Last week, I attended a very interesting presentation by Irwin Olian, Chairman and CEO of NeoClassics Films Ltd., which is based in British Columbia, with North American headquarters oin Culver City, CA. The company was formed in late 2007.
The company distributes independently-produced, feature-length films for initial release. The pictures are produced by filmmakers from around the world, with a focus on English language films from the UK, Australia, New Zealand, South Africa, India, the U.S. and Canada. In addition, foreign language pictures from France, Spain, Germany and other countries are being licensed and distributed with subtitles. The company presently is, or will be, distributing films from Australia, Belgium, Jordan, Canada and the UK.
The initial focus is on films with a budget of $5 million or less, with plans to expand this horizon over time as the firm's distribution network is established and matures.
Olian said that his company's ability to identify and reach a targeted market for these films is fundamental its film-acquisition strategy. The company has acquired five films in its first year of operation, and plans to acquire approximately 8-12 films a year.
Current films include: The Black Balloon, from Australia, which has been in select theaters since last December; Moscow, Belgium, also in theaters since last December; Surviving Crooked Lake, a 2007 Canadian Film, which was scheduled for release this month; Captain Abu Raed, Jordan's entry for the 2009 Oscar competition; and St. Trinians, a British film scheduled for release in select theaters on August 28. These films have received excellent reviews and many awards.
Olian and other members of his financial and management team are highly experienced and well connected in the entertainment business. With a BA from Princeton and a law degree from Harvard, Olian was previously CEO and Chairman of three successful junior mining exploration companies.
NeoClassics is using a conservative business model that identifies good pictures but does not assume any hit movies or over-sized revenues.
The company is currently raising a Bridge and Development fund of up to $5 million, and is considering whether to raise a Print & Ad Fund and a Production Fund, both of which would be significantly larger than the Bridge and Development Fund.
Mr. Olian's presentation was highly interesting and entertaining. It included the playing of trailers for three of the five movies mentioned above. Many attendees walked away with a positive feeling about the company, but at least one in the room was concerned about the small amount of cash on hand, wondering whether the company could keep operating long enough to implement its vision.
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