From Packaging to Payback: Film Finance Insights from AFM 2025

As a Presenting Sponsor of The AFM Sessions—the American Film Market’s official series of industry panels—Wrapbook moderated the discussion “Finance I – From Packaging to Payback: Investment, Incentives & International Markets.”

Moderated by Jeff Caruso, SVP of Sales & Success at Wrapbook, the panel brought together Jeaneane Davey (Callisto Advisory, Inc.), Sam Pressman (Pressman Film), Josh Rosenbaum (Waypoint Entertainment), and Jeremy Ross (Rabbits Black) for a conversation about how producers and financiers are adapting to a rapidly changing landscape. 

The discussion spanned funding models, production incentives, shifting audience behaviors, market consolidation, and the geopolitical factors shaping today’s global film economy.

Adapting to new financial realities

Across the industry, tightening budgets and cautious spending have forced a “do more with less” mindset. Panelists agreed that the rise of streaming—once a stabilizing force—has introduced new uncertainty, as traditional theatrical revenue continues to erode.

Studios and producers are becoming more analytical about what gets made, often “reverse engineering a green light” by identifying the market and financial parameters first, then shaping the project to fit.

Amid these constraints, Sam Pressman emphasized a creative reset. Referring to every movie as "a miracle,” he called for a renewed focus on passion and quality storytelling. His comments reflected both a nostalgia for simpler times—when a strong concept could sell a film off a poster—and a reminder that disciplined, story-first filmmaking remains the foundation for long-term success.

Finding new ways to get films made

With traditional financing under pressure, panelists highlighted innovation as key to sustaining independent production. Platforms like Republic now allow fans to invest directly in films for as little as $200, sharing in potential returns and fostering a sense of community ownership.

This crowdfunding-meets-equity model has already helped filmmakers like Eli Roth and Robert Rodriguez raise millions, demonstrating how technology can bridge the gap between creators and audiences. 

The conversation underscored that rethinking the financing pipeline—and inviting audiences into the process—will be essential to getting projects made in the current market.

Navigating policies and global pressures

The panel also examined how government policy and geopolitics are influencing production decisions. Jeaneane Davey noted recent proposals that could impose tariffs of up to 100% on films produced outside the U.S., alongside talk of a potential federal film incentive—a first for the country.

While details remain uncertain, these developments could significantly affect where and how films are financed. Panelists agreed that understanding the policy landscape is now as important as creative and financial planning, particularly for producers working internationally.

Balancing incentives with creative vision

Incentive programs remain one of the most powerful tools for keeping projects viable, but the panel stressed that story should still guide location choices. Strong examples include Kentucky and Missouri, which offer rebates nearing 40%, and New York, which recently streamlined its credit payment schedule to avoid financing delays.

Meanwhile, New Jersey has become an attractive production hub, with Netflix and Paramount investing heavily in new studio space. For genre filmmakers especially, international co-productions continue to make sense when backed by reliable partners and local soft money.

Rethinking audience and distribution

Turning to distribution, panelists described an uneven marketplace. While the spring box office showed promise, the summer softened and October was “disastrous.” Yet smaller-scale releases—like the Norwegian drama Sentimental Value—prove that well-budgeted films can still connect with audiences.

COVID-era habits continue to shape demand, with many viewers now waiting for streaming releases. Genre films, particularly horror, remain reliable, while comedies face hurdles despite clear audience appetite. The takeaway: theatrical success depends on scale and strategy, not just quality.

Consolidation and its ripple effects

Ongoing studio mergers are reshaping the business side of film. Fewer buyers mean fewer opportunities for independent producers, and consolidation often leads to more conservative decision-making. Panelists pointed out that this climate of caution—driven by job insecurity and risk aversion—can make it harder for new voices to break through.

To keep the ecosystem healthy, they emphasized the need for more distribution avenues and diversified buyers who can champion a broader range of projects.

Overcoming the producer’s catch-22

Independent producers face a persistent challenge: financiers want talent attached, but talent often won’t commit without financing or distribution. Some companies are addressing this by securing distribution partnerships early in development, helping to unlock both funding and cast attachments.

Others are exploring direct-to-community strategies—like one Filipino film team that self-booked theaters and canvassed local audiences—to reach viewers without waiting on traditional distribution deals.

Key takeaways

The panel closed with a set of pragmatic steps for producers navigating today’s financial and creative constraints:

• Continue developing financing models that let audiences participate in a film’s value cycle.
• Adjust budgets to align with realistic theatrical and streaming performance.
• Partner with distributors early to help secure financing and talent.
• Explore community-based distribution to reach target audiences directly.

Together, these actions reflect a shared belief in flexibility, innovation, and collaboration across every stage of production.

Wrapping up

The conversation captured an industry in transition—pressured by economic realities and policy shifts, yet energized by new financing and distribution possibilities.

As moderator Jeff Caruso noted, adaptability is the key to sustaining creative momentum. Whether through fresh investor models, closer distributor partnerships, or more community-driven releases, producers are finding ways to keep films moving forward.