The Australian Film Commission has announced further revised terms of trade that aim to assist producers to derive revenue from the innovative and long-term exploitation of their projects.
“The AFC is thrilled to announce these changes and is committed to assisting producers develop sustainable screen businesses,” AFC chief executive Chris Fitchett said. “We hope that the revisions to our terms of trade will allow producers to benefit financially from further commercialisation of their films and documentaries.”
The revised terms of trade include:
* The AFC reverting its share of revenue to the producer seven years after completion of AFC-funded projects. The completion date will be taken as the date of the final AFC payment made to the production.
* The AFC will remain the disbursement agent unless the producer is able to obtain written permission from all investors that permit the producer to take on this responsibility.
* This reversion of revenue will apply to revenue generated by the project after 1 April 2008.
* The AFC will still retain its copyright share and the credit and reporting obligations to the AFC will also continue.
These terms are in addition to the changes announced in January 2008 being:
* The 10 per cent premium, currently payable when the AFC share of copyright in developed project is reassigned, was abolished.
* The AFC share of Screenrights royalties is now retained by the producer.
* AFC investments into the production of short films, short animation films and digital media projects will be in the form of a grant with the AFC’s share of revenue now assigned to the producer.
* The AFC is able to rollover its development investment into an equity investment on projects that are greenlit for production by the FFC or Film Australia and contracted for production between 1 January and 30 June 2008.
The AFC, FFC and Film Australia will support the Australian screen industry as Screen Australia from 1 July 2008.
[release from Avviso/AFC]