AFM Rolls The Dice On Vegas With Election Tension In The Air & A Glut Of Horror Films For Sale: Market Preview
The 45th American Film Market launches tonight in a new host city, Las Vegas, amid the tension and distraction of a hotly contested U.S. presidential election.
Despite last year’s edition being beset by logistical challenges, organizer IFTA (Independent Film & Television Alliance) says office and exhibition space is sold out this go around. They hope the bright lights of Vegas can add fun to proceedings and that a bunched conference and screening offering can focus attention.
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But the venue change from AFM’s longtime Santa Monica home to the Palms Casino Resort is a big move and has its share of critics — who must now add a leg to their trip for meetings in Los Angeles, or who just don’t find it a suitable venue for dealmaking, or who are anxious about the election this year.
“High-end independent films need to be presented to the market in a creative environment with proximity to talent, press, marketing teams and cinema audiences. A Vegas trade fair does not fulfill that function adequately,” said AGC Studios chairman and CEO Stuart Ford, who will hold a keynote Q&A at the event.
Other international attendees fear political violence with Nevada being a swing state. One European seller expressed concern to us this week that their booth could be a target of ‘anti-Hollywood’ vitriol if the election goes against Trump. A number of market regulars we’ve spoken to in Europe are not attending due to the new venue and election concerns after what happened on January 6 and Donald Trump’s inflammatory rhetoric.
“In the past, November in LA was always the time for international distributors to also take meetings outside of Santa Monica. My fear is – and I hope to be proven wrong – that this year’s AFM will lose some of its charm and will assume convention hotel characteristics … hopefully without politically motivated incidents,” says Al Munteanu, CEO of Vuelta Group Germany.
Jean Prewitt, president and CEO of AMF organizer IFTA, the Independent Film & Television Alliance, has fielded various calls about security arrangements and says it’s been beefed up compared with previous years. “There’s very professional security offered both by the casino and the hotel, but we are also bringing our own security team.” She said it will be first time a team will monitor the periphery of the venue, not just inside it.
IFTA has moved its welcome party to Monday night.
“About every eight years, one way or another, we either open with the election or close with the election. We’re used to it,” she says of the Nov. conference, acknowledging complicated timing since Tuesday should be “a key night for people to go out with their buyers.”
That said, AFM is welcoming 286 sales, production and distribution companies from 34 countries. Panels and talks include sessions with Ford and Sebastien Raybaud, founder and CEO of Anton. Importantly, at the Palms it will be hosting market activities in just one location, including the Exhibition Space, 200+ AFM Screenings at the Palms’ Brenden Theatres (a 14-screen multiplex) and the AFM Sessions.
“People are attracted by the concept of what I’m calling the big tent. This is the first time in AFM history,” said Prewitt. AFM spent years at the Loews Hotel but was forced to move in 2023. That edition at the Le Meridien Delfina was difficult, with striking hotel workers picketing loudly outside throughout. And while the Delfina was the main venue, there were three others.
“After extensive research, discussions with the Board and invaluable feedback from stakeholders, this move underscores our determination to evolving AFM to meet today’s industry needs,” IFTA chair Clay Epstein said when the move to Vegas was announce last spring.
“The strength of the AFM lies in its ability to create community and present a sophisticated platform for all our participants’ activities in one convenient location. The Palms enables us to do all of that and beyond,” he said.
Some agree, with Fabien Westerhoff, producer and founder of Film Constellation, calling this year “a unique set-up.”
“It feels like the industry wants to give it a fair chance, and buyers are excited to meet in what is looking to be an efficient location over the course of a few days, combined with a stop-over in Los Angeles.”
He finds buyer engagement high as Constellation launches John Michael McDonagh horror thriller Fear Is The Rider with CAA, among other projects. “This is shaping up as an intense week of business.”
“I think the level of attendance for this year’s AFM is super encouraging. There seems to be a real buzz, and that’s what you want. It’s going to be great having everyone in the same place,” agrees George Hamilton, chief commercial officer at Protagonist Pictures, which is taking to market Glenrothan, Kill The Jockey, Flavia and The Luckiest Man in America.
As for election aftermath jitters, he said, “I enjoyed the film Civil War very much, but I have to say that hadn’t crossed my mind,” referring to A24’s film about a dystopian violently divided U.S.
“The reality is if everyone can turn up, see everyone they need to see and do good business and get films made, that, hopefully, will be the focus — rather than price of coffee.”
Hotels are cheaper in Vegas than Santa Monica but carry in-room costs and restrictions – since the institutional goal is to keep people out of rooms and on the casino floor. That can conflict with sellers entertaining buyers in hotel-suite offices. Setting out dishes of traditional candy is fine, cocktail parties needs clearance.
On the business side, the crop of scripts announced before the market is very heavy on genre, especially horror. That’s typical of AFM but the preponderance of horror projects could be a reaction to recent genre breakouts such as Terrifier 3 and Longlegs, which have brought big gains on relatively small budgets.
Among buzzy packages are Resident Evil star Milla Jovovich in George A. Romero’s finale zombie film Twilight Of The Dead; the next film from Smile producer Temple Hill; and Anthony Ramos and Ben Mendelsohn in Molepeople, about a twisted society living below New York City. Alien invasion comedy Alpha Gang, starring and produced by Cate Blanchett, has added Dave Bautista, Steven Yeun, Zo? Kravitz, Léa Seydoux, Riley Keough, and Channing Tatum. Victorian Psycho, The Last Druid, The Housemaid and By Any Means are also among projects garnering interest from buyers we’ve spoken to.
The volume of projects is high. One buyer told us they are sifting through close to 90 projects. But they expressed a familiar refrain that quality is lacking with very few “wow” projects.
“There’s too much unoriginal horror,” one buyer lamented. “There is a handful of decent projects but not many despite the high number we’re dealing with.”
James Gray’s crime-thriller Paper Tiger is among only a few films with a high-end, blue-chip combination of director, talent and production team. Oscar nominee Adam Driver, Emmy and Tony winner Jeremy Strong and Oscar winner Anne Hathaway will star. A24’s Timothée Chalamet starrer Marty Supreme is another in that mould.
There may be a knock-on impact of the WGA strike on available material, AGC’s Ford thinks. He and others noted a still an ongoing disconnect between risk-averse international buyers and production costs they still find too high.
“There’s some room for optimism in 2025,” he said. “Talent costs have normalized 12-18 months into the streamer slowdown. I also think that a steady influx of AI products is going to soon shrink post and VFX costs. Cost of capital should also reduce as interest rates come down. Overall, the U.S financial/seller community has become leaner and more efficient in 2024.” AGC’s three new projects at AFM include The Journeyman, Last Druid and Fing!
AFM has negotiated discounts to The Sphere and other entertainment, curated a list of restaurants and shopping. “We’re doing our best to get people oriented in a city that they have not in many cases, particularly outside the United States, spent much time in,” said Prewit
“There are a lot of things that are going to impact people’s experiences. But, at the end of the day, it’s about the business,” Prewitt said of the AMF about to unspool, echoing sentiment expressed by a number of attendees. “And if it works well, is efficient, and returns good results, we’ll all be satisfied.”
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