A24, the independent studio behind movies like Everything everywhere at once and The Whaleis set to dominate this year’s Academy Awards, besting established Hollywood studios and award-hungry brands are spending millions on Oscar ads.
Not since Miramax’s heyday in the 1990s has an independent studio garnered attention, talent and box office success, industry insiders say.
At a time when major Hollywood studios are taking refuge in classics, releasing series and reinventing old ideas, A24 is solidifying a reputation for taking risks on original projects passed on by other studios – including chaos, chaos. Everything everywhere everything at once, which was his highest-grossing film at $107.4 million worldwide.
“Now, they’re not only a popular indie company, but they’ve also created a brand that’s probably more appealing to its customers than any other independent — more so than Miramax,” he said. of Picturehouse CEO Bob Berney, a professional organization. in the world of independent films. “Their greatest achievement is that they have created a very interesting brand that has a following.”
This year, A24 will build on that strength and increase its film, television and documentaries by 30%, according to a source familiar with the matter, managing the wave of promotion of business and its success in 2022 box office.
The upcoming releases this year include the love story Past lives, which premiered at a limited screening at the Berlin film festival; the comedy series Bee for Netflix ( NFLX.O ), in which Ali Wong and Steven Yeun portray two estranged people whose lives collide in a violent incident; and Steph Curry’s record Underestimated for Apple TV+.
“It’s a dream house, because they make movies that really focus on the auteur,” said the author and Past life director Celine Song, who said the room allows first-time directors like her to “speak in their own voice.”
The New York-based company founded by three film executives – Daniel Katz, David Fenkel and the late John Hodges – began in 2012 distributing films such as Spring breakers. Some of his box office success came from the horror genre, with critically acclaimed films such as Inherit and Midsommar. It earned him a reputation as a tastemaker in Hollywood with careers such as Lady Bird, Moonlight and Solid uncut.
This year, A24 received 18 Academy Award nominations for six films, and the second most for Walt Disney Co. (DIS.N). He collected his first nod for best picture, Shell and shoes are strong; best foreign movies, Closed; and stunning makeup and hairdos, The Whale. Eight actresses received awards for the first time, including top contenders for best actress, Michelle Yeoh, and supporting actor, Ke Huy Quan, of already shown in. Everything everywhere at once.
A spokesman for A24 declined to comment.
The first film that A24 produced and financed, together with Brad Pitt’s Plan B Entertainment, was “Moonlight,” which won the Oscar for best film in 2017. The studio collected 53 Oscars nominations in less than ten years, including the best films for “Lady Bird, “Minari” and “Wisdom.”
A24’s film portfolio has grown at the pace of its cash flow – from three films in 2016 to 15 by 2022. In the midst of the global lockdown, production has resumed movies using its in-house production capabilities. This year, it is on track to produce about 15 films for commercials, eight documentaries and 10 television shows.
The studio’s flexible use of capital — A24’s film budgets range from $5 million to $50 million — gives it the flexibility to make more changes. new, according to the source closest to the room.
“They’re willing to take risks and create opportunities for filmmakers and stories that other people might not have,” said Claudette Godfrey, vice president of film and television for the SXSW festival. , “I think that’s what makes it interesting and I think that’s why we ended up in some kind of match with them.”
The studio, which currently employs 200 people working in New York, Los Angeles and London, is eschewing traditional film marketing in favor of digital promotions, such as skin “hot fingers” and eyes googly from Everything everywhere at once which took TikTok by storm.
A24’s financial success at the box office allowed it to expand its distribution.
About nine years ago, it began producing television shows in addition to movies, winning critical acclaim for Hulu’s Ramy, a comedy centered around a first-generation Muslim American, and HBO’s Emmy-winning drama series Euphoria.
The studio develops shows for several streaming services and television networks, including a pair of HBO series: Unmerciful, a $100 million television adaptation of Viet Thanh Nguyen’s Pulitzer Prize-winning novel starring Robert Downey Jr., and The Idol from the creators of Euphoria and the Week.
It is also under development so, an animation for Apple TV + with Rashida Jones and Hidetoshi Nishijima.
Global media reach, with $225 million in investment from investors including Stripes and Neuberger Berman, representing crowdfunding is maintained, to meet the needs of A24, while increasing production and expanding into new types.
“A24 has over time developed a reputation as a powerful force in the world of independent cinema,” said Comscore senior media reporter Paul Dergarabedian, “its name that has come to represent the best entertainment and is now in many entertainment. audience.”
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