FINANCE
WHAT IS FINANCE?
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➸In order to create a successful digital media text financing needs to be taken into account. Financing allows you to plan easily, budget for what is needed to create a digital media text and produce a great film that is enjoyed by your target audience.
➸Financing would be very different when producing a film with several CGI effects, A list actors/actresses and many props (this would be highly expensive) to producing a film with a few sets and little action and props (this would be relatively cheap to produce). A film with a large budget would have an equally large revenue in order to produce more films afterwards. An example of two different mediums would be Avatar (budget of £190 million), a film that required CGI and special effects, and Get Out (budget of £3.6 million), a film that required little money and basically a camera and actors.
➸The higher the budget of your film, the higher the expanse of equipment, props, actors and effects you can use to create a more successful media text.
-Funding from companies such as Goldcrest Film Finance will help producers with a lower budget film find fundings easily. They fund films within £3.6-8.3 million whereas other companies such as Prescience funds higher budget projects in the bracket of £6-20 million.
-Private funding could also be found through a silent partner who provide funding as their only contribution to the project. They are at less exposure to liability as they make no contribution to the day-to-day operations of the project they merely act as funder and an offerer of advice.
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CASE STUDIES:
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FILM - Twilight was privately funded by Goldcrest https://www.screendaily.com/the-uk-private-film-funds/5001122.article
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-The British Film Institute funds fictional live action or animation films if they meet the required guidelines. This is a great was to get funding as the company is legitimate and its funds are within a large budget bracket of £250,000-£15million. This means a producer with either a small or large budget can go to the BFI for funding.
-Crowdfunding is also a useful was to get funds for a film. By raising small amounts of money from large groups of people, crowdfunding is an easy way to raise money for production. Companies such as Kickstarter have funding projects and companies like Juntobox have a low budget bracket of £160,000 - £1.9 million making it perfect for low budget projects.
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CASE STUDIES
FILM - The Veronica Mars Movie was funded was crowdfunded through the company Kickstarter
https://www.kickstarter.com/projects/559914737/the-veronica-mars-movie-project
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TV - The Bodyguard is a publicly funded TV series funded by the BBC
-A public-private partnership would be perfect for big budget films wanting to be produced as you will have two or more sources of money. Companies such as the BFI and Goldcrest Film Finance will team up to finance the production of a film providing more money and advancing the end product. Often British films will require finance from more than one source because it is harder to get all the budget from one source.
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CASE STUDIES
FILM - The short film 'I, Daniel Blake'
received finance from over 10 production companies including The British Film Institute and BBC films.
https://www.imdb.com/title/tt5168192/companycredits
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VIDEO GAME - Elite: Dangerous was crowdfunded through Kickstarter
https://en.wikipedia.org/wiki/List_of_video_game_crowdfunding_projects