Issue 00 — Spring 2025
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Elisa Alvares on how technology is reshaping investment in screen IP
What does it mean to invest in film today, with intention and structure? In this conversation, Elisa Alvares maps how screen IP is emerging as an institutional asset, and why the future of European cinema depends on bridging creativity and commerce. From development to distribution, she reflects on the shifting role of investors, the nuances of risk and return, and the urgent need for producers to operate more strategically.
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Everyone’s talking about tech in film. Where, along the industry value chain, is this actually making a difference for investors?
EA Technology is changing how films are made, but not all phases of the process are affected in the same way.
Development, for instance, remains the hardest part to finance. This phase is deeply intuitive, shaped by ideas still in flux. Tech can offer tools — AI that analyses scripts, and forecasts trends — but it can’t replace the vision needed to start something from nothing. We still crave imperfection and nuances, and I think public funding has a stronger role to play here.
In production, technology is a real ally. Workflow tools and budget trackers, for instance, bring efficiency and reduce human error. They let creatives focus on the work. Post-production is more complicated. There’s been a lot of investment in upgrading high-tech post-production infrastructure recently, and now many facilities are trying to recover those costs — which can put pressure on independent films.
Finally, distribution — this is where technology can be genuinely transformative. It’s not about making distribution formulaic; it’s about making it smarter. Knowing when and where to release, which audiences are likely to respond, and how to reach them most effectively — not just for profit, but for impact. There exist various tools — from audience tracking to targeted online marketing — that can make distribution strategies more precise and efficient.
And then there’s a quieter, but no less important shift: collection agents now operate through digital systems, which means more transparency and accountability. That layer of trust is essential. Without it, institutional investment in film simply wouldn’t be possible.
AI can help you cut costs, but it can’t replace creative vision. We still crave human connection, imperfection even.
We often talk about the need for transparency in how capital moves through the film world. But maybe we should start earlier: who is actually investing in cinema today — and what are they really looking for?
EA You need to give investors frameworks they understand — not just a creative vision, but a financial structure anchored in the commercial understanding of the intellectual property. They need to see the architecture behind the opportunity. As fund managers, we sit at that intersection. Our job is to find the right opportunities and structures for each investor’s risk appetite.
Different types of investors are drawn to film for different reasons. High-net-worth individuals often invest with lower scrutiny. For them, it’s about passion. They care about a story or a talent and want to feel part of it. Access to a premiere, a set visit, their name in the credits — these things tend to matter.
Family offices come next. They invest with more structure, but still usually with some flexibility. Often they choose projects aligned with specific values: inclusion, sustainability, social change. In those cases, meaning outweighs returns.
Private equity and other regulated funds are different. They are accountable to their own investors and need to generate results. But many now understand the nuances of film economics — rights structures, revenue cycles, the role of IP — and are becoming more active in IP assets.
At the top of the chain are the institutional investors behind those regulated funds: pension funds, insurance companies, and the like. This is where a new trend is emerging. There’s growing interest in the potential of entertainment as an alternative asset. Importantly, there’s a realisation that film is an uncorrelated asset, less prone to macroeconomic, geopolitical factors and to stock exchange fluctuations.
So yes, we structure the deals. But we also build awareness. We match risk to potential rewards. And for me, it goes further than that. If we’re investing in a sector, we should help strengthen it and elevate business practices. That’s part of the job too.
If we’re investing in a sector, we should help strengthen it and elevate business practices. That’s part of the job too.
What does it mean to invest strategically — especially in film?
EA For me, it starts with the asset — the story, the IP. That’s where value is created. But we are looking beyond the idea: who is it for? How will it reach them?
I assess each opportunity individually. I look at the creative quality, the commercial logic, and the financial structure. I always ask: given the package presented, is it original? Is it cost-efficient? And — crucially — can it find its audience?
Of course, if a producer uses smart technology, their costs may be lower — and that matters. But investors also look at the track record. That’s why I work closely with distributors: a great story won’t succeed if no one sees it.
Platforms and tools that help reach the right audience at the right time can be game-changers. That’s where technology translates into investor confidence.
In the end, we’re not necessarily looking for more distributors. We’re looking for stronger ones — partners who know their audience, understand the tools, and build tailored strategies.
And in Europe, I believe, we’re just beginning to see the value and the strength to the market that partnerships between content studios and financiers may create.
Platforms and tools that help reach the right audience at the right time can be game-changers. That’s where technology translates into investor confidence.
Is the European ecosystem becoming attractive to more sophisticated investors?
EA There’s so much talent and technical competence across Europe, not to mention the support systems already in place — from subsidies and tax incentives to experienced crews and strong public funding models. That’s a compelling mix, particularly as the U.S. production ecosystem becomes increasingly de-localised.
What’s often missing, though, is the bridge between creativity and commercial thinking. I’d love to see producers feel more confident and commercially engaged, and take an active role in shaping distribution strategies. That’s how we make the European ecosystem more attractive to investors, and ultimately, more empowering for those who create IP.
The next generation of creators needs to understand that IP is not just creative — it’s strategic. Because film is both an industry and an art form. And it can only achieve its potential when we treat it as both.