- The Dailies
- Posts
- 🎬 Tax Fraud?
🎬 Tax Fraud?
Netflix in Hot Water, A24's Ambitions, AFM Kicks Off and MORE!
👋 Good morning! A24's ‘Heretic’ is turning heads, but not just for its indie horror chills. The Hugh Grant-led film is taking a stand with a pointed message in its credits: "no generative AI was used in the making of this film." At a time when every fantastical movie faces AI suspicion, some filmmakers are wearing their human touch like a badge of honor.
Welcome aboard the Dailies. As you sip your morning brew, we’ll get you caught up with the fast-paced world of Hollywood—no need to chase down a newsstand, we’ve got everything you need right here.
🎞 Here’s what’s on the reel today:
AFM Kicks Off
A24 Hits a Stride
Netflix in Hot Water
Last Looks: 👀 Bite-sized scoops on developing stories/projects
Video Village: The latest trailers
Martini Shot 🍸
CLOSEUP
🤝 The AFM kicked off in Vegas yesterday…
Source: American Film Market
After 43 years of beachside dealing in Santa Monica, the industry's premier marketplace has relocated to the Palms Casino Resort for its November 5-10 run. The move puts everything under one roof—from screenings to deal-making—while offering better flight connections for international buyers.
Here's what this year's market looks like by the numbers:
286+ companies setting up shop
Delegates from 80+ countries
Exhibition space totally sold out
14 screening rooms running full tilt
200+ market premieres lined up
Global pulse: European heavyweights are showing up in force (think Italy, France, Germany), while Chinese sellers are pushing everything from big-budget epics to intimate docs. But some European regulars are sitting this one out, citing election jitters in the swing state.
Market intel: 📈
Buyers are actively hunting content for late 2025 and early 2026, but they're being incredibly selective. After years of Netflix and Amazon's spending sprees inflating budgets, the market is correcting—with production and talent costs notably decreasing over the past 18 months. This new reality is creating a different playbook:
Genre is king: Horror and action are the safest bets, while dramas and comedies are seen as too risky for international sales. Recent successes like ‘Longlegs’ and ‘Terrifier 3’ are driving the horror boom.
Playing it safe: "Success has become impossible to predict," says one U.S. seller. "Everyone is looking for anything that has a built-in audience"
Star power still matters: Projects with names like Johnny Depp/Penélope Cruz (‘Day Drinker’), Daisy Ridley (‘Cleaner’), Idris Elba (‘Hammer Down’), Russell Crowe (‘The Last Druid’), Lily James (‘Cliffhanger’ reboot) are getting the most traction.
Budget sweet spot: Buyers want theatrical-worthy spectacle but with controlled costs that reflect today's market realities. Productions are also increasingly moving to tax-friendly locations like Eastern Europe, Canada, and Spain to manage costs.
Market challenges: International buyers will only invest if there's a guaranteed strong U.S. theatrical release, but U.S. theatrical buyers are being too cautious to make those guarantees. Without U.S. theatrical commitment, international buyers won't commit, and without international pre-sales, the films struggle to get funded. This circular dependency is pushing more projects into the safer sub-$30M range.
With both the venue and the market itself in flux, this year's edition could set the tone for how independent films get made and sold in the years ahead.
WIDESHOT
🎬 A24’s hits a stride, and Netflix is under scrutiny…
🎬💫 A24's mainstream ambitions are hitting full stride. The indie powerhouse's simultaneous production of ‘Marty Supreme’ and ‘The Smashing Machine’—both carrying $70M price tags—marks their priciest ventures to date. This bold move follows ‘Civil War's’ box office triumph, which first signaled A24's pivot from arthouse darling to studio competitor. ‘Marty Supreme,’ directed by Josh Safdie, stars Timothée Chalamet (arguably his generation's biggest movie star) alongside Gwyneth Paltrow and Tyler the Creator, transforming a 1950s ping-pong champion's story into a ‘Wolf of Wall Street’-style spectacle. Not to be outdone, brother Benny Safdie helms ‘The Smashing Machine’ starring Dwayne Johnson, showcasing A24's newfound appetite for star-powered, big-budget fare. For a studio that cut its teeth on indie darlings, A24's sending a crystal-clear message: the arthouse era is in their rearview
🎬💸 Netflix's European offices are under the microscope in a major tax probe. French and Dutch authorities orchestrated simultaneous raids on the streaming giant's Paris and Amsterdam offices yesterday, part of a coordinated investigation into alleged tax fraud and concealed employment schemes. The drama, which kicked off in November 2022, centers on some head-scratching numbers: despite having 7M French subscribers, Netflix Services France paid a tiny $1.06M in taxes for 2019-20. Here's where it gets interesting: the company's reported French earnings mysteriously jumped from $51.3M in 2020 to $1.3B in 2022. The investigation, a tag-team effort between French and Dutch authorities, is digging into how Netflix handles its taxes and employment setup across Europe. While Netflix insists it plays by the rules in all 190 countries where it operates, this probe—coming after McDonald's coughed up $1.36B to settle its own French tax case in 2022—shows big streaming players are facing tougher questions about their international money moves.
INTERMISSION: A MESSAGE FROM OUR SPONSOR
The $100 trillion opportunity in AI?
The rise of AI is shaping up to be bigger than any financial trend we’ve seen before. According to seasoned investor James Altucher, this next-gen AI revolution could create a $100 TRILLION industry, and early investors could stand to benefit. He’s even laid out how a $10K investment might turn into $1M over the coming years. Want to see the details?
LAST LOOKS
Development 🗒️
Alex Pettyfer and Karl Markovics join Clive Owen in ‘Kristallnacht,’ a WWII thriller about the harrowing Night of Broken Glass. (more)
Amazon MGM Studios has secured the animated film ‘Bob the Builder,’ produced by Jennifer Lopez and starring Anthony Ramos. (more)
Focus Features has acquired U.S. rights to the WWII thriller ‘Pressure,’ starring Andrew Scott and Brendan Fraser. (more)
Lionsgate has acquired worldwide rights to psychological thriller ‘Hurry Up Tomorrow,’ marking The Weeknd’s feature-starring debut alongside Jenna Ortega and Barry Keoghan. (more)
Isabel May joins Teo Yoo in Lionsgate’s action thriller ‘Karoshi,’ a corporate thriller with a samurai twist directed by Takashi Doscher. (more)
Archstone Entertainment has secured international sales rights for the Little League drama ‘You Gotta Believe,’ starring Luke Wilson and Greg Kinnear. (more)
Nicholas Braun, David Castañeda, and O-T Fagbenle join the cast of Neon and Topic Studios’ upcoming comedy ‘Splitsville.’ (more)
Nate Bargatze is set to star in his first feature film, ‘The Breadwinner,’ a comedy he’s co-writing and producing for TriStar Pictures. (more)
Nikyatu Jusu is developing a new film set in the universe of David Cronenberg’s ‘The Fly’ for 20th Century Studios, expanding on the iconic body horror rather than remaking it. (more)
Gabriel LaBelle and Isabela Merced join Chloë Grace Moretz in the true-crime crypto heist thriller ‘Dutch & Razzlekhan.’ (more)
Lucy Hale stars as a scientist battling a malevolent force in Antarctica in the sci-fi thriller ‘White Mars,’ with filming set to begin at Cinecittà Studios this month. (more)
Vertical has acquired U.S. rights to ‘Sharp Corner,’ a psychological thriller starring Ben Foster and Cobie Smulders, set for release next spring. (more)
Vincent Cassel, John Malkovich, Charli XCX, and Yung Lean join Chris Evans and Anya Taylor-Joy in Romain Gavras’ ‘Sacrifice.’ (more)
Renewed & canceled ✅ ❌
‘Outer Banks’ is renewed for a a fifth and final season. (more)
Business 🤝
Fox Corps.’s quarterly revenue rose to $3.56B, driven by a surge in political ads and strong live sports coverage, exceeding Wall Street expectations. (more)
LeBron James and Maverick Carter’s SpringHill Company is in merger talks with UK-based Fulwell 73. (more)
Shari Redstone will step down from the Paramount Global board following the $8B Skydance merger, with no plans to join the new board of directors. (more)
Amazon MGM Studios has promoted Tom Lieber to Head of Scripted Series, UK, consolidating UK and Northern Europe scripted development under his leadership. (more)
Netflix unscripted execs Damla Dogan and Todd Hurvitz are exiting as the company shifts focus toward larger entertainment formats under VP Jeff Gaspin’s new strategy. (more)
SK Global, the studio behind ‘Anyone But You’ and ‘Crazy Rich Asians,’ has implemented layoffs affecting fewer than 20 employees amid industry-wide economic pressures. (more)
Lionsgate has renewed its multi-year partnership with Grindstone Entertainment Group through 2027. (more)
Other news 🚨
The Television Critics Association has canceled its 2025 winter press tour due to industry contraction, but plans are underway for a summer 2025 return. (more)
NBC Sports and IMAX have partnered to broadcast Penn State’s White Out game live in select IMAX theaters on Nov. 9, marking the first college football game on the giant screen format. (more)
Amazon has introduced AI-generated X-Ray Recaps on Prime Video, offering spoiler-free summaries of key plot points for viewers. (more)
VIDEO VILLAGE
📺 Latest trailers
INTERMISSION: A MESSAGE FROM OUR SPONSOR
Get two free months of running training…
…by participating in running research with RunDot. The RunDot Project is an annual research initiative that offers two free months of run training to qualified participants. Click to learn more about RunDot. 👇
Aaaaand... that's a wrap! If you're reading this email because a friend hooked you up, don't fret—just hit that subscribe button and join the party. 📧👇
See you bright and early on Friday!
-The Dailies Team
Want to advertise with us? Get in touch today
Reply