A compawhat?

A "comp" is short for "comparable" or "comparison" film. When you're putting together your pitch materials, you'll need to show potential investors or producers what kind of film you're making. Movies have been around for over a hundred years, so chances are there's another film out there similar to yours. That similarity could be in story, style, budget, or even financial performance. Using these comparable films helps investors and producers understand your project better.

Now there are two types of comps you need to know about: tonal comps and revenue comps. Each serves a different purpose and speaks to different types of investors. Knowing which type of comp to use and when can make a huge difference in your fundraising success.

Tonal Comps

Tonal comps help people understand the creative vision of your film. But saying your film is "X meets Y" creates more confusion than clarity. Let me show you why.

If a filmmaker says their project is "Stranger Things meets The Goonies," what does that actually mean? Are we talking about kids on bikes discovering supernatural threats? A treasure hunt with government conspiracies? 80s nostalgia with synth music? A small-town adventure story? That simple mashup could mean completely different things to different producers and investors.

Of course you understand why a Producer should understand the tone of the film, because they will be the ones helping guide you through the process from screenplay to theatrical release. From the beginning, you want them in the same visual mind as you.

But why investors? Not all investors care about tonal comps, but for those high net worth investors, when your pitching to one person to raise some of the money, you really want them to have an emotional connection to your film. One of the best ways to do that is to show examples of other films, if they have seen them, they will inherently have an emotional response. That’s good, you want them to “feel” your film.

Good tonal comps need to be specific. Instead of just naming two popular properties, explain exactly what elements you're drawing from each:

"Our film captures the small town teen friendship dynamics of The Goonies, but places them in a supernatural horror context like Stranger Things season one, specifically focusing on the isolation and darkness of scenes where Will is trapped in the Upside Down."

This level of detail shows you actually understand these films and aren't just name dropping popular titles. It gives investors a clear picture of your creative vision.

Revenue Comps

Revenue comps show the business potential of your film. While some argue they aren't necessary in the streaming era, they absolutely need to be in your business plan or investor overview document, especially when dealing with institutional investors. Not only do they want to see that there are other films like yours that have succeeded (by the way this doesn’t have to mean huge box office sales), they want to make sure YOU understand the market value of your film.

What makes a good revenue comp?

You need films that match yours in four critical areas:

Budget Range

Your $500K horror film isn't comparable to a $20M studio horror film. Find films made at your budget level. This shows investors you understand the scale of project you're making.

Genre

Even within genres, be specific. A romantic comedy aimed at teenagers will perform differently than one aimed at adults. A supernatural horror film will have different numbers than a slasher film.

Cast Level

If you're working with talented but unknown actors, don't use films starring established names as your comps. Look for successful films that launched new talent. If your cast will be c-list, then your comps need to have the same. Even if your comp has someone that is famous now, but when they made that film they were an unknown, that’s okay. You just don’t want to comp a film with an a-list actor that was also a-list when they made that film.

Distribution Model

A theatrical release has different numbers than a streaming release. A hybrid release has different numbers than a straight to VOD release. Match your intended distribution strategy. If all your comps had huge theatrical releases but your goal is to sell your film to Netflix, then those comps won’t make sense. Sadly, I know it is very difficult to find comps for just straight streaming films no streaming services releases those kinds of numbers for the public.

Three comps is enough for a revenue comp, but you need to make sure all three meet the above criteria. The idea is that there are three films “just like” your film that has succeeded thus there is a market value in your film.

The wrong and right way to use revenue comps

The WRONG way to use revenue comps

Too many indie filmmakers point to movies like Get Out or Paranormal Activity, showing how those low budget films made hundreds of millions. While those are incredible success stories, they're lottery ticket outcomes. Using them as comps destroys your credibility with serious investors.

Why? Both of those films had incredible marketing and ad budgets behind them. People point to Paranormal Activity because it was made for $15,000 and then look, it made millions. But that film had two huge benefits, it had Paramount as a distributor and it had an initial $1,000,000 marketing budget. Unless your film will also be made for less than $30,000 and have another Hollywood studio distribute it, and also have a minimum of a million dollar marketing budget, then it isn’t a revenue comp that works for your film.

The RIGHT way to use revenue comps

Smart revenue comps show you understand your market. If you're making a $3M thriller, find other $3M thrillers from the past few years. Look at their box office numbers, their streaming performance, their international sales. Show institutional investors you've done your homework. You have a better chance of securing financing if they believe you fully understand the market value of your film. You have a $3M thriller and your goal is to sell the worldwide rights for $5M(just an example). Not that you have a $3M thriller and look at this one film that also had that budget and went on to make $75M at the box office. Secretly hope for that box office gem, but realistically plan for a specific financial outcome goal. They will very likely do their own internal analysis, even if they turn the project down, it still looks good in their eyes that you have taken the effort and time to present a project that is financially viable that also matches market value.

Institutional investors want to see that you understand typical market performance for your type of film. They want to know you can plan for realistic outcomes.

Putting it all together

Your pitch materials should use both types of comps strategically. For your High Net Worth investors, focus on detailed tonal comps that paint a vivid picture of your creative vision. You can still have revenue comps of course if you want.

For Institutional Investors, you need both. They want to understand the creative vision through specific tonal comps, but they absolutely need to see relevant revenue comps that prove you understand the business side.

The streaming era hasn't made revenue comps irrelevant. It's just changed how we need to present them. Focus on recent films with similar release strategies. Use data from reliable sources. Show that you understand both the creative AND business potential of your project.

Good comps aren't about promising massive returns. They're about showing you understand where your film fits in the marketplace and how to position it for success.

There is no guarantee with all of that, that you will be able to raise your financing, but it definitely opens the door for you to submit other projects in the future, even if they turn this one down.

P.S. This is one of dozens of articles I have written, if you want to dive in further you can find all my previous articles here: https://tylermreid.beehiiv.com/