Film, treated as an alternative asset
I produce independent films built like startups. The current raise is four films, not one, on the template that already delivered two.
Canadian refundable tax credits typically return about half of a film's budget on our structures, before a ticket is sold. Presales come on top - distributors abroad paying for the film before it's shot. That floor is what makes a program of films a different asset from a single bet.
One more thing the numbers don't show: a financial model tells you what happens when things go right. A mission tells you what happens when things go wrong.
The four-film program
Single-film equity is the hardest product in film finance: one title, one outcome, and no way to average anything. So the current raise is built as a program - four elevated genre films over roughly three years, each at a contained budget, each floored by the same tax credit and presale mechanics.
Portfolio logic does the work one film can't. Some titles land near break-even, one or two carry the return, and the soft-money floor (credits plus presales) sits under every film in the group. It's the same reason angels back ten startups instead of one - except here, each "startup" starts with a large share of its capital already spoken for by a refundable government credit.
"Lookout", the folk-horror feature now in development, is film #1 of the program. "Ruthless Bastards" and "Pitfall" were the proving run: two films financed, delivered, and sold through exactly this structure - one released in 40+ countries with investors recouped, the other in AMC Theatres.
The full program memo - slate, budgets, the order money comes back in, five-year model - goes out after a conversation, not before. Start it below.
Common questions
Is investing in indie films profitable?
Yes, when capital is structured against soft money first (government credits and presales, the part that doesn't depend on the box office). On a working title, the floor case is investors get their capital back; the base case is 2–5x; the upside is 5–10x or more. Most failures in film investing come from skipping the math, not from the model being broken.
How does film investing compare to angel investing in startups?
Same risk and return bracket, different downside protection. An angel deal is 100% at risk until exit. An indie film on our structures typically recovers about half of its cash budget from Canadian refundable tax credits before a ticket is sold, with presales on top. The other half lives or dies on distribution, but the floor is meaningfully higher.
What's the minimum investment?
$50,000 USD for a single-film participation. Below that, the legal and accounting overhead doesn't pencil out for either of us. Program participation is sized in conversation.
How is the downside protected?
Three layers, stacked. First: Canadian provincial and federal tax credits, refundable, paid in cash after an audit of real spend, about half of cash budget on our structures. Second: international presales locked before camera. Third: a distribution waterfall that puts investor recoupment first, before any profit share to producers or cast.
Who should I talk to about investing in an independent film?
Me - Alex Bogomolov, independent film producer in Vancouver, BC. I structure the deals and answer the questions personally. Use the form below or email info@alexbogomolov.com. I reply within two business days.
Return figures on this page describe how past titles and typical Canadian structures have behaved. Where the page gives return multiples, those are illustrative scenarios, not projections and not history. They are educational, not an offer of securities and not a promise of returns. Any actual investment happens only through definitive documents, after due diligence, with investors who qualify in their jurisdiction.
Track record
"Ruthless Bastards" (2025) - action. Released in 40+ countries, US rights pre-sold. Investors fully recouped.
"Pitfall" (2026) - horror-thriller. Sold by Voltage Pictures, US theatrical release through AMC Theatres.
"Lookout" - folk-horror, film #1 of the program. An Oscar-nominated lead attached, shooting 2027.
Ask and I'll send the deal documents from the released films, plus the program's financial model.
More than capital
Start the conversation
Thank you
Got it. I'll review and reply personally within two business days. If you asked for a call, I'll send a couple of times that work.
- Alex Bogomolov
More to explore
The program: the four-film program.
Start here, in order:
1. How the series works: Start Here: How This Series Works.
2. The thesis: Film as an Alternative Asset.
3. How tax credits and soft money work: Soft Money, Hard Cash: How Indie Films Recoup Capital.
4. A worked example: How a $2M Canadian Film Gets $1.2M Back Before It Sells a Ticket.
Side-by-side comparison: Indie film vs. angel investing.
Subscribe to The Producer's Desk for new entries.
The slate: see the films.