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Edition: U.S. Article Save Email Print Reprints Most Popular Most Shared Specter, Lincoln face strong tests in primary contests 10:10am EDT Thai government dismisses talks to end deadly protests | Video 10:27am EDT Study suggests processed meat a real health risk 17 May 2010 Pesticides tied to ADHD in children in U.S. study 17 May 2010 Iran fuel deal would not fix nuclear issue-France 17 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 UPDATE 1-BP siphoning off 40 pct of Gulf of Mexico oil leak 4:37am EDT Global stocks, euro rise on Greece package optimism | Video 10:30am EDT Florida tar balls fuel fears of oil slick spread | Video 9:50am EDT Factbox: Ties binding China and Iran 2:13am EDT Study suggests processed meat a real health risk 17 May 2010 Pesticides tied to ADHD in children in U.S. study 17 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 Apple's iPhone replaces BlackBerry for some bankers 17 May 2010 Thai government dismisses talks to end deadly protests | Video 10:27am EDT Fox steals more than 100 shoes 12 Jun 2009 Arctic team reports unusual conditions near Pole 17 May 2010 Specter, Lincoln face strong tests in primary contests 10:10am EDT Pfizer to cut 6,000 jobs 10:41am EDT Seeking less scrutiny, hedge funds flock to Asia 17 May 2010 Cannes film market enthusiasm tempered by caution Bob Tourtellotte CANNES, France Tue May 18, 2010 6:36am EDT Related News Cannes film festival hits halfway short on buzz Mon, May 17 2010 Indian company trains small army to meet 3D surge Mon, May 17 2010 Robin Hood hits bull's-eye at worldwide box office Mon, May 17 2010 Robin Hood hits bull's-eye at worldwide box office Sun, May 16 2010 Oliver back on Wall Street with bank crisis drama Fri, May 14 2010 CANNES, France (Reuters) - As the Cannes film festival entered its second half on Tuesday, players in the market for buying and selling movies looked ahead with cautious optimism that tough times may be near an end. Entertainment | Film The forecast for brighter skies in this French Riviera town was underpinned by a strong global box office and feelings that players were back to basics in the independent film business. But industry experts said there are clouds that could further dampen the outlook after roughly two years. Among those shadowy specters are lower DVD and television revenues, lack of funds for film production and jittery financial markets. "There's a feeling better times are ahead, but everyone is cautious -- very, very cautious." said Michael Barker, co-chief of Sony Pictures Classics, the specialty film label of major studio Sony Pictures Entertainment. His comments were echoed by Jonathan Wolf, executive vice president of the U.S.-based Independent Film & Television Alliance, which runs the American Film Market. He used the term "tempered optimism" to describe the outlook. The Cannes film festival is known for bringing together top directors like Oliver Stone and actors such as Russell Crowe in a gathering that celebrates what is new and fresh in cinema. But in trade show booths and hotel rooms here, companies in the Cannes film market buy and sell rights to distribute titles such as "Hard Breakers" or "From Mexico with Love" that, for the most part, play only in art houses, on DVD or television. Those companies fell on hard times starting in 2008 as easy money from private equity led to buyers overpaying for movies and suppliers creating a glut of titles. In late 2008 and 2009, distributors exited the business or began paying less -- some players say 30-40 percent less -- for film rights, and producers began pushing down costs. CLASSIC CORRECTION Now, the market is in the middle of a classic correction that foretells of better times in 2011, as long as the global economy stays stable which is a major factor, experts said. "People are starting to realize the money is not what it was," said Stefan Bruner, chief operating officer of producer Imagenation Abu Dhabi. "One topic we discuss is talent, what talent draws at the box office and what you pay for it." Key to Bruner's summation is box office, a basic element of the movie business. Even as DVD and TV revenues fell, theater ticket sales rose in 2009 -- roughly 9 percent in the U.S. to $10.6 billion and 6 percent in the European Union to $8.7 billion, among examples supplied by Cannes market organizers. At the same time, film productions were about constant in the U.S. at more than 1,100 in 2008 and 2009, while in the European Union, they fell about 5 percent to 677 in 2009 from 716 the previous year. Producers and distributors say most indie productions being funded now -- hence, and those being bought-and-sold at Cannes -- are of two types: movies made at the high end of indie film, budgeted around $10-$15 million, with marketable stars, or ultra low-budget movies in the cost area of $500,000 or less. To be sure, snapshots of the Cannes market is complicated by the global economy, because each region has its own issues. Europe is grappling with a debt crisis, which has hampered lending for film production. The U.S. is little different. But in oil-rich Russia, for instance, a growing appetite for films is fuelling a speculative market that may be overheating, said Sergei Yershov, head of Film Depot/Volga, which acquires and distributes films in that country. "The box office numbers are not really supporting" some of the prices being paid for movie rights, he said. And Yershov is not alone in his cautious outlook. Gary Concoff, who heads the media practice of Los Angeles law firm TroyGould and co-chair of an International Film Finance Forum here, said a similar event in 2008 was nearly canceled due to low attendance. This year the gathering was sold out. And what was one of the key topics? Limiting risk. (Editing by Paul Casciato) Entertainment Film © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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