The once traditional Sundance Film Festival has been transformed into a shopping center of sorts for media-entertainment giants such as Netflix Inc. (NASDAQ:NFLX) or the company’s largest competitor Amazon.com, Inc. (NASDAQ:AMZN).
Originally the Sundance film festival was for movie buffs and a select group of individuals who wished to be the first to see some of the newest films before they were officially released. The festival itself takes place in Utah.
More details regarding the total spending budget Netflix and Amazon spent at the festival
The festival is seemingly an expensive buffet for media-entertainment giants. Both of which, were classified as the biggest money spenders throughout the event. However, those familiar with the matter did state that all of the resources spent are aimed at driving up subscriber and viewer basis.
An example, which emphasizes the insane budgets that large-brand rivals have at this festival, comes in the form of nominee film, Manchester By The Sea. This film was first purchased by Netflix, at the Sundance Festival last year, for a total of $10 million.
However, this is just the start, the companies are also able to purchase certain films, based on the pre-buzz about a select film, when the event is initially announced, leaving the possibility of millions of dollars being invested into various filming opportunities.
Which company took the triumph when it came to budget allocation this year
Once again, Netflix is the prime winner, for the number one spender at this year’s film festival. The company invested in a romantic comedy, which is called The Big Stick and features Kumail Nanjiani. According to those familiar with the matter, the company invested a total of $12 million for this film.
Prior to the event, a top-executive, responsible for purchasing films for a traditional distribution company predicted the budget of Amazon and Netflix, through stating, “Don’t be surprised if Amazon and Netflix pay over $10 million and walk away with several of the top titles”.
Netflix stock closed the trading session on Monday at $141.22, after witnessing a decline of $1.23 or 0.86%