# DAY 4 — Picking the Right Distributor
*Frame × Frame Academy · 5-Day Producer Course · Day 4 of 5*

---

## The Question Isn't "Who Will Buy It?"

The question is: **"Who can build the audience my film actually needs?"**

A distributor doesn't just write a check. They handle:
- Marketing and P&A spend
- Theatrical booking and platform deals
- Festival placement and award campaigns
- International sub-distribution
- Long-term rights management

The check is one piece. The other six pieces determine whether your film makes its money back.

## The Five Tiers of Distributor

| Tier | Examples | What They Pay | What They Give |
|---|---|---|---|
| **Majors** | WB, Universal, Sony, Disney, Paramount | $10M+ MG · 7-15yr term | Massive P&A, theatrical wide release, awards push |
| **Mini-Majors** | Lionsgate, A24, Neon, Focus Features | $1M–$10M MG · 5-10yr | Targeted theatrical, prestige campaigns, indie cred |
| **Streamers** | Netflix, Apple, Amazon | Varies — flat fee usually | Massive audience access. No theatrical. They own it. |
| **Indie Distributors** | IFC, Bleecker St, Magnolia, Greenwich | $500K–$2M MG · 5-7yr | Limited theatrical + PVOD + streaming. Cult audience. |
| **AVOD / Output** | Tubi, Pluto, Roku Channel | $50K–$300K flat license | 6-month exclusive window. No marketing. |

## The Self-Distro Option

Don't dismiss it. **Angel Studios + Sound of Freedom (2023)** proved that an indie distributor with a passionate built-in audience can outperform a major studio that doesn't believe in your film. They grossed $251M on a film that had been sitting on a shelf at Disney.

Self-distribution requires:
- Audience-building before release (social, email list, niche community)
- Theatrical booking via Specialty + indie chains
- Marketing capital (often raised separately from production capital)
- Long-term rights management infrastructure

## How to Choose

Ask each distributor three questions:

1. **"What's your P&A commitment?"** Less than 1x the production budget is a red flag. They're treating you as catalog filler.
2. **"What's your theatrical strategy?"** Wide? Limited? Platform? "Day-and-date" with streaming? Each implies a different audience-build.
3. **"Who's the closest comparable film you've handled and how did it perform?"** Their answer tells you everything.

## Real Examples from the Playbook

- **Get Out (2017)** — Universal handled the wide theatrical roll-out for Blumhouse. Universal's marketing scale converted Peele's $4.5M film into $255M.
- **Moonlight (2016)** — A24's prestige awards campaign drove Best Picture. The studio's brand was the campaign.
- **CODA (2021)** — Apple TV+ bought all rights and used streaming reach + prestige campaign to win Best Picture. No traditional theatrical needed.
- **Sound of Freedom (2023)** — Angel Studios + crowdfunded ticket model outperformed Disney, who had shelved the film.

## The Trap

**The first cash offer is rarely the best deal.** When a distributor offers $500K today, they're betting their P&A on your film. If you sign before talking to others, you'll never know if a different distributor would have spent $5M on marketing instead of $50K.

Time-box your shop. 90 days. 180 days max. After that, the deal you waited for stops getting better.

## Tomorrow

Tomorrow (final day): **Your first term sheet.** Putting the Premium, Waterfall, Windows, and Distribution Strategy together into one signable document.

— Trade Marq IV · Frame × Frame Academy
