About: Arguably the world’s biggest About: The 50th anniversary of the Organised by: International Olympics book publishing trade fair world’s largest gathering of Committee after Frankfurt and home to major international music industry About: The biggest and most literary rights negotiations professionals expensive athletics event on earth j www.londonbookfair.co.uk j www.midem.com j www.rio2016.com/en

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