🎬 Major New Deal

👋 Good morning! The "director explains formats" video has low-key become a whole genre. Phil Lord and Chris Miller dropped a 7-minute promo breaking down all 12 ways to see 'Project Hail Mary' when it opens March 20, from 70mm IMAX to 4DX to the humble standard screen at your local multiplex. Ryan Coogler walked (his 'Sinners' format video started this whole trend) so Lord and Miller could get jostled around in a D-Box chair. We're officially in a format explainer arms race now. Ball's in your court, Nolan.

It's Friday and the weekend is right there. We've got fresh streaming numbers in a brand-new format (we redecorated, let us know what you think), this weekend’s new releases, and everything else worth knowing. Let's get into it. 👇

Sources: Top streamed chart (U.S.) via FlixPatrol; new release viewership data (U.S.) via Luminate.

Berlin's European Film Market wrapped on Wednesday. Attendance was up 5% with over 12,500 professionals on the ground, 606 films screened (up from last year), and nearly 1,800 buyers showed up. There were also some solid deals to show for it. The highlights:

The bigger picture: The $100M+ package days are a relic of a different era, and the market is still working through some real growing pains. Attendance was up, but actual deal closures during the market were thin. The Sony 'Skeletons' deal stood out partly because there wasn't much else near that price level. There's also a growing trend of buyers taking longer to commit, with deals increasingly playing out over months and picking back up at later markets like Cannes or Toronto rather than closing in Berlin. Add in audience fragmentation, with younger viewers drifting toward serialized and platform-native content, and it's easy to see why buyers are playing it safe.

Still, the overall mood was noticeably more hopeful. A lot of people feel like the indie business has hit rock bottom and is finally heading back up. New distributors like Black Bear, Row K, and Subtext are filling the gap left by studios pulling back. International pre-sales are holding strong. And the market itself is evolving, with new programming around animation and gaming IP drawing fresh faces to the floor.

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💰 Oscar magnet Neon is on the verge of a major new deal. Department M, the production company launched in 2024 by AGBO vet Mike Larocca and former New Regency president Michael Schaefer, is in talks to acquire a significant stake in Neon, the indie distributor behind Best Picture winners 'Parasite' and 'Anora.' Warner Bros. previously tried to buy Neon, but those talks fell apart, and WB ended up poaching three key Neon execs to launch a new indie label instead. Founder Tom Quinn, ever the loyal captain, is expected to keep steering the ship he built. Makes sense, the guy’s been on a six-year heater. If the deal closes, it would pair Department M’s deep pockets with Neon's six consecutive Palme d'Or winners and $130M hit 'Longlegs' into one very well-funded reason for A24 to look over its shoulder.

🚫 AMC is refusing to screen an AI short film in its theaters. An AI-generated animated short called 'Thanksgiving Day' won the inaugural Frame Forward AI Animated Film Festival and was set to get a two-week national theatrical run as part of its prize. The run was organized through Screenvision Media, a third-party company that handles pre-show content for several theater chains, including some AMC locations. Then social media found out. Cue the pitchforks. AMC took the heat, even though it never actually signed off on the initiative. The chain wasted no time distancing itself, telling Screenvision its locations won't participate. Whether other chains will screen the short remains to be seen. The humans have won this round. Sarah Connor sends her regards.

🏎️ F1 is coming to the big screen, and we mean live. IMAX and Apple TV are screening five live Formula 1 races at 50+ IMAX locations this season, a first for U.S. theaters. Apple landed a five-year deal in October to become F1's official U.S. broadcaster, building on the success of 'F1: The Movie,' which grossed $654M globally and landed a Best Picture nod. IMAX has been growing in popularity and is increasingly positioning itself as more than just a screen size. And there seems to be demand for this kind of thing: Cosm, which screens live sports in immersive dome venues, has seen real traction in recent years. Now IMAX and Apple want in. Who knows, with studio output shrinking, these types of live sports screenings and event-style programming could become a real part of how theaters stay booked.

🎥 THEATRICAL

📺 STREAMING

🔮 BOX OFFICE PREVIEW: It's a battle of the holdovers this weekend, with Sony's animated 'GOAT' looking to knock 'Wuthering Heights' off the top spot. The Emerald Fennell romance is staring down a steep sophomore slide (B CinemaScore and a 39% drop in showtimes don't bode well). The top newcomer is Lionsgate's faith-based sequel 'I Can Only Imagine 2,' eyeing $10-15M. Glen Powell's A24 dark comedy 'How to Make a Killing' is eyeing $8M+, though mixed reviews (52% RT) and the shadow of 'The Running Man' could keep it grounded.