Correcting "The Hollywood Reporter"
The movie trade publication "The Hollywood Reporter" released an article today with a lot of wrong information about our project and I need to clear up some of what they said. I seem to get called a "douchebag" quite often these days. And that's fine; not everyone's gonna root for my success... but I can't sit by while my fans get wrong facts.
This is a whole new way of making a movie. There is lots of discourse on Earth about it. Some of it is very misinformed. Let's clear it up so you have it from my mouth. I will tell you the truth. As David Mamet's writes in his masterpiece, "Glengarry Glen Ross": The truth is the easiest thing to remember:
— The story out there about the movie being fully funded by some financier is wrong.
I have said on here and in every interview I've done on this project that the film would be fully financed from 3 sources:
- My Kickstarter Backers
- My own money
- Pre-Selling foreign theatrical distribution.
Those three amounts will bring us to a budget of around 5 to 6 million dollars.
— Nothing about the making of this movie has changed. This movie is happening because backers funded it.
This film would not be happening without my backers. The traditional way is to have a financier put up the money and then sell the foreign rights. What I did, was to say to my fans, "If you and I provide the capital, we don't need some rich dude dictating how we make the movie; we can then go sell foreign distibution and we'll be all the way to our goal. Are you interested in that? So far 38,455 people have said yes.
— What happened today is that a financial company agreed to fill in the gap between what Kickstarter backers have funded and what I have put in, and what the movie will actually cost. Shooting could not happen without this.
When you pre-sell foreign distribution, you don't get that money for some time. So you need to go to a company to provide something called "Gap Financing". They are essentially a bank. Loaning us the "gap" between what we've raised together and what we need to actually make the movie. I have no idea where a 10 million dollar number came from but it is wrong and a lie.
— This loan is secured against proceeds generated by selling the foreign rights to the movie. That's been the plan all along.
This loan, helps us start! We're opening an office and casting and we're fully under way. We couldn't be doing that without "Gap Financing" to cover our... (wait for it) gap. As these foreign sales are occurring as we speak at the Cannes Film Festival, you will likely be hearing more and more about them. It is good for us! More eyes on our movie.
— The film business is weird and complicated, and this is a great example of how that's the case. Consider this our first lesson in The Biz.
Let's be frank. There are people out there who don't want this to work. There are people out there rooting for me and you (if you're a backer) to fail. There are bloggers writing hateful things about me. I can take it. I'm kind of used to it. I hope you can. But if you feel misinformed or you no longer like this, you can cancel your support anytime in the next 8 days.
— This whole process has been amazing and is happening because of you. We repeat: because of YOU!
No matter what the haters write, this would not be happening without your support. If I failed at the end of the time allotment, this film would be put on a shelf, like others I've tried to make since "Garden State". But it didn't fail. It's making the whole Earth talk about the future of financing movies no studios want to make.
— Sorry for the momentary distraction. Let's get back to making a great fucking movie.
I'm sorry for the hoopla. I'm sorry if your friends think you've been duped. But you haven't been. This is real. Crowd-sourcing films is here to stay. Love me, hate me. We're gonna make a killer fucking movie. And I love you for it.
To my detractors, I shall continue to seek your approval in the most mentally unhealthy ways possible, much to my loved ones' chagrin.
To my BACKERS, A giant casting announcement is coming in a few hours.
I love each and everyone of you. And that... is the truth.