New Crowdfunding Site Hosts Big Names – Tom Hanks Film Among First Projects

New Crowdfunding Site Hosts Big Names – Tom Hanks Film Among First Projects

Junction is only open to wealthier investors, and says its projects will be released with or without them

Soon, wealthy movie fans will be able to get more than a digital download and a T shirt for investing in films online.

The new Junction — which is already raising money for films with Tom Hanks, among others — isn't a Kickstarter-type site that helps movies get made. Instead, it will allow investors to contribute to films that already have financially backing and will be made regardless of whether Junction participants join in.

Also read: ‘Veronica Mars’ in Theaters, Here are 7 Other Celebrities Who Want Your Money for Their Projects

One of its first projects is “Triple Nine,” a John Hillcoat-directed thriller starring Casey Affleck, Chiwetel Ejiofor, Kate Winslet, Aaron Paul, Gal Gadot, Woody Harrelson and Teresa Palmer. Worldview Entertainment is the financier on board the movie already.

Another is “A Hologram For The King,” the film adaptation of the Dave Eggers’ best-selling novel, with Hanks slated to star and one of his “Cloud Atlas” directors, Tom Tykwer, at the helm. The project is financed by Silver Reel.

Also read: Can ‘Veronica Mars’ Convince Mainstream Hollywood to Embrace Crowdfunding?

Early advisers include prolific film producer Jason Blum and Steve Wynn, the CEO of Wynn Resorts.

Junction is open only to people with annual income over $200,000 a year or net worth of $1 million, not including their primary residence. The early emphasis is on entertainment properties.

Based in San Francisco and led by CEO Adam Kaufman (Goldman Sachs) and president Brian Goldsmith (a former TV producer), the firm will seek to help bolster in-development movies by offering interested parties the chance to invest in them online. The advantage for financiers is that the outside investors will help them recoup some of their initial risk.

Already, financiers such as Silver Reel, Endgame Entertainment, PalmStar, and QED are working with Junction. Top agency CAA is helping them set up investments.

 

  • patrickstibbs

    “There's a sucker born every minute.” – P.T. Barnum

    • Tikkanen

      You know it. After the studio's creative math, how much return do you expect to get? The crowdfunders are only going to be left scraps in the feeding trough, that is, if there are any left.

  • ‘Splain

    “The advantage for financiers is that the outside investors will help them recoup some of their initial risk.”
    _____

    But what is the advantage for these “outside investors?”

    This sentence is suggestive of a pyramid scheme – financiers make some dough and pass on the risk to outside suckers.

  • Mark

    With his paychecks Tom Hanks can fund his own productions– and should

  • CrowdCrux

    Doesn't seem like the article linked to the actual platform?