Netflix Shuts Down Indie Division
Hmmm... too bad. Although I'm not certain this'll have that much of an impact of the state of things. I do know filmmakers who benefited directly from REE's existence. I'll share my thoughts later.From Hollywood Reporter:
- In a move that could have a big impact on indie film sales and distribution, online film rental service Netflix is shuttering its film financing and acquisition arm Red Envelope Entertainment.
Since it was founded two years ago, REE invested in more than 100 films and partnered on key acquisitions for small distributors. Until this January, the division typically put up half of a film's total acquisition and theatrical release costs in return for Netflix disc and digital streaming rights and half the total profits. These partnerships allowed indie studios to take risks on smaller projects and fueled many buys during and after film festivals.
In January, REE changed its general approach to pay a flat fee for DVD rights and nonexclusive Netflix online rental streaming, done day-and-date with the retail DVD release, typically taking less risk for less money. REE's closure means smaller distributors have lost a key partner which allowed them to purchase and give a theatrical release to riskier low-budget films.
SOURCE: REE SHUTDOWN
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