Focus Features indeed lacked confidence in "Like Crazy" for its North American box office.
The film's plot wasn't as intense as "An Education" or "(500) Days of Summer"; it leaned more toward the emotion-driven style of "Blue Valentine". However, compared to "Blue Valentine", the leads of "Like Crazy" were a notch less famous and influential, relying entirely on the film's own reputation to drive ticket sales.
Hence, the industry's general estimate for "Like Crazy" in the North American box office ranged from $9-10M.
Focus Features aimed to secure a larger share of the box office revenue to reduce their burden. However, if the percentage of box office revenue share decreased, Focus Features would have to intensify its promotional efforts, hoping to achieve a breakthrough in ticket sales. It seemed that Renly was playing this strategy.
Douglas knew he could refuse Renly or insist on his three proposals, or perhaps put things on hold for now and negotiate slowly.
But Douglas also knew that the Weinstein brothers were watching intently, and Paramount Advantage was far from weak. This year's Sundance Film Festival was generally underwhelming. "Like Crazy" was practically a standout. If Fox Searchlight also entered the fray, a mutual raising of bids could drive the prices to unimaginable heights.
More importantly, Douglas genuinely saw the potential of "Like Crazy" in awards season. Compared to "Blue Valentine", "Like Crazy" had a more approachable style, more likely to be embraced by the masses, with more possibilities in the script and acting. If executed well, there was a chance for Best Actress, Best Actor, Best Supporting Actress, and Best Original Screenplay.
Focus Features wouldn't want to miss such an opportunity.
Of course, all of this was theoretical speculation on paper. "Like Crazy" had merely proven itself at Sundance, which wasn't enough. It was still only January 2011, a long year ahead. It had to withstand the scrutiny of critics and audiences, as well as face competition from other formidable rivals. Perhaps by the end of the year, if there were no results, it wouldn't be surprising.
As far as Douglas was concerned, Renly was an intriguing actor.
Indeed, compared to being a genius, he thought "intriguing" was a more fitting choice. He could even sense the decisiveness behind Renly's words, as if he had no intention of wasting time on these meticulous details.
Douglas had a ridiculous notion: if it weren't for Drake, Renly might not even attend today's meeting. It was like the situation with "Buried" back then.
After all, every actor in Hollywood's ultimate goal was to become a producer.
It wasn't about sharing box office revenue, entering the $20M club, or even winning an Oscar; it was about becoming a producer. Don't you see how Vin Diesel worked tirelessly and used countless connections to secure a place in the production of the "Fast & Furious" series? All to achieve his aspiration.
Because joining the ranks of producers meant wielding power, standing at the top of the pyramid. At that point, the status and recognition in the industry were entirely different. Seeking revenue sharing, awards, salaries, and the like would become much more achievable.
Now, in such a context, Renly's identity was akin to that of a producer. He not only had the right to share in the revenue but also the right to negotiate. However, Renly's ambitions didn't lie here.
Douglas was somewhat curious about Renly's future development, even though they were meeting for the first time today.
In the blink of an eye, Douglas had made up his mind.
"No, I don't have confidence," Douglas's response was entirely unexpected. Drake was taken aback, and a playful smile played on Renly's lips.
However, Douglas's expression remained largely unchanged. "Honestly, I don't believe this film will achieve much at the box office. Such art films have their widest market in the home video and, of course, the art-house theater screenings. Therefore, it's impossible for the crew to have a 35% share of the box office revenue."
Normally, the revenue share that the production and distribution sides could divide was roughly 60%. Typically, considering factors like production costs and the production process, the production side would take around 40%, and the distribution side around 20%.
However, the distribution of independent films was relatively unique; the distributor needed to pay a portion of the licensing fee. This was akin to getting an advance on the box office revenue, causing the production side's revenue share to slide to some extent. This was normal.
"25% is our bottom line," Douglas's tone was resolute, leaving no room for negotiation.
But Renly smiled, and a bright and sharp glint flashed in his deep brown eyes. "Are you sure we want to go back and forth like this? I know 25% isn't your bottom line, and you know 35% isn't what I'm aiming for. We can tug of war slowly, or even put the negotiations on hold and think and calculate again after going back. But, I don't think that's necessary. What's your opinion?"
Renly didn't beat around the bush; he took an open and forthright stance. Yet, it wasn't hard to notice that he hadn't said anything substantial and hadn't proposed a new revenue sharing percentage. The implied meaning was: I've been this straightforward; now it's your turn to show sincerity.
In essence, Renly was still pressuring Douglas to reveal his cards.
Douglas chuckled and lifted his jaw slightly, affirming Renly's words.
As Renly had said, they could keep pulling back and forth for a 1% difference in revenue, but Focus Features needn't concern itself with such trifling gains. After all, the North American box office for "Like Crazy" was estimated to be at most $10M, so 1% would be $100,000. What's more, speed was of the essence; Focus Features needed to race against time. The "Like Crazy" crew could simply sit back and watch other distribution companies' offers.
After a series of back and forth, Douglas cut to the chase, "Licensing fee of $5.5M, box office revenue share of 30%."
"Good business!" Renly was quick in speech and action, sealing the deal with a straightforward sentence.
Compared to Harvey Weinstein, Focus Features was also calculating, and they weren't calculating any less than Weinstein's company. However, Douglas was indeed more sincere than Harvey, not in terms of the deal figures but in his overall attitude. Moreover, the collaboration experience with "Buried" had been pleasant thus far. If "Like Crazy" could continue in this vein, that would be even better.
A big smile spread across Douglas's face; genuinely, he admired Renly's personality and attitude.
Today's collaboration was undoubtedly pleasant, creating a win-win situation. The "Like Crazy" crew secured a larger profit margin, while Focus Features triumphed over its competitors, taking the first step in the independent film market and year-end awards season of 2011. Winning a battle at the Sundance Film Festival, and thus unveiling the curtain on the new year in such a manner, couldn't be better.
After the negotiation was settled, Renly also breathed a slight sigh of relief. Once the tension eased, he realized something crucial: "Drake, do you have any questions?" Drake was not only the film's director but also a producer, yet nobody had asked for his opinion just now.
Drake's head was feeling a bit numb; he had heard so many numbers earlier that he didn't really feel anything now. However, he still knew that a licensing fee of $5.5M and a 30% box office revenue share meant this deal was truly top-notch.
Not long ago, he had been astonished by Harvey's offer of $4.5M. But now, the North American distribution rights for "Like Crazy" had been sold for a full $5.5M, with additional revenue sharing to come. This was truly unbelievable. Keep in mind, the film's production cost was only $250,000.
"No problem, absolutely no problem." Drake was a contented person, smiling widely as he nodded in affirmation. There was no hiding his joy on his face. However, his smile paused for a moment, and then he cautiously asked, "I have a question. I'd like to ask, what is Focus Features' positioning for the film?"
Drake felt his stomach burning. "Like Crazy" truly didn't have the qualification to lay down conditions in front of Focus Features. What's more, Douglas had just purchased the North American distribution rights for the film at an astonishing price. How could he ask for more? But... he couldn't help it.
"What do you mean?" Douglas had already stood up, preparing to shake hands as a sign of agreement. Upon hearing this seemingly random question, he was momentarily puzzled.
"I mean, this film is very special to me," Drake looked at Renly, feeling encouraged by his gaze, which helped him regain some composure. He continued, "It's based on my real experiences. It's really unique. So..."
So what? Drake didn't continue; his words cut off right there.
But Douglas had already understood. He smiled, "To be honest, we haven't formulated a distribution strategy yet. After Sundance ends, we'll hold an internal screening. The main team from the distribution department will watch it, share their thoughts, make judgments, and then develop the relevant marketing strategies. Which film festivals to attend, when to release, how to promote—things like that."
Douglas succinctly explained the situation in just a few sentences. Drake's expression shifted from confusion to understanding.
At The Weinstein Company, the two brothers held absolute control. They managed all the plans and projects single-handedly. They even sometimes excessively interfered with the director's editing work, hoping the film could be edited according to their vision. As a result, they had been labeled as "tyrants" more than once. So, during the negotiation process just now, Harvey had made judgments and plans early on.
However, at Focus Features, they followed a well-established working system, completing tasks strictly according to procedures, gathering the collective wisdom to achieve goals.
Both approaches had their merits; it wasn't about good or bad, and this was reflected in the vastly different marketing styles of the two companies. For The Weinstein Company, it was a double-edged sword.
"So, I can't answer your question right now. But what I can say for sure is that "Like Crazy" is "Like Crazy". It's a very unique film," Douglas continued, "Personally, I really enjoy Renly's performance in the film. I think it's a movie about love."
Douglas smiled and nodded at Renly, then looked back at Drake. "Are you satisfied with this answer?"