Anyone who’s even remotely been paying attention to current events knows that the global economy is in recession. The stock market in America fell, followed shortly by all other major stock indexes in the world. Real Estate is lagging in every Western country, manufacturing is slowing down, and consumer spending is falling. We hear about it every day. And just about every other day, you can see some news organization report on how Hollywood is not recession proof any longer. The movies are losing money, and even though the percentages are minuscule in comparison to other industries, major production companies and not so major production companies are tamping down costs whenever they can.

According to Time in September of 2008, even Steven Spielberg’s production company was having trouble finding buyers and getting approved lines of credit. This was a sharp wake up call for studio that just two years before this were enjoying the biggest boon they’d ever seen. The article goes on to say that now investors in these large studio stocks are demanding more market discipline in every area of film production, from special effects to marketing. Studios used to save all the revenue from gems like Spiderman and expect investors to make up for the more lackluster performers. With the increasing fear in the safety of their investments, holders are justifiably weary.

But what does this mean for the Indie film and foreign film circuits? What does this mean for movies like… oh I don’t know… Cherrybomb? It’s not looking good at all. Investment in all overseas entertainment is down across the board, and American companies aren’t buying. Where once they would take a risk on sleeper hits like France’s The Class, now they will only make movies with guaranteed returns, since studios can trust investors to pick up the tab on underperformers anymore. This becomes most poignant when you think about one of Rupert’s most famous costars in his recent Irish project. According the BBC news on June 09, 2009, James Nesbitt is going to Hollywood to find work, since he can’t find anything baying anywhere in the U.K.

We, as Rupert Grint fans, have all felt this effect first hand. While The Little Film Company is working diligently to get Cherrybomb picked up by distributors, no one seems to want to bite on what has the makings to be a great and popular film. And after hearing all the doom and gloom of economic forecasters, no one is taking a risk on anything that isn’t a sequel, doesn’t have explosions of Michael Bay proportions, or doesn’t have teen romance with a compulsory happyend. Our ‘Little Film That Could’ may get all the critical claim under the sun, but without the critical formula that the mainstream investors seems to think necessary, it will never see the light of the international stage. Case in point, Melissa Leo was nominated for an Oscar, but did anyone actually get to see Frozen River in theaters?

And therein lies our conundrum: How do you get investors who are so afraid of losing any more money, to allow their company to distribute what is essentially a risk? It’s either change the economy or keep doing what we’re doing and trying to prove this is less of a risk than investors think through the actions of Rupert’s Army. We all as fans have to remember, that while the work we are doing is important and can make a difference, we are one splash in the large ocean of a much bigger problem. The world isn’t working against us, not necessarily anyway, and we have to keep our chins up. It’s the equivalent of a potato famine for Indie Films, and we’re deep in the heart of Northern Ireland selling potato peelers.

There is hope! This year may prove to be a lot more fruitful than 2008 was, and perhaps a few more months in good numbers may make film investors less paranoid. According to the Film Journal in February of 2009:

As of Feb. 16, year-to-date box office was 15 percent higher than last year’s, and the Presidents’ Day weekend gross was up an impressive 32% from 2008. People are flocking to nearly everything on the big screen, and with this kind of depth in the marketplace, 2009 can be a giant year.

The Little Film Company also offers up some good solutions. Where most studios are still struggling with the tight belts of the investors, TLFC has been working with non-traditional outlets to get their film distributed. They are reaching out to fansites and media outlets that haven’t before been considered. By stretching out their efforts, they are circumventing the serious problem of smaller budgets and less risky investors by proving their point without the validation of the established and powerful industry. Going right to the fans could start a serious trend in Independent Films.

In my opinion, the big wigs and wasps that run the American Film Industry have their heads up their asses, but how is that different from any other point in Hollywood history? We just have to hope that they will see the upward trend in film attendance, and start taking chances again. I’m positive that the success of Harry Potter and the Half-Blood Prince this summer is going to boost the hopes and spirit of the film industry and make investors a little more comfortable in the stability of the market overall. It may take a lot of time, and a lot of hoping, but banking on a good summer box office and excellent DVD sales, I’d say 2009 could still be the Year of the Grint.