Adaptive Studios might be best known for reviving the HBO Project Greenlight series with Ben Affleck and Matt Damon, but in fact much of Adaptive’s strategy calls for mining for gold in abandoned Hollywood intellectual property. Perrin Chiles, CEO and founder, explains why the scavenger approach works.
Cynopsis: What is your business model?
Perrin Chiles: The idea for Adaptive began after realizing that the largest inefficiencies in creating content are at the early stages of the content supply chain – namely, acquisition and development. The volume of overlooked and undervalued stories within the Hollywood ecosystem is vast and Adaptive was created to breathe new life into these stories that have essentially fallen through the cracks of an inefficient system. Through our process of re-envisioning languishing IP, we pride ourselves on creating untold stories with undiscovered creators for untapped formats – with a particular focus on digital platforms. While this was always the strategy behind our business model, especially with the recent demand for digital content, we remain prepared to acclimate to the ever-evolving entertainment landscape.
Cynopsis: Where do you find abandoned Hollywood intellectual property?
Chiles: Adaptive primarily sources its content through neglected screenplays and scripts. From there, our publishing imprint,
The Memory Thief is being adapted as a film
Adaptive Books, gives some of those scripts a second life as books and graphic novels through our output deal with Barnes & Noble. Once our titles hit shelves exclusively at Barnes & Noble, Adaptive begins the development process for the screen. In addition to scouring existing scripts, we make it a point to meet rising creators and writers with solid visions to give them a chance to bring innovative projects to life in different formats. Adapting story worlds for shorter form video formats is a big focus of our company over the next decade and it’s where we see a tremendous amount of growth and creative freedom.
Cynopsis: Have you had any “surprise” successes?
Chiles: As a result of the success we had with our Project Greenlight television series on HBO, Adaptive subsequently launched Project Greenlight Digital Studios (PGLDS) alongside the show’s executive producers, Matt Damon and Ben Affleck, to bridge the gap between Hollywood and the next generation of filmmakers via contests, community, and mentorship. Through PGLDS, Adaptive actively “greenlights” an expanding slate of new digital series to showcase the talents of emerging filmmakers.
We consider it an invaluable success to have thousands of filmmakers entering our contests and entrusting us to create contentalongside them. We continue to be amazed at the number of talented, industrious and innovative creators looking for an opportunity to break through into the entertainment business. Our Project Greenlight Digital Studios contest engine has only proven this underserved market of budding creatives, where we’ve seen huge growth in our virtual community of content creators (now over 20,000 strong). With Project Greenlight Digital Studios, we are providing real Hollywood exposure, money and deals. It’s an exciting time to be a part of our growing community.
Cynopsis: What types of properties are the best fit for particular platforms?
Chiles: Part of our creative process requires envisioning each project in various formats before committing to the original format that was pitched. After mapping out the possibilities, we are able to make an informed decision as to what the best platform is for that property. Because of this practice, our studio brings stories to life through an array of formats including film, television, digital platforms, and novels, tailoring each title to its most suitable platform.
Given the volume and accessibility of content today, each individual property must be tailored to the specific platform where it will be consumed for it to stand out. There is no formula to this. Since Adaptive’s inception five years ago, we have discovered that not every film script is necessarily suitable to be a feature, but could perhaps exist as a six-part digital series instead. Almost equally as important to content is the format it’s created in. In a culture where people demand content instantly, the way a story is crafted affects how it is received. Once a format is locked, we then focus on picking platforms that will justly serve the story and its audience.
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