Tricia Lazatin

February 2023
CTV 636
Financial Article Presentation

The Company That Financed “Joker” is Getting Out of the Blockbuster Business

BRON Studios is a Canadian investment studio known for financing films such as Joker,
Licorice Pizza, House of Gucci, The Willoughbys, The Mule, Judas and the Black Messiah, and
Ghostbusters: Afterlife. The studio was originally launched in 2010, and has been a part of, “over
120 productions that have achieved tremendous commercial and critical acclaim, including 32
Academy Award nominations and 6 wins” (BRON Studios, Para. 1). The studio focuses on a
direct-to-consumer strategy (BRON Studios, Para. 2) while working on the development,
financing, and production of film and television (BRON Studios) and animation/gaming (BRON
Digital). However, with the post-pandemic market, BRON Studios is looking to restructure their
business model around their digital sector, and merge their film and television divisions into one
unit.
Over the last few years, BRON has focused on financing films made within the $50
million range. With the pandemic, films greenlit pre-pandemic were not as financially successful
in theaters, and several others were sold to streaming services for release. Under BRON’s
restructured business model, the company is now looking at investing in films budgeted under
$10 million, which is considered a low budget by Hollywood standards, but opens opportunities
for lo-fi films. The Oscar-winning film, Moonlight, created with a $1.5 million budget, is used as
an example of how, “movies aren’t dying; they’re just getting smaller” (Kohn, Para. 8) and
allows for more creative and aesthetic freedom.
Kohn discusses welcoming a new era of lower-budget filmmaking in a post-pandemic
market and pitches a possible future to film financing. He says:
So: Let’s say the future of film financing is small movies — not Dogme-95 small, but
$10-million small. That means the occasional “bigger” budget for a financing entity
would be closer to $25 million rather than $50 million (which is what movies like
“Joker” have cost)... Financing at this level makes sense for true visionaries who can also
secure some measure of studio backing… Studios need more first-look deals with
filmmakers, where they can enable emerging creatives without setting money on fire.
(Para. 9)
With this idea, a shift to lower-budget film financing would impact film financing as a whole.
Not only would the budget for small films decrease, but so will the budget for larger films. In
reference to Ulin, Hollywood movies have become extraordinarily expensive and have an
average cost of $100 to $200 million (Ulin, 95). However, with the potential of a new level of
financing, it gives filmmakers the opportunity to develop beautiful and creative films within a
more “affordable” budget. This also opens the discussion of how studios can provide financial
backing for films. Through establishing deals with independent and emerging filmmakers,
studios will be able to finance projects that are at a creative quality of “big-budget” films for a
lower cost (ex: Moonlight winning Best Picture at the Oscars with a $1.5 million budget).
The future of filmmaking and financing is ever changing due to the evolving film
industry and market. This has led to investment studios, such as BRON Studios, to restructure
their business strategy to accommodate the current market.
 Works Cited

BRON Studios | Official Website, https://bronstudios.com/. Accessed 6 February 2023.

Kohn, Eric. “BRON Layoffs Explain the Future of Film Financing.” IndieWire, 27

August 2022, https://www.indiewire.com/2022/08/bron-layoffs-film-financing-future-

1234755634/. Accessed 6 February 2023.

Ulin, Jeffery, The Business of Media Distribution, Routledge, New York, Third Edition, 2019