On 24 June 2026, representatives from Zerafa Advocates attended one of the Mediterranean Film Festival’s most insightful industry sessions, “Industry Conversations – Show Me the Money: Understanding How Film Finance Works.” Moderated by Dr Angus Finney, the panel brought together leading international experts Mariyah Dosani, Geoffrey T’Serstevens, Neil Chordia, and Sara Ghorra to discuss the realities of financing film projects in an increasingly competitive and rapidly evolving global market.
As Malta continues to strengthen its position as an attractive jurisdiction for international productions through competitive incentives, efficient cooperation schemes, and a growing creative ecosystem, the discussion offered valuable insights into the commercial, legal, and financial considerations that underpin successful film projects.
Film Finance Begins with Investment Discipline
A recurring theme throughout the discussion was that successful film production starts long before cameras begin rolling. Financing decisions must be driven by careful assessment of the project’s commercial viability, taking into account the type of film being produced, current market demand, audience trends, and the strategic allocation of financial resources.
The panel emphasised that film finance is ultimately about balancing creative ambition with commercial reality. Investors increasingly expect projects to demonstrate a clear route to market and realistic revenue potential before committing capital.
Due Diligence Remains Fundamental
One of the strongest messages delivered during the session was the importance of comprehensive due diligence.
Before any investment is made, stakeholders should carefully assess every key participant involved in the production, including producers, sales agents, cast members and other strategic partners. This involves reviewing their track record, financial standing, reputation within the industry, and previous commercial success.
Equally important is conducting territory-by-territory market analysis to understand where a film is likely to perform well, the value of distribution rights in each market, expected financial returns, and the reliability of distribution partners.
Sales Agents: Far More Than Distributors
The discussion highlighted the increasingly strategic role played by sales agents. Rather than acting solely as intermediaries, modern sales agents serve as trusted partners and commercial advisors throughout the life cycle of a project. They assist producers in positioning films for international markets, connecting productions with distributors, and maximising revenue opportunities.
Their involvement often begins well before production is completed, helping shape packaging, financing strategies and international marketability.
Managing Risk Through Completion Bonds
Risk management formed another central pillar of the discussion. Completion bonds continue to provide one of the most important protections for investors by reducing delivery risk which is the risk that a production fails to deliver the completed film as contractually agreed.
Beyond protecting financiers, bonding companies also introduce an additional layer of production oversight and financial discipline, encouraging responsible budget management throughout the production process.
However, the panel acknowledged that obtaining completion bonds has become increasingly challenging, while evolving tax credit frameworks now require more rigorous project reviews, stronger due diligence, and greater transparency regarding the allocation of production funds.
Evolving Funding Structures
The panel explored the growing diversity of financing structures available to filmmakers, including development funds, production funds, pan-European financing mechanisms and bilateral or multilateral co-production arrangements.
Malta received positive recognition for its efficient cooperation schemes and comparatively streamlined administrative processes, making it an increasingly attractive jurisdiction for international co-productions.
The speakers also noted that sophisticated corporate and financing structures are becoming increasingly common as productions seek to combine multiple sources of funding while managing legal and commercial risk.
Technology is Changing Film Finance
Artificial intelligence was identified as an area that will increasingly influence the industry. While AI is already proving valuable as a tool for project packaging, budgeting and production support, the panel cautioned against over-reliance on automated systems. Technology should enhance, not replace, independent commercial judgement and professional expertise.
The industry continues to face a significant knowledge gap regarding the practical application of emerging technologies, making informed decision-making more important than ever.
The session demonstrated that film finance extends far beyond raising capital. Successful productions require careful legal structuring, commercial strategy, financial discipline, robust due diligence and a deep understanding of international markets.
As Malta continues to establish itself as a leading European production hub through initiatives such as the annual Mediterrane Film Festival, discussions like these provide valuable insight into the evolving landscape of global film financing. For legal and financial professionals alike, understanding the commercial mechanics behind film production is becoming increasingly relevant as cross-border investment, co-productions and innovative funding models continue to shape the future of the audiovisual industry.
Zerafa Advocates was pleased to attend this insightful panel and looks forward to continuing to follow developments at the intersection of law, finance and the creative industries.
