U.S. Agencies Court International Distributors as Market Consolidation Puts Domestics in Disarray

variety.com:

Manori Ravindran International EditorAs the global film industry emerges from the worst of the pandemic — and wide-ranging consolidation in the U.S.

puts studio and streaming strategies in disarray — representatives for CAA, UTA and WME Independent say international distributors are more important than ever to their businesses.That claim will be put to the test at this week’s Cannes Film Festival, where a chaotic domestic landscape, and the absence of China and Russia, could put other international distributors in a good spot after a pandemic-fueled streaming boom saw global deals for films like “CODA” cut these players out.“What we know is that people who are going into the marketplace are setting up their movies not relying on the U.S.

market presenting itself,” one senior agent tells Variety. “I’m not going to say it’s as bad as Russia and China, but really, in their financing plan, there’s a really low expectation coming in from the U.S.” To that end, the films in the market are “very in sync with what the international community has always been looking for,” says Rena Ronson, partner and co-head of independent film at UTA. “We want a healthy global marketplace, and the bottom line is that we need it and the industry needs it.

I’m glad that there are so many projects going out there right now that can help support it.”Adds Jim Meenaghan, partner and co-head of independent film and the head of motion pictures business affairs at UTA: “The international buyers are buying and they want to buy their territories.