By now, the industry’s inherent problems have been widely enumerated. Among them, streaming companies aren’t acquiring the types of films that formerly defined independent film—the “discovery films,” as attorney and sales agent John Sloss of Cinetic Media calls them. Fewer arthouse distributors have “pay-one” output deals, and without these guaranteed ancillary revenues, it’s harder for these distributors to pay significant advances or commit to robust theatrical releases. Acquisition offers become fewer and less lucrative, which consequently makes equity financiers wary of investing in indie films in the first place—a vicious cycle.