Graduates of a Film Studies program have a new opportunity in film and video production. Of course, with every opportunity comes a challenge, and in this case, the challenge is finding financing for your projects or those of your employer.
With the advent of digital equipment, the scope of film and video production has expanded. Regular Hollywood-style film production is no longer the only path to a career for film grads. There are a multitude of opportunities in audio and visual applications in business, government, and the entertainment industry. That means OPPORTUNITY for the most enthusiastic graduates to produce their own film and video projects, or to land the most exciting positions at major film and video production companies.
Financing has been a dirty word for years in the film industry. The ‘Blue Suits’ and the cold heart of the banker are synonymous with the enemy of creativity. However, in this new age of opportunity, you must be both the ‘blue suit’ and the creative.
How do you find a way to learn about movie financing, movie budgets, etc.? Let’s first take a look at Film Studies programs.
There are so many film studies programs available now that I find it confusing, and I have worked in the film industry for over 20 years. Universities are adopting a liberal arts degree approach to their curricula, and colleges/schools are adopting primarily a hands-on technical approach. In any case, it is indisputable that movie studios are big business. The following excerpt from The New York Times Company, published
March 6, 2005©, made it clear to me just how big the movie studio business really is:
“Some 600 colleges and universities in the United States offer programs in film studies or related subjects, a number that has grown steadily over the years… At the University of Southern California, whose School of Film- Television is the oldest film institution in the country.” (established in 1929), half of the university’s 16,500 undergraduate students take at least one film/television class.”
What college, school or university will best prepare the graduate for a career in film and video? If a student has invested 2-4 years of her life in this career, how can she make it a worthwhile career?
Let’s see what the Universities say about their own programs and the type of results they expect, that is, what the Graduate will be capable of when they enter the workforce. This promotional letter, posted on a university website, says it all:
“A major in Film Studies is not an occupational or professional degree. However, a good degree program in this discipline should qualify a student for a variety of vocational possibilities. Obviously, an individual will need to apply their knowledge of film in either a creative or practical capacity and, in any case, exercise the judgment and initiative that a rigorous career in Film Studies must develop”.
Using “should” twice in three sentences tells the story: it’s up to you, Bud!
Film studies programs (at any level) do not address, or do not address strongly enough, the main force behind all film and video production: MONEY! If the word money is mentioned, it’s just a handshake and a nod. Most undergraduate programs make very little mention of the movie budget, and things like cost reports and business plans are treated as completely foreign topics. Master’s programs are only slightly better.
The reason for the lack of information on things like movie budgets, cost reports, etc. in the academic sector it has its origin in the great production machine of Hollywood. The perpetual negotiations with the three big unions (SAG, DGA and WGA), as well as with the crew unions IATSE & Teamster have forced the producing studios to be extremely confidential.
That era of complete confidentiality is not over, however, there is a great demand to know more about film financing, film budgets, etc. The new generation of independent film and video makers wants to make their own projects, find their own funding, and do their own budgets and production cost reports. It is even more and more possible for producers to distribute their own projects over the Internet.
Trust me, the film school grad who has a thorough understanding of your film studies program AND understands the basic processes of film budgets, cost reports, and business plans is light years ahead of the pack. A film studies grad who can help put together a financing package (ie help prepare a film budget and simple business plan) would blow any independent film and video production company’s jaws off. Can you imagine an Independent Producer who wouldn’t LOVE help preparing and submitting a financing package?
I used to assume that film students lacked interest in film budgets and costs (of any kind). Not anymore. I recently did a survey of film students at a respected film school. These are the results of the survey:
More than 80% of the students said they felt it was important to know more about budgeting and how it affected their careers as filmmakers.
Film and video production is one of the largest industries in the WORLD (after weapons manufacturing, of course). The widespread use of digital media has created a new opportunity. That opportunity, while less expensive than the Hollywood-style film productions we’ve grown accustomed to, is still expensive and requires financing. How do you get that funding? Where do you start?
Answer: Start with the basics of movie budgets, cost reports, and very simple business plans. If you can figure out a focal point or learn how to operate a video camera, a movie budget is a piece of cake.
Based on my experience over the last 20 years in the film industry, I can confidently say:
1. Graduates of film studies programs who know the money basics of film and video production (budgets, cost reports, and business plans) will find that they can take on more responsibility in their film and video projects, and
2. As a result they will have more successful careers than their peers who haven’t learned how to Budget for Film, who don’t understand any Production Cost Report and who never saw a simple Business Plan.
So how does a film student get acquainted with budgets, cost reports, and a simple business plan? I have been a production auditor for 20 years and have NEVER shown a team member a final budget or weekly cost report (the universal standard financial report given to financiers and producers each week) in all that time. They are considered sacrosanct by studio executives, producers, and financiers the world over.
Well, I’m about to tease you with some relevant articles that will open the door just enough to let you through. They are written for complete beginners, so bear with me if you’ve already been exposed to budgets and cost reports.