Investing in Movies

In this second edition of Investing in Movies, industry veteran Joseph N. Cohen provides investors and producers with an analytical framework to assess the opportunities and pitfalls of film investments. The book traces macroeconomic trends and the globalization of the business, including the rise of streamers, as well as the impact these have on potential returns. It offers a broad range of guidelines on how to source interesting projects and advice on what kinds of projects to avoid, as well as numerous ways to maximize risk-adjusted returns. While focusing primarily on investments in independent films, Cohen also provides valuable insights into the studio and independent slate deals that have been marketed to the institutional investment community. As well, this new edition has been updated to fully optimize the current film industry climate including brand new chapters on the Chinese film market, new media/streaming services, and the effects of COVID-19 on the global film market. Written in a detailed and approachable manner, this book is essential for students and aspiring professionals looking to gain an insider perspective against the minefield of film investing.

Joseph N. Cohen, a graduate of Yale and Oxford, held senior positions at Salomon Bros. and Lehman Brothers before he became president of Largo Entertainment, a joint venture between JVC and producer Lawrence Gordon, in 1989. During Cohen's tenure, Largo produced such hits as Point Break and Malcolm X. Cohen founded American Entertainment Investors (AEI) in 1996, which is best known for advising independent production companies, including Alcon, River Road and Black Label. AEI advised Goldman Sachs and Assured Guaranty in restructuring the Weinstein Company in 2010. Cohen is a member of the Motion Picture Academy and has taught film finance at the Peter Stark Producing Program at the University of Southern California.

Introduction 1. Pros and Cons of Motion Picture Investment 2. Macroeconomic Trends and Studio Co-Financing 3. Tax and Other "Soft Money" Benefits and Limited Partnerships 4. Welcome to the World of Independents 5. The Evolution of Revenue Streams 6. COVID and Post-COVID 7. The Rise of the Streamers 8. Cast of Characters 9. Globalization of the Business 10. How to Have Fun and Not Lose Your Shirt 11. Managing Risk 12. Working the Banks and Non-Bank Lenders 13. How to Beat the Odds: Niche Strategies 14. Evaluating Projects and How to Pitch Them 15. Where You Should Be in the Food Chain: Distribution Versus Production 16. The Sinkhole of Development 17. Exit Strategies: The Value of Film Libraries 18. New Directions: The Digital World 19. Art Versus Commerce