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The Ideas Foundry for Theatre and Cross-Media
Set to launch in early April, The Ideas Foundry is a major new commercial company focused on creating new work for theatre, film and television. It is founded by theatre professionals and is dedicated to forging new work and collaborative relationships between talented people with exciting ideas - thereby creating exhilarating theatre and cross-media entertainment of significant artistic and commercial value.
The Ideas Foundry’s launch event at Drapers’ Hall on the evening of 5th April will give an opportunity for producers, journalists, literary agents, writers, and people interested in hearing more about investment in theatre and The Ideas Foundry to hear and discuss the aims of the company and opportunities on offer.
The Ideas Foundry is: Robert Cogo-Fawcett - chairman (currently managing director, continental Europe for Clear Channel, a director of the Society of London Theatre and chairman of its Finance Committee, and lead advisor on Touring for Arts Council England); Joe Harmston - chief executive (15 years experience as a director in the UK and USA including West End productions of The Collection, The Lover, The Birthday Party and Wait Until Dark); Paul Savident - marketing director (own marketing and press management company, previously four years as marketing manager of Bill Kenwright Ltd. Currently also director of recently formed Cloud Ten Productions); Peter Teale - finance director (chartered accountant - has occupied senior financial positions with several multinational companies including Granada Media, HSA, Virgin, Unisys Computers, Timberland and LA Gear); Thomas de Mallet Burgess - director, musical projects (has directed over fifty operas, musicals and plays in the UK, Europe, Japan and USA. Currently the artistic director of Team Educational Theatre Company in Dublin); Nicholas Skilbeck - musical director (a musical director, composer and author who has spent much of his career working on new productions. Currently the musical director of Mamma Mia! at the Prince of Wales Theatre); Andrew Whelan - director, new writing projects (Has 15 years’ experience as a writer and composer for theatre, television and radio. Has written extensively for Granada, Carlton, the BBC - TV and radio - and LWT).
The Ideas Foundry team of advisors includes: Beer & Partners - the highly successful and active firm of private equity advisors; Harbottle & Lewis who provide specialist advice to the media and entertainment industries and is consistently recognised as a leading firm by independent sources; Trio Accountancy Services offer a wealth of experience in accountancy management for both UK and overseas based businesses.
By investing in new work – whether drama, comedy or musical – from the earliest stages through to full theatre production and eventually film and television, The Ideas Foundry intends to achieve significant earnings through the ‘exclusive rights’ that exist to the original producers. The revenue streams include earnings from cross-media ventures (television, film, audio, books, merchandise) as well as any theatrical productions worldwide.
The Ideas Foundry will take advantage of several new trends; in particular the recent trend of film and television to look to theatre to provide new work. For example 2005 Oscar nominees Closer, Finding Neverland and Phantom of the Opera all commenced life on stage. In 2004 both Broadway and the West End had one of their most successful years. The Society of London Theatres (SoLT) reported that 12 million people attended a West End show in 2004 with receipts of £341 million. This was a rise in attendances of over 3% from 2003 and represented the best ever revenue figures since records began. Similarly Broadway had an all time record with receipts of over £400 million ($749 million) from 11 million attendees. Outside of Broadway and the West End, regional theatres are thriving in major cities throughout the UK and USA with musicals becoming increasingly popular not only in Europe (where previously opera and operetta remained dominant) but also in significant new territories such as the Far East and China.
The Ideas Foundry is looking at raising an initial capital requirement of £350,000 with further capital being raised for individual productions. The objective is to commence development on 15 to 20 projects a year and finalise six to 10 for production each year. The development of several projects minimises the risk and increases the chances of creating one of the small number of projects that produce ‘super’ profits.
30th March 2005
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