Ben Affleck & Matt Damon Start Own Production Company, Promise Profits

Ben Affleck and Matt Damon are beginning their very own manufacturing firm that guarantees to place creatives first — each by way of much less company purple tape … and more cash long-term.

The two Hollywood titans — who’ve three Oscars between the each of them, and who’ve starred in, written and directed numerous hit movies through the years — introduced Sunday they have been launching one thing known as Artists’ Equity … which speaks precisely to their purpose right here.

The concept behind this new enterprise is to host and cater to premier peeps within the movie and TV business — however as a substitute of paying ’em financial institution up entrance, the way in which an enormous studio/streamer may as of late on talent-for-hire, BA and MD are taking it old-school … with a reduce of the earnings.

Back within the day, pre-streaming, that was the playbook in showbiz. Actors and administrators and folks connected to a flick would usually be contractually entitled to money after the very fact primarily based on how effectively one thing did on the field workplace. If a film crushed over time, it may imply extra moolah than a one-time payout — excessive as it could appear at first — which is SOP now.

Ben and Matt wanna deliver that again, with BA explaining to the NYT … “As streamers have proliferated, they have really ended back-end participation, and so this is partly an effort to try to recapture some of that value and share it in a way that’s more equitable.” He went on so as to add, “Not just writers and directors and stars. But also cinematographers, editors, costume designers and other crucial artists who, in my view, are very underpaid.”

Artists’ Equity additionally goals to do what massive studios cannot … getting out of the way in which, and letting creatives have precise possession/management of their imaginative and prescient with out all of the politics that are inclined to hinder manufacturing, typically for the worst. At AE, Ben and Matt are adopting laissez-faire.

It’s a neat concept … and it is not only a pipe dream both. Matt and Ben have secured not less than $100 million in preliminary financing from RedBird Capital Partners — plus an undisclosed quantity of dough from their very own pockets. Ben says he’ll lend his companies completely to Artists’ Equity going ahead. Matt’s dedicated to a handful of movies as effectively.