Yet More on Internet Film Financing: IndieGoGo Video and MyMovieStudio
(Aside: In much of the video, my nose looks like it is auditioning for the part of "The Nose" in a remake of Woody Allen's 'Sleeper.')
Before we shot the video, I mentioned to Slava that earlier in the week, I'd received yet another e-mail from yet another new site trying to help raise money online for films. This one, My Movie Studio, is co-founded by Glasgow Phillips, who has written a few episodes of 'South Park.' Users can post their ideas for movies (not scripts), and then vote on which ones they'd like to see produced. Co-founder Michael Bertin explains:
When we get a critical mass, we plan to form an investment vehicle and issue $100 shares for sale to members. We hope to raise $6 million (60,000 shares at $100 each) to finance the three most popular ideas as voted by the community—the three winning Movie Pitch authors will receive $25,000 and sole "Story By" credit on the movies based on their ideas.
Who's going to write the scripts? Bertin explains: "...[W]e're going to hire professional, credited film and TV writers to turn the ideas into scripts. We've got a really good network of writers so we're pretty confident in our abilities to get through any creative challenges from a scripting standpoint.
If the movies do well, investors will presumably be able to earn a positive return on their $100 shares. But dealing with securities regulations will be a challenge .... which is why IndieGoGo considers all the money its filmmakers raise to be "contributions" or "donations," rather than investments.