# DAY 3 — Negotiating the Windows
*Frame × Frame Academy · 5-Day Producer Course · Day 3 of 5*

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## The Old Model vs The New Model

Twenty years ago, every film went theatrical → home video → cable → broadcast in a strict 18-month sequence. Studios owned every window and paid you once.

Today, your film can have **eight or more separate revenue events**:
- Theatrical (limited or wide)
- Premium VOD (rent / buy on Apple, Amazon)
- Subscription Streaming (Netflix, HBO, Amazon Prime, Hulu)
- AVOD (ad-supported — Tubi, Pluto, Roku)
- International — theatrical
- International — streaming (different per country)
- Network broadcast
- Airline / hotel / institutional

Each is a window. Each can be sold separately. Each is leverage.

## The Decision: Sell Windows Or Sell Everything

| Approach | What You Get | What You Give Up |
|---|---|---|
| **All-Rights Sale** | One lump sum check. Done in 30 days. | Every future window forever. Zero upside if it hits big. |
| **Theatrical + Streamer Split** | Theatrical money + a streamer license. Two paydays. | P&A risk on theatrical. Lower streamer license. |
| **Streamer-Only Output Deal** | Flat license fee (e.g. Tubi $200K / 6mo). | Limited window. Re-shopping after expiration. |
| **Window-by-Window Pre-Sale** | Multiple revenue events. Best upside. | Each contract is a deal. Lawyer fees + admin nightmare. |

**Window-by-window is the best math for hits. All-rights is the safest math for unknowns.** Pick based on how confident you are in the audience.

## The Streamer Reality

Streamers are paying less in 2025 than in 2021. The "Sundance bidding war" days (CODA: $25M) are mostly gone. Today most indies get:
- Tubi / Pluto: $50K–$200K for 6-12 months exclusive
- Amazon / Apple PVOD: revenue share (no advance)
- Netflix acquisitions: $1M-$5M for prestige; less for genre
- Streaming "Originals" deals: studio owns IP, you get a fee + small backend

## Real Examples from the Playbook

- **CODA (2021)** — Apple TV+ paid $25M at Sundance for all worldwide rights. Massive but rare. Won Best Picture.
- **The Big Sick (2017)** — Amazon paid $12M at Sundance — was the prior record.
- **Tubi output deals (typical)** — $150K-$300K for a 6-month exclusive window. Re-shop after.
- **Hierarchy (2025)** — Held out 5 years for the right distribution deal instead of taking the first window-only offer.

## The Lever to Pull

When you have multiple offers, **make distributors aware that other windows are being shopped**. A theatrical distributor will pay more if they know they're not the only revenue event. A streamer will pay more if they know they're competing with a theatrical play.

**Optionality is the asset.** Preserve it where you can.

## Tomorrow

Tomorrow: **Picking the right distributor.** Not all distribution deals are equal. Why Angel Studios outperformed major studios on Sound of Freedom, and what that tells you about choosing a buyer.

— Trade Marq IV · Frame × Frame Academy
