The Hollywood Reporter Quotes Christopher Spicer on Outlook for Indies During Pandemic
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The Hollywood Reporter has quoted Akin Gump entertainment practice head Christopher Spicer in the article “Cannes Dealmakers’ Concern: COVID-19 Insurance Risks.”
With a virtual Cannes Film Festival—the entertainment industry’s first major trade event amid the coronavirus pandemic—taking place later this month, the article reports that the outlook for some industry dealmakers remains uncertain. Major studios and streaming platforms have the resources to weather much of the current environment, the article says, but the independent film sector has been left particularly exposed.
According to THR, production groups in several countries are pushing for legislation to cover risks from coronavirus or other future pandemics. Spicer observed that the major production hubs of Australia and New Zealand, for example, appear “ahead of the curve” with both COVID-19 containment and industry support legislation.
As for the independents, Spicer said, “A lot of producers have taken advantage of their quarantine experience to ramp up their development work even more than usual. So my sense is that the big indie packages are still going to be discussed at virtual Cannes, they’re just going to take quite a bit longer to get over the finish line.”
