Phoenix Pictures is an independent film and television production company started by Mike Medavoy and Arnold Messer in 1995 Their credits include Black Swan, The Thin Red Line, and Shutter Island. We spoke with Vice President, Michael Lee Peterson about the company and his thoughts about the current and future landscape for film and television.

Who Are Phoenix Pictures?

Phoenix Pictures is truly independent in that they’re not contractually obligated to any major studio with regard to production or distribution. However, they do work in both the studio and independent spaces depending on the project type. They also work across a variety of budgets. “We tend to play in the ten million dollar sandbox,” says Peterson. Some horror films can come in below this level with high level production value.

Production budgets don’t tell the full story of making a film because there are marketing and distribution costs which can help recoup the production budget to consider.

For us, it’s about the right budget level for the right story and the right home

Peterson believes Phoenix Pictures doesn’t gravitate toward a specific genre, although they have character dramas in their DNA and tend to produce more of them.

“Phoenix has a fairly eclectic array of film genres that it’s produced over the years. Films that are in the horror genre, the thriller genre, prestige dramas like The Thin Red Line, The People versus Larry Flynt and Black Swan which is a psychological thriller,” notes Peterson.

The Current Film & TV Landscape

The business is currently undergoing a big reset as theatrical, broadcast and streaming platforms chart their path forward.

“There has been incredible expansion in the entertainment business in the last ten years with a lot of investment and a lot of growth – maybe even hyper growth. New streamers are coming online to compete with Netflix and other platforms. I think that’s been unsustainable and there is contraction happening,” continues Peterson.

“I think there’s going to be more consolidation because we’re in a very acute transition phase in the television and movie business.”

Michael Lee Peterson

Peterson believes the change is largely attributable to the evolution of the broader entertainment business as options compete for video games and online social media content. Going to the movies isn’t the default Friday night option anymore. Audiences are more discerning and need a good reason to go to the movie theater.

Choosing and distributing the right material will be a challenge for film producers in the near term as they scramble to break through the noise and create buzz to attract audiences.

Less television is being made as it adjusts from its previous ebullient highs. Peterson believes that syndicated television is poised for a comeback as production budgets shrink and less original content is being made. Films and TV shows produced in other countries will rely more on domestic licensing for distribution. This is the effect of a globalized business. This is already being seen on Netflix which is the biggest streamer, but can’t produce all the content it screens.

The Value Of IP (Intellectual Property)

Studios are always looking to mitigate their financial risk in an essentially speculative business with established IP with a large loyal following. “It comes down to finding a way for that intellectual property to have an organic and clean hook.” An adapted film or television show needs a reason to exist beyond popular source material.

However, there is IP fatigue according to Peterson which allows for more daring and original content to be produced. Companies like A24, Neon, Focus and Searchlight are doing interesting things in the original theatrical space.

“I think it’s harder to convince somebody to take that fifty million dollar swing on an original idea than it is to take the ten or fifteen million dollar swing.”

Genre is also an important consideration for original content. “Horror is a space where people take more creative swings because it’s generally a less expensive genre.” Romance and romantic comedies are having a comeback and are relatively cheap to produce. “It’s a genre that we haven’t serviced in in ten or fifteen years. We’re starting to see new stars that are speaking to that genre like Sydney Sweeney and Glen Powell.”

Developing Ideas

Michael Lee Peterson reads many scripts and is judicious with how much time he spends on feedback and development. If there’s a “hint of an idea” but it requires a lot of work, he’s likely to pass. If it requires a punch up with the action sequences, or scenes need to be tempered due to high costs, he might be more inclined to engage in the development process.

He looks at character dynamics that pay off and engage in an emotionally satisfying way. “Sometimes it’s a matter of tweaks. Sometimes it’s bigger shifts,” he states

Peterson’s mission is to help writers create the best version of their screenplay rather than him telling them what to write. He understands that feedback is received differently depending on the experience level and intention of writers. Screenwriters should accept that notes are designed to make a script better and should treat them accordingly even if they don’t use them. The relationship between a development executive and a writer should be treated as a partnership rather than an employer – employee proposition.

He has worked with Mike Medavoy for a number of years who subscribes to the philosophy of helping artists achieve their vision.

Peterson advises writers to be mindful of their audiences as well as writing a structurally-sound and personal script. “I think real audience engagement comes from being invested in the characters and being hopeful or worried about what they’re going to do next.”

What Should Screenwriters Be Writing Now?

This is a question that many writers wrestle with. “If you’re writing a smaller character drama, just write the story you want. If you’re writing an action film, prioritize really great stunts, the spectacle, and leaning into the heart of the genre.”

Peterson notes that IP started as someone’s original idea, so writers should focus on ideas that move them. He also acknowledges the specific skill set in “writing to a market,” but cautions agains chasing fleeting trends.

“I think that there are stalwart genres that people consider commercial. If you’ve got great ideas that you can write in those genres, then I think you should do them. Think about how your film might be made and which actors might be attached.”

Although Phoenix is genre-fluid in its output, they always consider if submissions might make a good movie and if that movie is right for them. Do they see a path forward in producing it? If so, they will proceed.

There are numerous reasons that Phoenix passes on script submissions that have nothing to do with the quality of the material itself.