In collaboration with RedBird Capital Partners, Ben Affleck and Matt Damon announced the launch of a production company called Artists Equity, according to CBS News. Growing up in Cambridge, Massachusetts, Damon and Affleck became friends when they were ten and eight, respectively. It has been a successful journey for both of them since then. The two have worked together on several projects, including School Ties, The Battle of Shaker Heights, and Field of Dreams.
With the creation of Artists Equity, their goal is to provide content creators with more financial incentives when their projects are commercially successful. This approach has to do with streaming services increasingly replacing traditional theatrical formats to accommodate consumer demand for entertainment.
The Los Angeles-based company will be led by Affleck, and will have Damon as chief creative officer. On top of that, Michael Joe, former chief operating officer of STX Films and former executive vice president at Universal Pictures, has been named COO.
"Artists Equity was conceived from Matt's and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers."
Despite streaming services' growing popularity and shrinking earnings, Ben Affleck and Matt Damon are fighting together to redefine the format of a creator-focused studio. As a result, Affleck and Damon said they'd find a more welcoming environment and more generous profit sharing.
In a recent statement, Matt Damon explained that historically, the success of a film was determined by how well it performed at the box office. He also explained that the business of filmmaking has intrinsically changed with the emergence of streaming services. This might be an attractive option for creators worried about how fundamental changes in the content business are affecting their paychecks.
"Ben and I know that the power will continue to be in the hands of the creators, no matter which direction the industry evolves."
The New York Times reports that Damon will produce exclusively for Artists Equity from now on. He will also star in an undisclosed number of films produced by the studio in the future. As part of his commitment to Artists Equity, Affleck has also clarified that he will only work with them. In addition to union-minimum wages, the partnership aims to attract top actors and creatives by offering large profits and box-office bonuses.
According to Affleck, Artists Equity plans to release three projects next year, and slowly work its way up to a five-per-year target as time goes on.