Navigating the depths of
global film equity.

Beyond the basics about Subcurrent, who we are, and the world of film finance and production rebates, we require registration to protect the confidentiality of our filmmakers, their materials, and outside partners, and to comply with financial regulations.

The "waterfall" is the contractual, pre-determined order in which revenue is paid out once a film starts making money. Typically, off-the-top expenses (like sales agent fees) are paid first, followed by senior debt (like banks), if any. Equity investors are usually next in line, recouping their initial investment plus a premium before any net profits are shared equally between the producers and the investors. Note: the profit waterfall comes after the investors have already been repaid their initial equity investment, plus the contracted ROI (typically 15% or more beyond initial investment).

The preferred return (or premium) is the percentage of profit paid to you on top of your initial investment before the remaining profits are split. In independent film, this is typically set at 115% to 120%. This means you receive your original investment back, plus an additional 15% to 20%, before net profits are calculated.

Every project on our slate undergoes a rigorous vetting process. We review the script, budget, production timeline, and the track records of the producing team and the key cast. We only list projects that have realistic financial models, experienced teams attached, and a clear path to production, distribution, and expected profit channels.

We source projects through our extensive network of established Hollywood producers, entertainment lawyers, sales agents, and reputable agencies. We also review select direct submissions that meet our strict criteria for commercial viability and team experience.

Different tiers help investors understand where a project is in its lifecycle and its associated risk level. A "Development" tier project is still finalizing its script and cast, while a "Pre-Production" or "Greenlit" tier project is fully packaged, bonded, and ready to start shooting immediately.

Just as we vet our projects, we vet our investors. We verify that investors meet necessary regulatory requirements and have the actual liquidity to fund their commitments, ensuring no one’s time is being wasted on empty promises.

A Completion Bond is an insurance policy that guarantees a film will be finished and delivered on schedule and within budget. If a production runs out of money or goes off the rails, the bond company will step in, provide the necessary funds, or even take over production to ensure the investors and lenders get a finished product to sell. Completion Bond companies review a pending project, ensure that necessary funds are in the proper escrow account and that the legal paperwork is complete, and then allow the banks to release the funds to let the project begin filming, while they underwrite the production itself. This protects you.

Many states and countries offer tax incentives or cash rebates to productions that shoot in their jurisdiction and hire local crew. Producers often take out short-term "bridge loans" against these future rebates to use as cash during production. Subcurrent is different from most other companies, in that we have wholly owned subsidiary production companies, along with partner companies, in many territories overseas, including the UK, India, Australia, Canada, Hong Kong, and more. These territories frequently offer better tax rebates to one another than American companies can get themselves.

Independent film is a high-risk alternative asset. We’re not claiming it’s not. Subcurrent mitigates this risk as much as possible by rejecting vanity projects and treating film as a venture capital class. We focus on transparent capital stacks, strict adherence to collection accounts (CAMAs), pre-sales where applicable, and pairing seasoned producers with commercially viable genres, drastically reducing the blind spots standard in indie film. We study what audiences desire, and give them what they want.

Once you create an account and verify your investor status, you will gain access to our secure dashboard. There, you can browse current active projects, review available pitch decks, financial models, and talent attachments. We can also arrange a one-on-one conversation.

Producers can visit our "Submissions" page to review our current criteria and minimum requirements (such as having a lead producer and budget attached). From there, you will be guided into next steps.

Yes. Film finance requires a collaborative ecosystem. We maintain relationships with major talent agencies to verify casting, work closely with established production service companies, and coordinate with sales agents and distributors to ensure our projects have a clear path to the marketplace.

A sales agent should ideally be attached before the film goes into production, although this is not required. Their role is to pitch the film to international distributors and secure pre-sales based on the script and cast. Once the film is completed, they can also represent the film at major markets (like Cannes or AFM), if preferred, to sell the remaining territories, if any.

Distribution strategies are tailored to each specific film, and can vary. While the ultimate goal is often a global streaming buyout or a wide theatrical release, the strategy generally involves leveraging a reputable sales agent to pre-sell foreign territories, or a distributor, directly. International theater chains, such as AMC, are even getting in on self-distribution, with more coming on board.