Ben Affleck and Matt Damon are launching their own production firm, which they claim will prioritize the creatives in order to cut down on corporate red tape and make more money over the long run.
The two Hollywood heavyweights, who have starred in, written, and directed innumerable hit movies over the years and have combined for three Oscars, announced on Sunday that they were establishing a project called Artists’ Equity, which speaks directly to their objective here.
Ben Affleck and Matt Damon announced on Sunday that they plan to start an independent production company, called Artists’ Equity. Unlike streaming services and most studios, they plan to share profits with their actors and off-camera artisans. https://t.co/es1JehoiYL
— The New York Times (@nytimes) November 20, 2022
The goal of this new business is to host and serve elite members of the film and television industries. However, BA and MD are doing things the old-fashioned way by giving them a cut of the profits rather than paying them in cash up front, as a major studio or streamer might do these days when hiring talent.
That was the show business strategy in the pre-streaming era. Many times, depending on how well a movie went at the box office, actors, directors, and other people associated with the film might be contractually entitled to money after the fact. Even while a one-time payoff may appear exorbitant at first, if a movie succeeds over time, it may bring in more money than the current SOP.
Ben and Matt want to bring that up, with BA telling the New York Times why. This is partly an attempt to try to reclaim some of that value and share it in a way that’s more equal because as streamers have multiplied, they have really ended back-end participation. Then he said, “not just filmmakers, actors, or authors. Also underpaid, in my opinion, are filmmakers, editors, costume designers, and other equally important artists.”
Along with doing what major studios are unable to, Artists’ Equity aspires to free creatives from the politics that frequently impede production and allow them to actually own and manage their ideas. Ben and Matt are embracing laxness at AE.
It’s a good idea, and it’s also not just wishful thinking. RedBird Capital Partners has agreed to provide Matt and Ben with at least $100 million in initial funding, in addition to an undisclosed sum of money from their own pockets. Ben claims that coming forward, he will only provide his skills to Artists’ Equity. Matt has also committed to a few movies.
The two Boston boys are acting in movies as well as making moves!
