AGC Studios chief Stuart Ford explains what indie film needs now more than ever as the independent film sector is evolving fast.
The independent film sector has always been a little rebellious. It thrives on taste, risk, and that gut feeling you get when a movie hits just right. Lately, though, even the most seasoned insiders admit something feels off.
Budgets are up.
Buyers are cautious.
Audiences have new habits. Still, the sector refuses to tap out.
On a recent episode of Strictly Business, Stuart Ford offered a clear-eyed take on where indie film stands today. Ford, the chairman and CEO of AGC Studios, has lived through the boom years and the lean ones. His message is blunt but hopeful. Independent film is not dead. It is changing its clothes and learning how to walk into a tougher room.
Why the independent film sector still matters
For anyone who cares about culture in cities like New York, London, Paris, or Los Angeles, the independent film sector is the place where bold ideas still get plated and served. Think of it like a chef’s tasting menu rather than fast food. More flavor. More personality. Sometimes a surprise that makes you laugh at yourself.
Ford points out that AGC operates in a space largely left behind by major studios.
“We really live in the space that’s been largely abdicated by the major studios, which is making intelligent films for adults for the most part…”
Stuart Ford
he chairman and CEO of AGC Studios
“We really live in the space that’s been largely abdicated by the major studios, which is making intelligent films for adults for the most part, usually via established filmmakers and established filmmaker relationships, but always, hopefully with commercial potential at the end of the rainbow.”
That balance between art and commerce is the secret sauce. It is also why indie film remains fun loving and worth the effort, even when the margins feel tight.
Financing realities nobody can ignore
The hard truth is money has gotten more complicated. Production costs have climbed thanks to inflation and years of streamer spending. Revenue, meanwhile, has barely moved. Ford does not sugarcoat it. “Contrary to popular belief that independent film is dead, I think it’s far from dead. I do think to some extent it is shedding its old skin and moving into the next incarnation, if you like.”
He goes further, describing what he calls an “unholy situation” where rising budgets collide with buyer conservatism. Financing structures now rely more heavily on gap financing, which carries higher risk and cost. For producers, it can feel like hosting a dinner party where the ingredients cost more, guests eat less, and everyone still expects dessert.
Relatability moment number one: anyone who has tried to split a dinner check in a group lately gets this math problem.
A case study in doing it anyway
Despite the headwinds, AGC keeps producing. The company arrived at the Sundance Film Festival this year with the family film Fing!, starring Taika Waititi. It is a reminder that the independent film sector still has room for playful, accessible stories with broad appeal.
“We’re lucky in as much as we have both a self-financing and a sales capability within AGC Studios,” Ford says. That flexibility allows the company to keep moving while others pause. It also shows how strategic structure matters as much as creative vision.
The Pay 1 problem and a possible fix
One of the biggest pressure points is the Pay 1 window, the first television or streaming license after theatrical release. Fees have dropped sharply. Ford believes this is the choke point holding the sector back. “The whole independent sector could light up very quickly if we could somehow get to a place where streamers are paying more meaningful license fees for that Pay 1 window post theatrical.”
If that happens, capital flows back in. Risk spreads more evenly. The menu gets bigger again. For deeper context on how release windows work globally, the Motion Picture Association offers solid industry overviews at https://www.motionpictures.org.
A long view shaped by experience
Ford’s perspective is shaped by decades in the business, from his early days at Miramax Films to launching IM Global. AGC itself has diversified into television, scripted and unscripted, to stay resilient.
“It still works for the right projects that are constructed in the right way,” he says, while admitting the bullseye has gotten smaller. That honesty resonates. Independent film has always been about precision, not excess. More flavor. Less filler. And yes, still a little fun loving stubbornness.
For more insight from industry leaders, the conversation originally aired on Strictly Business, produced by Variety. You can explore related coverage at https://variety.com.
Mini FAQ
Q: Is the independent film sector really in trouble?
A: It is under pressure, but not disappearing. As Stuart Ford notes, it is evolving to meet new economic realities.
Q: What is the biggest challenge right now?
A: Financing, especially lower Pay 1 window fees from streamers combined with higher production costs.
Q: Where is the opportunity?
A: Films with a clear identity, targeted audiences, and smart budgeting still have real potential.
The independent film sector has always rewarded those willing to adapt without losing taste. Ford’s outlook suggests a future that is leaner, sharper, and still delicious. For filmmakers, financiers, and audiences who crave stories with character, now is the moment to pay attention, support boldly, and keep showing up at the theater.
