Declare Independence

How Big IS Indie Film?

Happy Friday Peaceniks! Let’s all go to the movies!

Think of your favorite movies from the last 50 years. Call back to the first time you saw Silence of The Lambs, Silver Linings Playbook, Moonlight, Little Miss Sunshine, Se7en, Lost In Translation, Crouching Tiger Hidden Dragon, or Juno. Independent film has generated some of the most important films and artists of the last century.

And independent film is in a deep state of crisis. Where there was once a vibrant market for these films at the end of the last century and through the height of the streaming wars, the acquisition/commission market for indie and documentary films has all but dried up as content platforms and Media companies have faced their own existential cataclysm.

As the bottom line became the new bottom line for content companies, their focus has been refocused on far more safe “mainstream” fare, on films that touch “four quadrants,” or fit well inside an advertising based environment, and away from movies that are seen as “too niche” to serve the needs corporations looking to please Wall Street first.

But that does not mean that the demand for such movies has dried up. What commissioners and C-suites fail to realize is the true size and buying power of the independent film audience. Consumers who love indie and documentary films are the best, most likely, and most loyal subscribers of content and streaming platforms. Furthermore, what legislators and government agencies fail to realize is the central importance of indie film to the enrichment and culture of the modern American identity.

To test this theory, earlier this year, the Shorenstein Center on Media, Politics and Public Policy at the Harvard Kennedy School embarked on a very ambitious study about the current and potential for Independent Film in the United States. I was both amazed and honored to be asked to participate.

In an era where digital platforms prioritize sensationalism over substance, the future of independent media hangs in the balance. While the mainstream market is saturated with fleeting trends and popular content, independent film—offering profound storytelling and diverse perspectives—is increasingly marginalized. Yet this sector plays a crucial role in advancing culture, tackling untold stories, and reflecting a broader spectrum of voices. This report is a call to action to recognize and support the unique value of independent film for its artistic worth and its impact on society.

Keri Putnam, Walter Shorenstein Fellow, Shorenstein Center on Media, Politics and Public Policy, Harvard Kennedy School.

The Shorenstein Center commissioned a survey and report from me and PCH Insights, aimed at identifying the total addressable market for independent / specialty / documentary films in the US. We strived to size the current audience, understand who is in that audience, and determine the demand (if any) for more films from independent artists and producers.

As a indie producer (This Film Is Not Rated, At The Death House Door) and long-time lover of indie film (my first Sundance Film Festival and SXSW were in 1995), as the former head of the Independent Film Channel and Sundance TV, and as someone who is very concerned about the sustainable future of independent and documentary film, I was not only eager to participate in this study - I saw this as an urgent mission.

Below are excerpts of my study along with insights exclusive to this newsletter. At this link, you can get my full study, as well as access to the Shorenstein Center’s entire indie film report, including more data from Nielsen, Parrot Analytics, and research across numerous important aspects of the movie market.

AMERICANS & INDIE FILM

PCH Insights and ESHAP surveyed 14,421 Americans 18 and older and asked them about their movie-watching habits. I say movie-watching, because in today’s extended entertainment ecosystem, streaming movies is more likely than seeing them in a theater. Some key findings:

67% of Americans over 18 see movies regularly. That is approximately 182 million people. On the other hand, 19% of Americans “definitely consider” themselves independent film fans. That’s approximately 52 million people.

21% of Americans are “definitely” self-proclaimed fans of documentary films. That is approximately 57.2 million people in the US.

Independent film audiences skew a bit younger. They are also quite diverse, coming equally from all ethnicities. Documentary films fans come from all age groups and are more likely be White and Hispanic.

There is clearly an underserved market for independent and documentary film. 41% of all Americans – 111 million people – are ready to spend more money on these movies and these artists. We hope this study helps us all identify those likely consumers and begin to imagine ways to serve them.

But to start, let’s zoom out…

Two-thirds of Americans are regular movie-watchers. This is about the same share of every demographic and region, with a slightly younger and white skew.

One quarter of Americans still go to movie theaters, but the vast majority of movie watching happens on streaming, with some still taking place on traditional TV and even DVD.

37% of Americans (100 million people) watch movies “every day or several times a week.” In short, a lot of Americans really love movies.

While the majority of Americans love watching movies, a smaller subset of film fans are avid consumers of independent or specialty films. We defined these as films made outside the studio system and offered a list of better-known indie films such as Moonlight, The Holdovers, La La Land, and Little Miss Sunshine as examples.

Nearly 1 in 5 Americans say they are “definitely” indie film fans. That equates to roughly 52 million Americans. These indie film fans skew younger, and are incredibly diverse, ethnically and regionally.

We provided respondents a sample list of better-known documentaries such as Blackfish, March of The Penguins, I Am Not Your Negro, Three Identical Strangers, and The Cove.

More than 1 in 5 Americans are “definitely” documentary fans. That’s approximately 57 million people. These doc-lovers skew a bit older, but once again, they come from all corners of America.

By far the number one reason indie and documentary film fans say they love these films is because they provide unusual and unexpected stories they cannot see elsewhere. Overwhelmingly, indie and doc film audiences learn about and seek out these movies in online communities and platforms.

We must take into context the fact these films are simply harder to find than more mainstream, studio-backed films. They do not get wide releases on thousands of screens, and, with exceptions for those films that get awards nominations, they are not always readily available on streaming services. In fact, the vast majority of independently made films and docs languish unseen, due to lack of distribution support.

It does beg the question: IF more of these films were more available in theaters, and especially on streaming services, would more Americans watch and appreciate them? Since these films typically do represent underrepresented voices and stories, if more of these films were available and seen, would that inspire more filmmakers and producers to tell these stories more often?

The data says yes – if more of these indie films and docs were made available, more people would see them. More than 4 in 10 Americans say they would see more independent and documentary film if they were available. That’s far more than say they are “fans” of indie film, roughly 111 million people.

27% of respondents said they would subscribe to a service dedicated to indie and documentary movies – that is 77 million potential subscribers.

The majority of Americans are not fans of independent and documentary films. But this is not just a question of demand and supply.

It has never been easier for young people to discover new content and new forms of art. Unlike eras past, when the only option for seeing a new indie film was to go to an art house theater, if your town had one, with streaming video in most homes, movie lovers (67% of Americans) can now access new films easily, in their living rooms.

Nearly half of people in this country say they would watch more indie films and docs, if they were made readily available. Eighteen percent, representing 49 million Americans, say they would be more likely to pay for a service that provides access to these diverse stories and artists – and 27%, or roughly 77 million, would even sign up for a service dedicated to these films.

There has been a move of late in Hollywood and on streaming away from smaller, independently produced movies and docs, apparently for economic reasons. However, our data shows that there is a vibrant and sizable market across the country for these films and a pronounced need for the stories they tell.

Platforms and publishers should take note, for economic reasons. But so should artists. If the platforms are not offering these types of films, the community who creates them must also seek ways to go directly to those avid indie, and indie-curious fans. The Creator Economy and the platforms at its foundation offer a way forward for these films and filmmakers. No, this path would not be an easy one. But since when has making indie films ever been easy?

My full study, including deeper data breakdowns by age, region, and race, along with the entire Shorenstein Center report, are at this link. To anyone who cares about independent and documentary film, this report is a must-read. For any platform looking for an advantage with an underserved, young, and upscale audience, the report could be a secret weapon.

See you at the movies!

ESHAP