Coco Xu: Feature Films

NYU Business of Media Fall 2021

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Niels Juul to Make First-Ever Hollywood Feature Fully Funded by NFTs (non-fungible tokens)

NFT(non-fungible tokens)s have made the inevitable step into the world of film financing. Now it has been announced that the exec producer behind Martin Scorsese’s The Irishman, Niels Juul is working on a project that is claiming “The first-ever Hollywood feature film to be fully funded” by “non-fungible tokens.”

Juul intends to fully fund comedy drama 'A Wing and a Prayer' through the sale of NFTs. Juul signed a deal with London-based incubator NFT Investments, which invested $1 million in NFT Studios in exchange for a 20 percent stake in the company. The film is expected to be a joint U.S./U.K. production that will be shot in Malta and London from April with “big-name actors” taking part. 

“We are in the middle of great transition in the entertainment business where traditional ways of film funding and ownership are being uprooted due to the rapid rise of streamers and other digital platforms,” said Juul, “NFT Studios has developed forward-looking strategies which will be a positive disrupter in the global movie-making industry and which will further shorten the distance between an engaged community of audiences and high-calibre writers and directors.”

NFT is a topic we repetitively discussed in class, and it is fascinating to see how to plays out in the film industry. As NFT studios will be issuing NFTs to fund this film, and holders will have exclusive access to many rights (including financial rights) I look forward to seeing how it impacts the production and distribution of feature films in the future.

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Netflix Making Movie About Grandma Who Accidentally Invited a Stranger to Thanksgiving Dinner

In 2016, a tweet about a grandma in Arizona mistakenly inviting a stranger to her Thanksgiving dinner went viral. Years later, the “stranger” and grandma developed a wholesome friendship and a heartwarming holiday tradition. Netflix is now turning this story into a feature film.

“The Thanksgiving Text” will recount the true tale that began in 2016, when Wanda Dench thought she had mistaken someone else (Jamal Hinton)’s number as his grandson and invited him to the thanksgiving dinner through text. In the years following, Hinton and Dench have regularly taken to social media to give updates about their friendship. It has become routine to share a selfie around Thanksgiving time to document their annual reunions, generating plenty of media coverage in the process. 

This is an interesting piece of news for the film industry as Netflix expands its original content to stories near us, specifically one that was narrated through social media posts. Will this become a future trend in the industry? I also see this as a refreshing change of tone from the current atmosphere of the film industry. Perhaps, a heart-warming and close-to-reality story is what we all crave right now. I look forward to seeing the film and how well it does once it’s released. 

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Pixar’s first Asian-led feature film, ‘Turning Red’ (Official trailer released)

Pixar has released the official trailer for “Turning Red.” This is the first feature-length film by the studio that is directed by an Asian woman. Chinese-born Canadian director Domee Shi is best known for her Academy Award-winning short film “Bao,” and her contribution towards other Pixar films such as “Inside Out.” 

“Turning Red,” tells the story of Mei, voiced by Rosalie Chiang, a “confident, dorky” 13-year-old Chinese-Canadian girl growing up in the early 2000s. Mei transformers into a large red panda when she experience certain intense emotions. Pixar announced that this film will be released March 11, 2022. 

This is highly anticipated film by Pixar fans, specifically the one of Asian American descent. The lack of representation in mainstream media has improved over the years as more and more movies and TV began starring Asian casts. However, the animated side of Hollywood still lacks the presence of full Asian characters. This reminds me of the news that Sesame Street is having its first Asian muppet, Ji-young. I look forward to more Asian roles in animated films and tv shows. 

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Scarlett Johansson Touts “Positive Impact” of ‘Black Widow’ Lawsuit, Kevin Feige Teases “Top-Secret” Marvel Project With Her as Producer

"I feel mostly very fortunate that nobody will have to go through what I went through," the star said before an American Cinematheque tribute in her honor.

American actress Johansson (who stars Black Widow) sued Disney three months ago, accusing it of breaching her contract when it offered the movie on its Disney+ streaming service while it was still showing in cinemas. During the 35th annual American Cinematheque tribute red carpet last week, Johansson openly talked about this matter. 

This was her first major red carpet appearance since Oscar night on February 9th 2020, so there was obviously much to discuss. As accounted by The Hollywood Reporter, Johansson said that she feel mostly fortunate that the Disney lawsuit happened to her, as nobody will have to go through what she went through. “I think, (the lawsuit is) a positive impact in the industry and hopefully for artists and creatives’ lives and livelihood” says Johansson. 

The star also disclosed that she is trilled to continue working with Disney and the Marvel family. Johansson said she was hopeful that by standing up and fighting for compensation amid a wider conversation about talent deals in the streaming wars, her suit would have a lasting impact. I also see Johansson’s lawsuit with Disney as something beyond just the dispute between an artist and a company, but as a reflection of the current trends in the entertainment industry at large. 

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Yahya Abdul-Mateen II Launches Production Company House Eleven10, Sets Creative Partnership With Netflix

Yahya Abdul-Mateen II (American actor best known for his role of the Black Manta in the DC Universe superhero film Aquaman) announced the launch of his own production company -- House Eleven10.  Moreover, Yahya Abdul-Mateen II also revealed that he will begin a new creative partnership with Netflix, where he will star in and produce films for the streaming service under his new label.

“I am so proud of the vision of House ELEVEN10, and couldn’t be more excited about Netflix’s shared passion for the ideas we’d like to put into the world,” he says, “House ELEVEN10 seeks to showcase the talent of traditionally underrepresented or overlooked communities within the industry by including diverse filmmakers, writers, and staff throughout our projects.”

It is no surprise for Hollywood actors to start their own production companies, however, the partnership with Netflix is certainly an interesting topic to pay attention to. As streaming has become an integral part of the film industry, will more creative partnerships between film studios and streaming services occur? How would that impact the production and distribution of films in the future? 

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A24 Acquires the right to a stop-motion animation ‘Marcel the Shell With Shoes On’

A24 has acquired the North American rights to the feature film version of “Marcel the Shell With Shoes On,” after its 2021 Telluride Film Festival debut, in a deal negotiated by WME Independent and CAA Media Finance.

“Marcel the Shell With Shoes On” is based on Dean Fleischer Camp and Jenny Slate’s beloved stop-motion animated short films of the same name, which have garnered over 50 million views on YouTube since their 2010 debut. The story follows Marcel, a small seashell who lives with his Grandmother Connie and their pet lint, to tell a “hilarious and heartwarming story about finding connection in the smallest corners” (Camp).    

As an indie film studio with numerous academy-winning titles, A24 takes pride in telling unique stories. I personally find it hard to imagine that a silly-looking seashell with a funky voice can sustain an entire feature film whilst telling a touching story. However, A24 never disappoints with its ever-evolving storytelling abilities. Hence, this is certainly a movie I will be keeping an eye out on.

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Cinemark Puts Theater Chain Rivals on Notice: Why Not Carry Netflix Films?

Streaming services, like Netflix, have always been seen as the enemy of theatre chains as they wouldn’t abide by a 90-day theatrical window. However, one of the major exhibitors Cinemark recently carried out a Netflix action-comedy ‘Red Notice’, and expressed that the film has been doing well in the theatres. Will this change the dynamic between the streaming and theatric market for feature films? 

The COVID-19 pandemic has upended traditional windows. Traditionally, Netflix films will only be available at indie theatres, however, on November 5th this year, Netflix was able to book Red Notice in 750 theatres nationwide a week before its launch on the streamer. Cinemark,  one of the country’s three largest chains, plays a huge role in helping ‘Red Notice’ to become the most-watched Netflix movie of all time (148 million hours in its first three days alone). 

Cinemark chief marketing and content officer Wanda Gierhart Fearing said: “In the past year, Cinemark has shown more than 10 Netflix films in our immersive environment, and we look forward to testing financially viable models for both parties that have an exclusive theatrical window to eventize key films.”

As the issue of shortened windows is no longer taboo, the hybrid release strategy could be a good middle ground between making films accessible yet preserving the theatrical experience. Does partnership between streaming services and major movie exhibitors look promising in the long run? Will AMC and Regal carry Netflix movies soon too?

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Toronto Taps Hackman Capital to Build $250 Million Film Studio

The city of Toronto will be partnering with Hackman Capital (private investment company affiliated with the MBS group) to develop and operate the Basin Media Hub, a $250 million purpose-built film studio on an 8.9-acre waterfront site. 

The official bidding process revealed that a chunk of land on the city’s waterfront will be turned into a 500,000 square foot film production facility as demand by Hollywood studios and streamers “for sound stages in Canada grows”(McClintock). The Basin Media Hub is promised to consists of eight sound stages, production office space, along with workshop and production support space. 

Hackman Capital and its MBS affiliate boarding the development of the Basin Media Hub shows Toronto’s intention to increase its supply pf quality sound stages to accommodate the growing demand of Hollywood studios and streamers and their production presence in the city. 

“This is a major investment in the future of Toronto’s screen industry and I look forward to seeing this $250 million project get underway – it will help ensure that our city comes back stronger than ever,” Toronto Mayor John Tory said in a statement.

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Dwayne ‘The Rock’ Johnson vows to stop using real guns on film sets after Baldwin shooting

Hollywood action star Dwayne The Rock Johnson banned using real guns in his movies after a fatal shooting incident of cinematographer Halyna Hutchins, involving actor Alec Baldwin on a film set for ‘Rust’ last month.

Cinematographer Halyna Hutchins was killed on 21 October on the set of Rust when a gun Baldwin was holding released a live bullet. Baldwin was told that the gun was safe to use, however, it seems like someone may have replaced the dummy bullets in the gun with real bullets. 

“I was heartbroken,” Johnson said, speaking to Variety at the premiere. “We lost a life. My heart goes out to her family and everybody on set. I’ve known Alec, too, for a very long time.” This is a rough situation for Dwyane and his production company, Seven Bucks Productions, and the least he can do at this point is to promise that he would “not use real guns ever again.”

The incident is big news in the film industry, not only for the involvement of a fatal shooting by a famous actor but also for the fact that it has reignited concern about the use of prop guns in feature films.

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Ariana Grande and Cynthia Erivo Will Star In Wicked Musical Movie for Universal

Universal confirms that their upcoming adaptation of the hit musical Wicked will feature pop superstar Ariana Grande and singer-actress Cynthia Erivo. Grande will play Glinda the Good Witch while Erivo opposites her as the green Wicked Witch.  

The film will be directed by Jon M. Chu, who just directed a broadway adaptation, In The Heights, earlier this year. Chu is experienced in bringing stories from stage to screen but is a pop star like Grande ready to be featured as the protagonist of a major motion picture? 

In fact, Grammy-winning pop star Grande got her start on Broadway in the musical “13” and acted in shows like “Victorious,” as well as Adam McKay’s upcoming film “Don’t Look Up.” Erivo, on the other hand, have received a Tony, Grammy and daytime Emmy award for her role as Celie in the revival of “The Color Purple.” Both stars are true multi-hyphenates.

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‘The French Dispatch’ Sets Pandemic-Era Record Theatre Average

Wes Anderson’s feature film The French Dispatch posted the top opening theatre average of the pandemic era. The record for best three-day opening weekend average was previously held by Venom: Let There Be Carnage at $21,209. This Wes Anderson film grossed $1.3 million from 52 cinemas, averaging $25,000 per location - finally not a superhero tentpole movie that is dominating the box office.

Since indie films conventionally start off with a small number of sites, anything above $100,000 is considered to be elite. Anderson’s 2014 film The Grand Budapest Hotel falls under this category making an average of $202,791.

This Searchlight Pictures film features an A-list cast. Both Frances McDormand and Timothée Chalamet are also starring in Dune, a feature film that is in the theatres over the weekends. As an adaptation of Frank Herbert’s 1965 sci-fi classic film, Dune will likely win the box race this weekend. However, it is also important to consider the fact that this film is also available on HBO Max via streaming, whereas The French Dispatch is released exclusively in theatres. Moreover, moviegoers that are younger in age are the ones that are currently driving box office recovery. In this case, a 1965 sci-fi adaptation may be less appealing to the younger audience.

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‘Hotel Transylvania 4’ Heads to Amazon, Sets January Premiere Date

Amazon has officially licensed “Hotel Transylvania: Transformania” from Sony Pictures Animation and announced that they will be streaming the movie globally (excluding China) via Prime Video on the 14th of January 2022.  

Directed by Derek Drymon and Jennifer Kluska, Hotel Transylvania was first released in 2012 and the franchise has grossed more than $1.3 billion worldwide. This is the fourth, and final, part of this blockbuster sequel. The head of Amazon Studio addresses this latest instalment as the “perfect ending to an incredible journey,” nearing the deal with Sony Pictures Animation for over $100 million. This is not the first time Amazon licensed from Sony Pictures. Earlier this year, the modern movie musical “Cinderella,” starring Camila Cabello, was licensed from Sony Pictures to be premier on the 3rd of September 2021.

The controversy regarding the release of this animated feature is the confusion around its premiere date. Originally, the movie was scheduled to be released in movie theatres on the 1st of October 2021, the plan then changed to being released exclusively through streaming instead. However, as October 1st came around, the movie did not make an appearance on Prime Video which enraged many fans. Amazon replied to the furious tweets with an apology, but no definitive answer. Hence, the announcement of it being released next year January is big news for fans of the franchise.  

However, it also brings up the question of whether fans will still be as eager to see the film after all this mess, and is the new releasing date a good timing strategy? I personally believe that October, the month of Halloween, is a better time for a “spooky” film like Hotel Transylvania to be aired. Additionally, I also find it interesting that Sony Pictures Studios is the only major studio that does not have its own dedicated streaming service. Hence, is it sustainable in the long run if Sony keep licensing its feature films to other streaming services?

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Box Office Milestone: ‘Shang-Chi’ Becomes Highest-Grossing Domestic Pic of Pandemic Era

Hitting $186.8 million in box office revenue within three weekends after its initial release, ‘Shang Chi and The Legend of The Ten Rings’ became the top-grossing pic of the pandemic era in North America. Marvel’s first Asian superhero continues to gain popularity and dazzle at the box office even against the new entry ‘Dear Evan Hansen’, an adaptation of a popular Broadway musical. 

There seems to be a trend of superhero films dominating the box office during the pandemic era. As the "Media and Entertainment in the Time of Coronavirus," UTA and SightX, April 2020 survey show the statistic of 72% people choosing “seeing a movie at the movie theatre” as the activity, they miss the most during COVID restrictions. This potentially explains the popularity of superhero pictures as they fall under a genre that is conventionally preferred to be viewed on the big screen. In contrast, a coming-of-age film like Dear Evan Hansen may be lacking the big picture excitement that people have been missing. 

Important to note, the top-grossing domestic picture in the pandemic era record was previously held by another Marvel title -- ‘Black Widow.’ There was a dispute between lead cast Scarlett Johansson and Disney regarding the film being simultaneously released on Disney + and the box office. Perchance, this may have held the film back from reaching its full box office potential. All of this leaves us with the question of whether Shang Chi is really the top domestic movie of the pandemic era, or is it just a new superhero paired with a good business strategy?

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