Ben Affleck and Matt Damon launch film production company

Hollywood stars Ben Affleck and Matt Damon are teaming to launch a film production company with a view towards providing content material creators extra monetary upside for commercially profitable initiatives.

The studio’s first project, directed by Affleck and starring Damon, is a function film in regards to the Air Jordan model and is slated for launch in 2023. The company, known as Artists Equity, finally plans to launch no less than 5 initiatives per year.

“Artists Equity was conceived from Matt’s and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers,” Affleck, who will function the company’s CEO, mentioned in a press release on Sunday.

“Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial success of projects,” he added.

The company is backed by personal funding agency RedBird Capital Partners. Terms of the deal weren’t disclosed. 

Together, Affleck and Damon have generated greater than $10.7 billion in worldwide field office gross sales. One of the targets of the brand new three way partnership is to extra equitably share income with filmmakers, together with creators and crew members, as video streaming begins to eclipse conventional theatrical launch codecs.

“Historically, the success of a film was based on its box office performance. Now, with the rise of streaming, the business behind filmmaking has intrinsically changed,” Damon, the chief content material officer or Artists Equity, mentioned in a press release. “However, Ben and I know that the power will continue to be in the hands of the creators, no matter which direction the industry evolves.”

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