The Town with Matthew Belloni The Risks and Rewards of Self-Distributing Movies, With Black Bear’s Teddy Schwarzman
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Oct 29, 2025 Teddy Schwarzman, founder and CEO of Black Bear Pictures, dives into the adventurous world of independent film distribution. He shares insights on launching Black Bear's U.S. distribution arm and the unique risks tied to theatrical releases for smaller films. Discussing the importance of director-driven projects, Teddy explains their strategies for broad audience appeal. He also reflects on the unpredictability of breakout films and how Black Bear approaches financing, balancing star power with creative quality in a competitive landscape.
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Gradual Build Before U.S. Distribution
- Black Bear built distribution expertise internationally before attempting U.S. theatrical releases.
- Teddy frames U.S. expansion as a careful evolution from production to full studio capability.
Why Train Dreams Went To Netflix
- Black Bear sold Train Dreams at Sundance to Netflix because they lacked a U.S. distribution arm at the time.
- Teddy says they chose a streaming deal rather than risk releasing it without infrastructure.
Staff Core Teams Before Launch
- Establish core operational, marketing, and publicity teams before a first theatrical release.
- Teddy recommends hiring experienced distribution leads and growing digital and theatrical marketing capabilities.