Amos Barshad, writing for WIRED, reports Ben Affleck Has a Plan for a Fairer Streaming World. (Spoilers in trailer below.)
The article is fascinating because it briefly explores Capitalism, Socialism, and fair pay in an economic environment where streaming has vastly reduced the likelihood of residuals.
Of course, Affleck‘s new streaming project, Air, concludes with Michael Jordan becoming the richest athlete ever, due to profit participation. Spoiler: Jordan gets 5% of every pair of Air Jordans sold anywhere in the world. To date, this has amounted to over $1.3 billion.
He quotes Affleck:
“Air, in many ways, is critiquing that aspect of capitalism which historically has been exploitative or patently unfair because it’s rooted in a notion that says, well, if you invest the capital, you get the reward. That needs to change. That’s what I’m trying to accomplish, and that’s what the WGA is trying to accomplish in a much bigger way. If we are going to practice capitalism, which has led to real iniquities, at the very least we ought to recognize the human beings who actually do the work and create a better world. They should be rewarded at least as well as the investors.”
I know of at least three ways cast and crew can share in potential profits:
- Shares: own a slice of the production company that owns the project (and all the related corporate drama that might arise)
- Deferrals: accept less (or volunteer your efforts) in exchange for a promise of greater pay later when the project makes a profit (if it ever does)
- Points: own a percentage of the projects profit, subject to previous payouts in the “waterfall.”
All risky. (The UK seems to have a tax scheme similar to the one Canada used to have that mitigates film investment risk.)
My take: I’ll leave the last words to Ben Affleck: “It’s been the greatest pleasure to see people capture bonuses based on their own work, that reflects their merit — and to not have people feel like anonymous drones. I’ve worked in this business for a long time. I know that anyone who’s really good has put their work before their self-interest as a matter of course. But they want to be empowered.”