LOS ANGELES – A major US film company announced Wednesday production on a new category of “microbudget” movies, which it hopes can help develop talent – and make money – in tough economic times.
Independent studio Lionsgate said it wants to develop movies with budgets of less than $2 million, along the lines of its past low-budget hits such as ‘The Blair Witch Project’ or the ‘Saw’ franchise.
“Microbudget films involve minimal overhead and very little risk, but a potentially high reward,” said Joe Drake, head of Lionsgate’s motion picture division. “The productions will function as an incubator for promising new actors and filmmakers,” added Michael Paseornek, another Lionsgate executive.
“They will experience the best of both the independent and studio worlds – the freedom to make the movies they envision, but with the infrastructure, support and guidance of our studio behind them,” he added. The three movies announced Wednesday were ‘Rapturepalooza,’ a comedy, ‘Gay Dude,’ a coming of age comedy with a twist, and ‘6 Miranda Drive,’ a supernatural thriller.
The studio aims to make up to 10 microbudget movies a year, mostly in the comedy or horror genres, “both of which are sweet spots for the company, and historically driven more by concept and execution than budget.”
Lionsgate is a leading global entertainment company, with TV series including ‘Mad Men,’ and feature films including box office-topping ‘The Expendables.’ The movie industry was hit hard by the global economic downturn, and is also battling with the proliferation of new ways of watching films, other than traditional theater and DVD formats.
