American Film Market Owner Confirms Talks to Move to Downtown L.A.

The Independent Film & Television Alliance has confirmed that it is in negotiations to move the annual American Film Market from its longtime home in Santa Monica to downtown Los Angeles as soon as 2013, as The Hollywood Reporter wrote last week.

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American Film Market Considering Big Move From Santa Monica to Downtown L.A. (Exclusive)

“In order to provide the best environment, resources and value for the world’s buyers and sellers, we are negotiating to make the L.A. LIVE district the AFM’s new home for 2013,” IFTA said in a statement Thursday. “There is no deal yet.”

IFTA outlined four reasons it is considering a move: It would lower costs for buyers and sellers; provide a better showcase for movies (which would screen at the Regal Cinemas); increase business efficiency by having everything in close proximity; and provide more dining, sports and entertainment options for travelers from around the world.  

“The L.A. LIVE district will allow us to grow all segments of the AFM – market, conferences and the celebration of film – and make the AFM more inclusive for the entire motion picture industry,” IFTA said in its statement.

The IFTA board held a telephone conference earlier this week to discuss a possible move and gave the green light for further discussions. The AFM has been held at the Loews Hotel in Santa Monica for the past 20 years, but that contract is up after the November 2012 event. AFM screenings have been held in several theaters on the Third Street Promenade In Santa Monica, while some conference events have been held at other area hotels.

The Santa Monica Loews Hotel had recently asked for an increase in what the AFM pays which started discussions about a move. Last week the Loews corporate executives came back with a revised offer to try and keep the AFM. The announcement indicates that IFTA is still considering a change.

IFTA said in its statement it would have no further comment until a decision is made about the venue for the event in 2013 and the years beyond.