I have heard many low-budget film pitches (and I should stress here that my experience is with low budget films exclusively, usually sub-$million and always sub-$2million), and I find myself focusing these days on two elements which I feel account for the bulk of every film's success. It isn't that star power, script, acting, effects and music aren't important to making a great film, it's that these attributes can also be evaluated in the context of two elements:
TRAILER AND KEY ART
In my experience, trailers account for the bulk of a film's success. Buyers, and especially international buyers, will often simply watch a trailer and sign a deal. Granted, the trailer tells you what stars are in the film, how the special effects look, and a general idea of the production value of the project... since these are often the first points of reference by which a buyer judges and prices a film, they make their decision on the basis of the trailer. Hence, the trailer for the most part determines a film's success.
Why is that important? Obviously, if true, it suggests that all one need do to reap profits from a film is to nail the trailer. And why is that good news? Because it's much easier to deliver a spectacular trailer than it is to create a spectacular film.
Trailers are movie concentrate, and has the ability to select all the best a film has to offer: the best jokes, best action, best acting, best script lines, best visuals...all in a few here's a useful corollary A MOVIE TRAILER ALWAYS OVERSELLS AND THE FILM THEREFORE UNDERDELIVERS. THE TRAILER IS ALWAYS BETTER THAN THE MOVIE.
And that's a big strategic point to make. It suggests three big tactics...
1. Spend more money and effort on the trailer. Filmmakers typically make the trailer as an afterthought. Bad move, it wastes the opportunity to make a bad movie look great, and a great movie look spectacular. If a film isn't looking so good, work hard on the trailer and sell the film on the basis of the trailer before the film is even complete! Hold off on showing the film (it isn't done quite yet), and shop the trailer around and make early sales (you can't do this too much, or you might get a reputation for great trailers and junk films). Save some budget for the trailer. Don't necessarily trust a sales rep or distributor to cut a great trailer, do it yourself and make sure it's amazing. Nobody cares about your film as much as you do.
2. Put all your best stuff in the trailer. Don't withhold your biggest shots and best jokes to reveal them in the film. Put all your best in the trailer, even if it's the death of the main antagonist! If it makes for a spectacular trailer, put it in. Many buyers never even watch the film (they look at hundreds of films at every show, they have to take shortcuts). They often only see the film much later, before they air it or distribute it on DVD.
3. Sell the film early. Get a quick rough cut done so you know whether you need some pickup shots or reshoots, and then get working on the trailer. Make the trailer spectacular and start signing deals! The impression a trailer makes is the best foot forward, and from there it's going to be downhill. Buyers cool off and get critical. Get a deal done as early as possible in the process.
What about KEY ART (that means the poster art / DVD cover art)? Same thing. It's important, it's the first impression a buyer, distributor, or sales agent gets of the film, and they know a lot about the movie already, ENOUGH TO MAKE THEIR DECISION. Spend time and money on the key art and make sure it sells.
This insight is perhaps the simplest key to profitability for a "so-so" film (and that's at least 90% of films, so don't kid yourself).
That being said, here's a trailer for a film I executive produced which obeys all principles I've expressed in this article. Enjoy the trailer for Dragon Hunter. It's better than the movie (which ain't bad neither).
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