Dear Investors,

Raising money for Independent Films in 2025 is no easier than it was in 2024. The distribution models have radically undermined the ability for investors to make their money back, which makes many risk averse. The way "Hollywood" pays back its investors is similarly horrible, often meaning entities like sales agents, distributors, marketing people, get paid back before people like you. We've started making offers to talent, which is also fraught in a different way. Agents of name talent want to know, "What's the start date?" But you don't have that information because you haven't raised your full budget yet. Around and around it goes. The good news is, there are signs of life in alternative ways to reach audiences and we're working on it. I'm cheered by others who've gone before who've held out to make the films they want to make and ultimately got to deliver those films to audiences hungry to see them.