Why a Creative Bank
Your story stays yours.
We put it to work.
The challenges faced by storytellers these days seem insurmountable. Starting with the notorious blank page anxiety every writer knows well and all the way to the difficulties of getting a project made, it is no surprise that many great stories are left untold. Add to that the aggressive behavior proliferated by Hollywood studios who tend to snag a great story and leave its original creator behind, it is no wonder that many simply ask: Why even bother?
The Creative Bank was born to allow writers and story creators a platform to make their work accessible to those who seek it and want to make it - all the while retaining full ownership by the original creator. This is not unlike money placed in a bank account and making interest in revenue. They money remains yours and you can withdraw it at any time. While its in the account, the bank puts it to work for you.
It is what agents are supposed to do (but rarely do), only without the fees and the hassle. In fact, if you have an agent they can still become involved at a later stage and negotiate a deal for you.
How does it work?
After creating an account you are able to make deposits. A deposit is a project of any type (screenplay, stage play or any other literary work as well as episodic series and even completed films). You will be asked to answer some questions about your project - the more accurate the information the better the Creative Bank will be able to pitch your project. Upon completion of your deposit process, your project will be live on the Creative Bank platform.
Producers can join the Creative Bank upon invitation only. This is how we make sure that all the producers on the website are real and can deliver what they promise. It also allows us to engage them directly, understand what they are looking for and suggest your project to the relevant ones.
Producers are able to search the Creative Bank for projects. The information you enter about your project is used to make sure its found - therefore it is a good idea to put thought into the deposit process.
Upon finding appropriate projects, producers are only able to see a fraction of the information you entered. They are not able to automatically download anything. In fact, they must contact the Creative Bank and request access to a project. This allows us to control who is seeing what, and to follow up as needed.
If a producer expresses interest in a project, we mediate the deal and make an offer to you. This happens off the platform, in direct communication between people and not in an automated process. You are able to use any assistance you’d like, including agents, managers and attorneys to better understand the terms offered. If you dislike the terms, simply say no! Your project will stay in the pool of projects and no harm is done. In fact, you can even continue shopping your project or work anywhere else. If you have a better deal, take it! The Creative Bank will be the last thing standing in your way and make it easy for you to remove your work from the platform if needed. There’s simply nothing to lose.
What’s the catch?
The Creative Bank was created by MiLa Media, a production studio composed of filmmakers. It is for filmmakers by filmmakers. It is intended to disrupt a long-lasting oppressive system which sidelines writers. There is no catch.
We pay close attention to the protection of your intellectual property. This is why we mandate that every user - be it a Storyteller or Creative Producer, sign a legal document. It is to protect you, the producers, and ourselves.
Hollywood production companies and studios rarely accept unsolicited submissions. They rely on the big agencies for material. This is how the agencies have effectively become the gateway into the industry.
The reason for this limitation is simple. Upon reading a screenplay, a producer exposes themselves to liability. If they reject a project but accept another which may have, by complete chance, some commonalities with the rejected project - it may cause problems down the road. The easiest solution is to read nothing at all.
To protect everyone in the process while allowing unsolicited submissions, Creative Bank users must sign either a release form (storytellers) or an NDA (producers and reviewers). In addition, we strongly encourage all writers to submit their screenplay to the library of congress for copyright protection. This can now be done digitally. No writer can deposit their work without signing a release form, and no producer can access information without signing an NDA form.
What’s in it for us?
MiLa Media strives to become a co-producer and make your project a reality. The producers on the Creative Bank are all members of our community. If we become involved in the production then it is to everyone’s benefit. If not, then that’s fine too! Not every interaction must be motivated by the pursue of revenue and we believe that by making things happen, more opportunities will present themselves down the road.
When a producer becomes interested we often start with an option agreement, unless a different deal structure is requested by the partnering producer. Our option agreements vary and we try to make sure that writers are compensated according to the WGA minimums of the budget level aimed at. We also want to make sure that the writer stays involved if changes or re-writes are needed. While not always possible, we like to propose that the original writer stays on board as much as possible to see the project through.
Has this worked?
It has! Our latest film The Unborn was released in the USA & Canada on May 1st, 2020. It was picked up on our original submission platform the year prior. Since then several other projects have been optioned on our submission platform and are being pitched by producers now looking for financing. The new Creative Bank will make this process even easier.