European film financing specialist Leonard Glowinski is founding 22h22, a Paris-based film fund consultancy.
Playing off Glowinski’s co-production, tax and incentive expertise, 22h22 looks likely to be involved in Euro tentpoles, as well as big-budget U.S. movies being made on the continent.
Glowinski was Pathe’s head of business affairs and international production from 1999 to 2009 before moving to Studiocanal as head of French and European productions.
Going forward, 22h22 will consult with Studiocanal, Glowinski said.
Film financiers tend to know their own territory very well. Glowinski’s history at two of Europe’s biggest production companies gives him an intimate knowledge of finance, key players — producers, distributors, TV execs, lawyers — and regulations in Europe’s powerhouse movie countries.
At Pathe, he set up Oliver Stone’s reportedly €180 million ($236 million) “Alexander the Great” as a France-German-U.K.-Netherlands co-production. That made it eligible for German tax incentives, U.K. tax credits and facilitated pay and free-to-air TV pre-sales.
Glowinski also helped structure the Joel Silver-produced “Unknown” as a Euro co-production, and structured “Tinker Tailor Soldier Spy” as a U.K.-France-Germany co-production.
Launching Feb. 29, 22h22 aims to address a crunch for the independent industry the world over: the rise of production and marketing costs paired with the decline of classic revenue steams — DVD, TV — forcing producers to optimize financing to reduce risk.
But there’s an upside, Glowinski said. “Subsidies and tax incentives are multiplying over Europe, co-production is proving ever more financially effective and alternative financing arrangement are growing.”
22h22 will advise producers, Glowinski said. Its services include running the numbers on financing for films, handling discussions with local authorities, and advising on the selection of and discussions with distribution and co-production partners.
Glowinski could envisage taking an associate producer credit on some of the movies he works on.
22h22 will tap international finance for French movies. Conversely, Glowinski also aims to bring more international productions to Europe, he said, adding that he will work principally out of Europe and North America.
A second step would be to ally with a sales company, he added.
On English-language movies that qualify as French productions, French subsidies are “not that interesting,” per Glowinski. French nationality can, however, enhance the value of TV pre-sales, while vfx work in Paris on non-French films qualifies for France’s Tax Rebate for Intl. Production.
The name of the company, 22h22, has no special significance, Glowinski said. “But everybody, no matter where they come from, can understand it.”