International
Swiss Production: European Country To Update Their Film Act
At the Locarno Film Festival, Swiss film industry experts discussed changes to the nation’s Film Act that would bring in new opportunities and up to $20 million in additional investments. Currently, the Film Act outlines that local television companies must invest 4% of their revenue in independent film. In the referendum, which was recently voted into law, this requirement is now extended to streamers, in addition to mandating a 30% European content quota.
Movie Theaters
Box Office Revival: AMC Beats Wall Street Forecasts
Exhibitor AMC Entertainment posted great Q2 revenue that surpassed expectations. The company reported a total revenue of $1.348 billion, which is 16% above revenue from just a year ago. This rise in revenue also means a profit of 1 cent per share, which is well above experts' forecast of a loss of 4 cents per share. Q2 ended on June 30, so profits are anticipated to rise even higher for Q3 thanks to the impressive slate of July summer blockbusters.
Film Festival
Lessons from Locarno: The Biggest Topics From This Years’ Festival
The Locarno Film Festival has ended with its industry arm, Locarno Pro, having managed to break its all-time attendance record with 1,530 delegates having gathered to discuss the film market. Those in attendance were eager to talk about the trends shaping the industry, including the global demand for arthouse content, the importance of movie stars, up-and-coming new talent, and the latest international movie deals.
Industry
Satellite Communications Merger: Dish Networks and EchoStar Join Forces
Public companies, Dish Networks and EchoStar, have announced their merger, joining a leading satellite company with streaming services and a nationwide 5G network. Previously under the same brand, the companies separated back in 2008, but due to changing industry trends, the two are reuniting. The merged companies will be able to deliver a broad set of wireless communication, now covering 70% of the U.S, and will have better content distribution capabilities as well.
Awards
Oscars Across the Pond: Awards Ceremony Loses U.K. Broadcaster
The U.K. pay-TV giant Sky, which is owned by Comcast, has given up its rights to air the Academy Awards. Sky began airing the ceremony 20 years ago, after claiming the rights from BBC. In recent years, Sky created its own dedicated channel to air the awards, called Sky Cinema Oscars, and the programming was also available to view on streaming. Now, Disney is on the search for a new U.K. buyer to air the prestigious event.
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