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This year, Sundance saw big deals go down for \u201cA Real Pain\u201d (Searchlight, $10 million), \u201cIt\u2019s What\u2019s Inside\u201d (Netflix, $17 million), \u201cPresence\u201d (Neon), and \u201cMy Old Ass\u201d (Amazon\/MGM, $15 million) as well as smaller acquisitions for \u201cKneecap\u201d (Sony Pictures Classics), \u201cGhostlight\u201d (IFC Films), and \u201cIbelin\u201d(Netflix).<\/p>\n
It\u2019s not the same bull market as the old days, but we\u2019ll take it. And while streamers made their presence felt with the two largest acquisitions to date, it\u2019s clear that for most of these films theatrical will be part of their lifecycles. But is that a smart move?<\/p>\n
Based on last year\u2019s results, the answer is: Could be. Domestic box office from all Sundance 2023 films was the best for any year since Covid. At around $100 million, it quadrupled the take from 2022 Festival titles (around $25 million). All told, about two thirds of the 2023 films have some sort of domestic distribution, including streaming outlets. Of these, about a dozen films have yet to open.<\/p>\n
An improvement, if well short of the old normal. When the Sundance slate grossed $125 million in 2019, it was considered an off year. The two prior years had a combined total of around $500 million.<\/p>\n
Last year\u2019s $100 million happened even though three of the top acquisitions missed meaningful theatrical play. Netflix bought \u201cFair Play\u201d for around $20 million, Apple acquired \u201cFlora and Son\u201d for a little less, with a token (and unreported) release before streaming. As usual, the return on investment for streamers is opaque. \u201cFair Play\u201d had three days at #1 at Netflix, but fell off the top 10 after eight days. \u201cFlora and Son\u201d initially led Apple TV\u2019s movies.<\/p>\n
Searchlight also bought \u201cMagazine Dreams.\u201d It planned an Oscar campaign, only to take the film off the calendar and return the rights to the filmmakers in the wake of star Jonathan Majors\u2019 assault conviction.<\/p>\n
Nearly half of the 2023 Sundance box office came from one title. A24\u2019s purchase of the Australian horror film \u201cTalk to Me\u201d for under $10 million led to a $48 million domestic total, the company\u2019s #2 performer for the year. Months after the festival, Pantelion acquired \u201cRadical\u201d (Premiere) starring Eugenio Derbez. Based on the true story of Sergio Ju\u00e1rez Correa, a teacher in Matamoros, Mexico who unlocked unseen potential in his students, it grossed just under $9 million and more than double that worldwide, primarily in Mexico. Searchlight acquired \u201cTheater Camp\u201d during the festival for around $8 million, with a $4 million gross. Neon bought \u201cEileen;\u201d the noir thriller starring Anne Hathaway grossed only $1.4 million.<\/p>\n
A24 came to Sundance with \u201cPast Lives,\u201d now an Oscar nominee for Best Picture and Original Screenplay. In a challenged environment for specialized dramas, its gross over $10 million was made even more impressive by its summer release.<\/p>\n
Other films that came to Sundance 2023 with distributors in place were \u201cInfinity Pool\u201d (Neon, $5.1 million), \u201cYou Hurt My Feelings\u201d (A24, $4.8 million), \u201cThe Amazing Maurice\u201d (Viva, $4.3 million), \u201cA Thousand and One\u201d (Focus, $3.4 million), and \u201cPolite Society\u201d (Focus, $1.6 million).<\/p>\n
Some of the most acclaimed titles failed to reach $1 million, including \u201cPassages\u201d (MUBI), \u201cThe Persian Version\u201d (Sony Pictures Classics), \u201cEarth Mama\u201d (A24), \u201cAll Dirt Roads Taste of Salt\u201d (A24), \u201cLittle Richard: I Am Everything\u201d (Magnolia), and \u201cKokomo City\u201d (Magnolia). However, with lower production costs, foreign rights, home viewing outlets, and other revenue streams, they still may have found success outside theaters.<\/p>\n
Could there be another \u201cTalk to Me\u201d within this year\u2019s acquisitions? At first glance, it seems unlikely. Sundance buzz was high around horror debut \u201cIt\u2019s What\u2019s Inside,\u201d but Netflix was the winning bidder. Perhaps \u201cA Real Pain\u201d could be a top performer \u2014 it won the festival\u2019s Waldo Salt screenplay award and is earning a reputation as a crowdpleaser. However, it\u2019s also a comedy in which writer-director Jesse Eisenberg and Kieran Culkin play two friends on a tour of Polish Holocaust sites.<\/p>\n
Perhaps the best hope lies in a number of films finding a robust theatrical life. There are promising titles like the brilliant and ballistic musical origin story \u201cKneecap,\u201d psychedelic coming-of-ager \u201cMy Old Ass,\u201d and Steven Soderbergh\u2019s \u201cPresence.\u201d Much will depend on how much their buyers are willing to stake on the always-uncertain theatrical rollout.<\/p>\n
View this article at IndieWire<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Sundance Buyers Are Ready to Feed Theaters. Here\u2019s What That Could Mean at the Box Office: This year, Sundance saw big deals go down for \u201cA Real Pain\u201d (Searchlight, $10 million), \u201cIt\u2019s What\u2019s Inside\u201d (Netflix, $17 million), \u201cPresence\u201d (Neon), and \u201cMy Old Ass\u201d (Amazon\/MGM, $15 million) as well as smaller acquisitions for \u201cKneecap\u201d (Sony Pictures
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