Kent Sanderson and Myles Bender, two top executives at Bleecker Street, recall with clarity the moment they were captivated by ‘Eye in the Sky,’ a 2015 military thriller movie that featured Helen Mirren and Alan Rickman. The film was first showcased at the Toronto Film Festival to seek potential distributors. The executives recount that although they were deeply engaged in the film’s narrative during its screening at the festival, they noted that many of their industry peers didn’t seem to share the same enthusiasm.
The cinema hall slowly emptied as other potential buyers left mid-show, presumably due to the challenging nature of the movie. However, Sanderson, the President at Bleecker Street, and his colleague Bender, who leads marketing and creative advertising, remained mesmerized. They saw something in the movie that others were overlooking, and they decided to convince Andrew Karpen, Bleecker Street’s co-founder and CEO, to take a look.
Karpen was soon caught up in the powerful storytelling of ‘Eye in the Sky’ and firmly believed in its potential like his team. They were all confident that meaningful narratives like these do attract audiences. Their gamble paid off handsomely when Bleecker Street outbid notable competitors like Fox Searchlight and the Orchard and acquired the distribution rights for the movie.
Their faith in the movie’s potential was well placed. ‘Eye in the Sky’ went on to become one of the most profitable indie releases in 2016, raking in $18.7 million domestically and $35 million internationally, validating Bleecker Street’s vision. While the company had several successes in 2015 like the humorous drama ‘I’ll See You in My Dreams,’ the biographical film ‘Trumbo,’ and ‘Danny Collins’ a dramatic comedy, there was something distinctively unique about ‘Eye in the Sky’ for Karpen.
Karpen found that the success of ‘Eye in the Sky’ reaffirmed his belief in Bleecker Street’s longevity. Since then, the company has released around 70 films without deviating from its commitment to releasing intellectually engaging and socially relevant content. Bleecker Street is celebrating its tenth anniversary this year, adding significance to the achievements it’s celebrating.
Bleecker Street’s continuous existence is seen as an achievement during a period when the film industry is faced with considerable instability. Many independent film powerhouses have either declared bankruptcy or been sold off. However, according to employees, Bleecker Street’s survival can be attributed to Karpen’s leadership skills, carefully managed budgets, and mindful decision-making.
Karpen’s prudent financial management strategy prevents the company from making risky acquisitions at film festivals, instead preferring to build and maintain relationships with filmmakers and producers. This approach of not going all-in on a single movie has played a crucial role in the company’s successful run. It underscores Karpen’s attentive leadership style, understanding that every decision impacts not just a singular film but the fate of the entire company and its staff.
However, not every Bleecker Street release has been a box office success. For instance, acclaimed movies like ‘Military Wives,’ a 2020 comedy-drama reflecting the lives of British women with partners serving in Afghanistan, and ‘Mass,’ a 2021 intense drama about a school shooting, unfortunately, did not achieve mainstream success. Karpen acknowledges that these films launched amid a challenging period due to COVID-19 might have been a factor in their limited reach.
Before initiating Bleecker Street, Karpen was co-CEO of Focus Features, Universal’s specialty division. When the company moved to Los Angeles in 2013 to focus on movies with global appeal, Karpen opted not to relocate his family to the West coast. Instead, he chose to establish Bleecker Street with some of his colleagues from Focus, including Sanderson and Bender. His objective was to address a shortcoming in the film market: there weren’t enough production houses centering films aimed at an audience over 35.
In contrast to major studios that focus on teenage audiences and their preference for comic book movies, Bleecker Street established itself as a champion for films that catered to older audiences. This unique positioning gave them an edge while dealing with agencies, allowing them to shape their unique brand identity. Over time, they have developed a keen sense of intuition for recognizing films that would resonate with their target demographic, despite the inherent risks and challenges of the film industry.
One great example demonstrating their instinctive capability was ‘Eye in the Sky.’ There were several months between when the film was acquired and when it was released in theaters. Amid these uncertain times, the team had to trust their judgment and hope that their decision was sound. Their experience proved that rather than being a strictly calculated business, intuition plays a crucial role in the film industry.
Despite the inherent risks, Bleecker Street’s creative freedom as an independent studio has led to unexpected successes like the crime comedy ‘Logan Lucky,’ the dialogue-less absurdist film ‘Sasquatch Sunset,’ and the platonic relationship-focused comedy ‘Together Together,’ to name a few. While they benefit from greater creative independence at Bleecker Street than they had at Focus Features, the team recognizes the constant financial risk and lack of the safety net provided by a major studio.
The significant shift in movie-watching habits over the past decade has particularly impacted films aimed at mature audiences. Despite this challenge, Karpen remains optimistic about the relevance and allure of cinema. He emphasizes creating ‘urgency’ in their cinematic marketing strategy to lure their audiences off their couches and into the movie theaters.
Keeping up with changing audience behavior, Bleecker Street has had to keep evolving their promotional efforts. Platforms like TikTok, for instance, have now become instrumental to their advertising campaigns. Their marketing strategy continually adapts to new creative ways to entice audiences, understanding that while critical acclaim is essential, it is not the only factor driving audiences to theaters.
As Karpen aims optimistically towards the future, he highlights the importance of backing independent cinema more than ever, given the shift in viewers’ habits. Bleecker Street remains committed to evolving with the times, all the while striving to provide captivating narratives for audiences. Despite the whirlwinds that the film industry has weathered over the last 10 years, there’s an unwavering belief within the team of their ability to continue finding and sharing remarkable stories, irrespective of how the cinematic world evolves. Remaining headquartered in New York City is central to their identity, as they believe it nurtures an independent and enduring spirit, fundamentally different from major studios in Los Angeles.