Making Drama Films Has Gone From "Difficult To Very Difficult" (Perspective)

A summary of my thoughts on the Winston Baker Film Finance panel at the Venice Film Festival. In short, things are tricky out there and especially for drama.

Two weeks ago I attended the Winston Baker Film & Television Finance Forum at the Venice Film Festival. The panel included Benjamin Kramer of CAA Media Finance, Christian Vesper of Fremantle and independent Italian producer Lorenzo Gangarossa.

This was one panel that I knew I wanted to attend for two reasons.

First, as a producer who works in the studio system, I am considering leaving to start an independent venture or at the very least, to put my skills to work helping independent writers and directors get their movies made. I wanted to learn what these industry leaders thought about the state of film finance in the US and Europe.

Second, because this was a European-US focused panel, I was specifically interested to understand how co-productions and international films are being affected by what is a clear lack of finance in the US film industry.

I found the conversations sobering, enlightening… and invigorating.

Here is a summary of my thoughts.

Drama filmmaking, once an artistic staple, is now facing a financial drought. It’s not just the cost but the appetite for financing that’s dwindling. Benjamin Kramer’s insight—that dramas are no longer simply difficult but very difficult to fund—hit home for me.

What emerged from the event is a collective understanding that it’s time for us to adapt: packaging, co-productions, and international financing are the new battlegrounds.

Co-Productions in Europe vs US

The major difference between US and Europe is the budget of our drama films.

In the US, a “normal” theatrical budget sits around $40 million. In Europe, it caps out at $10 million but usually sits closer to $5-8 million. These numbers are comparable in the respective nations. And where there used to be a lot of partnership across the ocean - they all agreed that US financing for international pictures has really dried up over the last few years. And so European pictures are getting creative by partnering with other EU member states to access a max on incentives and other government funding.

Christian Vesper mentioned one recent Fremantle project that was a co-production between four countries - which while not easy, covered the entire budget.

A similar strategy is possible within the US through the use of state-level tax incentives. However, it is often not explored enough.

Within the U.S., collaboration often happens through state-level tax incentives or grants, but not as formal agreements between states. Independent filmmakers often rely on these state incentives, which vary significantly, to make production within the U.S. more cost-effective.

PRO TIP: Consider writing your script to capitalize on international agreements. This doesn’t mean the script has to be set in Italy or Spain - but if you can use soundstages or locations in those places, talent and or post-production then you may have a great shot at tapping into strong tax credits that will make the project appealing to financiers.

The Power of Packaging

Packaging refers to how a film project is presented to potential investors, studios, or distributors. A strong package includes key elements such as a marketable script, well-known actors, a director with a proven track record, and partnerships with experienced producers or financiers. A strong package signals lower risk and higher marketability.

For a writer or director to create a strong package on their own:

1. Attach notable talent to the project, even through informal agreements.

2. Align with an experienced producer or production company.

3. Create compelling marketing materials like a teaser, pitch deck, or sizzle reel to showcase the project’s potential.

While a film package has always been important, it is more important than ever before, because without the security of strong names and experienced directors, many studios won’t even look at a project.

You may wonder where you are supposed to find famous actors and directors or how to build relationships with production houses and my answer is - slowly and respectfully. It won’t be easy sure but it is possible.

The industry is changing and actors and directors are also looking for work. Meeting and making connections at industry events, screenings, acting and writing classes, film festivals and over social media may yield more fruit than you imagine.

The New Normal of Film Finance

The reality is that streaming giants and economic shifts are reshaping not just what stories get told, but how they’re made. I’ve had to rethink the way I approach a project, knowing that without strong packaging or strategic alliances, even the best script won’t move the needle. What used to be an emotional pitch has turned into a data-driven conversation, with financing models that increasingly demand global collaboration.

Yet, amid the challenges, there was a palpable sense of opportunity. Films that find a way to innovate, whether through unique partnerships, international co-productions or tapping into niche markets, still have a shot.

Three Ways To Overcome The Challenge

1. Focus on Strong Packaging: Collaborate with notable actors, producers, or other creatives to increase the project's marketability. Well-known talent attached to a project can attract financiers and distributors.

2. Seek International Co-Productions: My personal favorite. By partnering with international production companies, filmmakers can tap into foreign funding, tax incentives, and a broader audience.

3. Diversify Revenue Streams: Think beyond traditional film financing by incorporating streaming deals, digital distribution, and non-traditional partnerships like branded content or cross-platform media deals.

It’s a tough time for dramas, yes, but that also means it’s time to get creative in ways we haven’t before. For senior producers like myself, this forum was a wake-up call—a push to evolve or be left behind.

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