It would be a fair argument to say that opportunities for aspiring filmmakers have never been more plentiful. The platforms provided by self-promotion on the internet and the rise of digital formats such as Netflix and Amazon have opened new doors for artists entering the filmmaking field. Of course, any new film project is not without its challenges, but a good understanding of the business side of film can give any new filmmaker a leg up.
You may think the Oscar-worthy script was the hard part, but the real work takes place well before the cameras start rolling. A project will never get off the ground without a solid budget and proper financial planning. In film, an accurate budget is crucial to attaining both financing and distribution. An experienced line producer can make or break a production before it has even started.
Another crucial element to a successful project is understanding the film tax incentive landscape. Incentives vary greatly state to state, and have different important details such as employee residency, vendor requirements, rate, and transferability. It is important to form a plan early in regards to incentives, since the type of incentive expected combined with an accurate budget can help secure financing for the project. Most importantly, productions must structure their accounting with the state incentives in mind so that the Audit process is smooth and timely.
The industry experts at KPM have worked with filmmakers across the country and can help not only with assurance services at the end of production for film incentives, but also with pre-production planning in order to set up filmmakers for success from the very beginning.