How Independent Films Get Financed with Siena Oberman

The film industry is often seen as glamorous from the outside—but behind every independent film is a founder navigating fundraising, strategy, leadership, and relentless problem-solving. In Episode 15 of Deal Flow Diaries, we sit down with Siena Oberman, founder of Artemis Pictures, to unpack how she built one of independent film's fastest-rising production companies before turning 30.

Siena shares the unconventional path that led her from a high school filmmaking class to producing more than 20 feature films, earning recognition on Forbes 30 Under 30 and Variety's Top 10 Producers to Watch. After a career-altering spinal injury during college forced her to rethink her future, she transformed an unexpected setback into the foundation for a career built on resilience, creativity, and strategic execution.

From raising capital for films to navigating the rapidly changing landscape of AI and media, this conversation offers an inside look at what it really takes to bring ambitious creative projects to life.

Join us as we talk about:

• How Artemis Pictures develops, finances, and produces films from script to screen
• Why internships, mentorship, and learning every stage of the filmmaking process became Siena's greatest competitive advantage
• Building trust with investors through transparency, preparation, and long-term relationships
• The similarities between raising capital for films and building a high-growth operating company
• How artificial intelligence is reshaping filmmaking, expanding opportunities for independent creators, and transforming the future of media

Whether you're a founder, investor, creative, or anyone building something from the ground up, this episode explores how resilience, thoughtful leadership, and great storytelling can create opportunities where none seemed possible.

Follow Siena & Artemis Pictures:

Instagram: @sienaoberman, @artemis.cinema

Website: artemis-pictures.com 

LinkedIn: Siena Oberman

Questions and comments; reach out to us at inquiries@dealflowdiariespodcast.com

Find out more about the dealflowdiariespodcast.com 

To stay up to date with Deal Flow Diaries and get all the behind-the-scenes content, follow us on Instagram, TikTok, and on YouTube.

If you enjoyed this episode, please subscribe and leave a rating and review on Apple or Spotify or where ever you get your podcasts.

Recorded at The Newsstand Studios at Rockefeller Center.

Thank you for listening.

Transcript

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SPEAKER_01 0:04

DealFlow Diaries, where the dealmakers talk. A podcast that takes you inside the minds of the Titans shaping today's global economy. I'm Alexandra Fairweather.

SPEAKER_02 0:16

And I'm Elaine Chamberlain. Together, we sit down with visionary founders, fund managers, and deal makers across private equity, real estate, fashion, tech, and beyond.

SPEAKER_01 0:30

Each episode, we uncover the untold stories behind their biggest deals, hardest setbacks, and boldest bets. Lessons in strategy, risk, and ambition you won't find anywhere else.

SPEAKER_02 0:43

Smart, unscripted, unfiltered. This is DealFlow Diaries. This episode is on how Sienna Oberman broke a vertebrae in her senior year of college and turned the forced slowdown into the career nobody could have planned. Producing over 20 feature films before a 30, founding an independent company that got deals with A24, IFC, Lionsgate, and Sophia Coppola. And it makes you reconsider whether the moments that derail your plan are actually the moments that make it. By 26, Sienna had 13 producer credits. Today, she has a spot on Forbes 30 Under 30, Variety's top 10 producers to watch, and a production company, Artemis Pictures, that she built herself from nothing in one of the most brutal industries on earth. Sienna, thank you for being here today.

SPEAKER_01 1:42

Welcome. We'd love to go back to when you were in high school and you took that first filmmaking class. Could you tell us about it?

SPEAKER_00 1:49

Of course. Thanks for having me today. I just signed up for it because it was an excuse to get off campus. You could go and film your shorts during school. So I did not expect it to turn into my career.

SPEAKER_02 2:05

What was the first moment that you knew you enjoyed filmmaking?

SPEAKER_00 2:09

I had always loved watching movies. And I think it was when I was maybe like 12 or 13 and saw that there were so many things in the credits that I then thought about it more. And then the first moment I knew I enjoyed filmmaking was probably sometime in high school making those shorts.

SPEAKER_02 2:26

So we talk a lot about the journey of finding your passion and what you want to do with your career. And I'd love to know more about that transition from high school filmmaking class to where you are now and the journey. And how did you get here?

SPEAKER_00 2:47

It's been a long journey. I'm 31 now and I started at 13. So I'm young, but it's definitely been a while. I think I was on a plane in high school and met someone who was doing a lawnmower commercial, and that was like my first PA set job just from like, you know, networking after school, really. And then I went to LMU originally for writing and directing, realized I wanted to produce and not direct, and transferred to USC, added on a business degree besides just film, and it was really the internships that helped guide me into a career. So originally I interned at a company called Route One, which is a very small production and finance company. Then I got referred to their international sales agent, I am global. And then I did like 10 different internships, so I don't remember them all. But I basically was trying to figure out what kind of company I could fit at after school. And then instead I accidentally went through the path that an independent film goes through from like development production, finance sales, studio acquisitions. So it ended up being a really good education, but I didn't know necessarily where I was going when I was doing it. And then after school, I did consulting for financiers. Eventually I was a development executive for a financier and then started Artemis a little over six years ago now, I think, kind of by accident. Could you tell us the story about what happened with your vertebrae? So my senior year, my back accidentally got broken by a doctor, and it threw me off because I thought I was gonna maybe go into Paramount where I'd already interned, or I had an offer to be the assistant to one of the heads of Disney. So it was a really big adjustment because like I couldn't sit for more than 10 minutes for almost like a year without being in excruciating pain. Like I had a doctor's note that was like, do not, you know, sit for these periods. And it made it complicated to graduate. So I dropped in and out of school many times, partially because of that, but also because I was already making movies. Like I had a movie at Toronto Film Festival when I was still in college. So I think the break was definitely a curveball, but it was a great example, kind of just training my brain to focus on what I could do, not what I couldn't do, and finding a path forward in a profession that I really love. So I love that.

SPEAKER_02 5:12

I'm curious about any advice you'd have for listeners who don't know exactly what they want to do, but they know the industry they want to work in. It seems that your internships really helped propel you into, I guess, more of a guidance and provided more of a guidance into what exactly you're doing now. Can you speak more to the internship side of things and just getting your feet wet in different areas of an industry and finding your path?

SPEAKER_00 5:46

I mean, there's been many times in my life where I've been confused what I want to do, but been really drawn to something. And then even after I've done things, I've also reinvented myself in different ways. So I feel like if that's kind of just part of life, it doesn't mean that there's anything wrong. The internships were definitely helpful in giving me guidance and trying out different companies to try to figure out where I fit. But my intention was finding a job after college through the internships, which isn't what ended up happening. So I feel like our path ends up just working itself out, and it's just about actively taking steps and trying things, even if it's not the exact thing that we think that we want, as long as it's a step forward. So even in making decisions now, instead of looking for the perfect opportunity, I usually try to make decisions based on is this a good step forward towards the future that I want compared to the past that I have, right? Because otherwise we get stuck in like analysis, paralysis, and that's just painful. And like it's also okay to try things and then realize that you don't like them to and then go back to something else. I'm a big fan of a pivot. Yeah. I mean, I also was like originally wanting to write and direct, right? Then I pivoted to producing. And why is that? I feel like it's a better fit for my personality. I both directing and producing, you're involved in most parts of the filmmaking process. So that's why those were my two favorite things initially. And then I just feel like my brain is so business orientated and it loves strategy and I love financing. And I think I would probably go crazy if I focused on one thing for like three years. Yeah. Which directors have to do to finish a movie, but it's much more detail-oriented in a way that doesn't work well for me. Could you walk us through how you get a project off the ground? Sure. Um, I mean it's different every time and it's crazy every time. But usually an artist comes to me, they could be an actor, a writer, or a director. I mostly work with autors, which are writer directors who do their own stories. And sometimes it's the first draft of something, and we spend time developing it and packaging it with actors or talented cinematographers, for example, to be able to have it in a place where it can go out to financing. I have to come up with the financing model, which requires having a production strategy, which is, you know, a location and tax credit evaluation. There's a lot that goes into it. You have to be able to get the right actors to justify the budget amount combined with the right director and other packaging elements. So another producer who's done movies that have made a ton of money in the space could be another example. And then you kind of just have to keep the train on the tracks and get it done in the best quality way and treat people the best that you can in the process because people are working extremely long hours.

SPEAKER_02 8:42

Can you tell us about the Warner Brothers meeting? Sure. The Warner Brothers meeting.

SPEAKER_00 8:50

I had had a meeting, I think it was maybe with the CEO of distribution or something like that when I was in college, because I had met someone who knew him through a program that I did with National Geographic. And at the time I was more all over the place and interested in so many different things. And I told him all of the different things that I was passionate about, including writing, directing, producing, business, whatever, you know. And his recommendation was to really just focus on one thing and get good at one thing. And then once I was successful at one thing, then I could pivot into doing other things, which is definitely advice that I followed. How important was mentorship in your career thus far? It's been super important and it's still important to me today, you know. So I think whether it was people that I met at internships or teachers that I had, which, you know, then evolved into bosses that I had or producers that I was working with, it's definitely guided me to be a better professional. I usually work with producers who are a few decades or a decade or whatever older than me. Somehow I get lucky enough to convince them so they'll let me work with them.

SPEAKER_01 10:03

Tell us what you say. How do you convince them?

SPEAKER_00 10:05

Yeah, give us a pitch. I will do whatever it is that you don't want to do. That's a good idea. It's a great value. Yeah. And then, like, you know, sometimes it's their project and I'm helping them get it made, or sometimes it's something that I developed. And if it's something that I developed, I just make sure that there's an undeniably good creative team and script before bringing it to them so that it's even worth their time to read it. And sometimes it takes me time to develop things to get to that point. So it's an ask carefully kind of thing too.

SPEAKER_02 10:35

Yeah.

SPEAKER_01 10:35

It'd be great to dive more into the fundraising process. Could you talk more about that and and how you find investors? Are they typically mission-aligned with the film that you're working on? Are they family offices?

SPEAKER_00 10:47

Good question. The simple answer is that it's always different. So I mean, movies are very similar to startups, except for I already have a company called Artemis, which is an operating company that's six years old. It's kind of, you know, similar to a startup, but a little bit older than one. And then we are starting multiple companies a year. Sometimes we are the main managers of the LLC or other form of business entity. And other times we are supporting producers where we are just helping make the films possible, whether it's creatively, logistically, strategically, or financially. And then for the fundraising process, that background kind of, you know, defines how the process goes. If it's a movie that we own the LLC for, then we can come up with a strategy for how we fundraise for it. High net worth individuals are definitely one of the main sources of movie investments. Family offices are another. Film finance companies are another primary one. So technically Artemis is a film finance company where we do finance, not just production. And my ideal situation is just going to a film finance company and having one company write the I whole check. I haven't done that much in the studio world where studios writing the whole check. And then sometimes there are more impact or mission-driven investors. But I think the important thing, there's a media nonprofit that we've worked with that's great called Safe Space Pictures, and they're 501. So they bring in different foundations more so than family offices, but connected to high net worth families, then help do impact investing. There was one other thing I wanted to say about the financing process, which is just that it's about matchmaking expectations for success, right? So, like if I know an investor really cares about returns, but it's more of an impact movie, then I'm not going to pitch it to them because different investors want different things. Like some people I know want to make five times their investment. Some people I know want to make a 20% premium in their investment back. Some people are fine as long as they don't lose a lot of money. Other people are fine doing it as a nonprofit donation to help a cause. And so I think in any type of fundraising, whether it's movies or a different kind of business, it's, you know, you don't like target a certain kind of investor when what you want is an angel investor, for example.

SPEAKER_02 13:07

Right.

SPEAKER_01 13:07

How do you know when a movie or project comes across your desk that, oh, this is something that we should do?

SPEAKER_00 13:13

Oh, it's super instinctual. I choose things based on do I read the script and have like a strong emotional response to it? And I try and envision a person sitting in a theater or watching streaming and what experience it will have been for them. So was it entertaining? Did it move me? Did it engage me? Or like was I distracted and bored and, you know, having a hard time reading it? Sometimes the people behind it are the main factor. So if a script is underdeveloped, but I think there's something interesting there, and I think that the person behind it's really interesting, then I well take it on early and help foster it. Other times, things come to us very packaged where they just want us to help them get it into production. So the script could already be pretty good, but not totally finished. There could already be famous actors attached to it. They might have a finance plan, but maybe I'll help them redo the finance plan to what I think is actually feasible given the current marketplace. So again, it's kind of like always different. But I I have to love it. I have to love the people, and I have to believe in its distribution and audience potential.

SPEAKER_02 14:22

What you do is such a unique skill set. And I think it is so interesting. You know that I'm not familiar with that entire world. Yeah. But I think from what you're telling us is that you have to be able to understand and read other people, right? And understand what their motivators are and how you can bring value to their lives. I'm curious if you have a certain situation that you can think of where perhaps it didn't go as planned and either onset or pitching or raising. Because it seems like there's a lot that goes into one project. Definitely. So I'd I'd love to hear about the opposite side of, you know, a lesson that was learned through maybe a not so positive experience.

SPEAKER_00 15:14

Sure. Producers are essentially problem solvers, so there's not so positive experiences most days. And having a great attitude and being a good leader is super essential. You know, I think the industry's changed a lot where people used to not be so nice, and there's stories about like people throwing phones at assistance, and the industry's changed a lot to where there is more ethical and just um more positive psychology enforced smart leadership. So I think that that's good to apply in any situation, but it's difficult to do when a day can be 18 hours and everyone's tired and it's super high stress. And there's a budget. Yeah, and I'm managing conflict and emotions and personalities. So there's so many of them, it's hard for me to give just one example, honestly, because it's just a constant. But I I try to just be positive and humble. And like I make mistakes too, and just if I make a mistake, I take accountability, learn the lesson, and move on.

SPEAKER_01 16:20

Personally, I've been playing with an AI film tool called Runway, and I'm curious what your thoughts are. I mean, on the one hand, it seems like it could allow new filmmakers and new storytellers to enter the market, but I'd love to hear your perspective.

SPEAKER_00 16:35

Definitely. I love AI. I spend a ton of time in it. I'm also terrified of it, which is partially why I spend so much time in it, to try to figure out how to help artists and the industry. So I'm definitely very pro-artist in anything. And I think AI can just be a tool that empowers more independent artists to make great things in a system where sometimes distribution models or financial models fail them. So I'm I'm super excited about AI. And I think it will bring the opportunity for fresh voices to be able to make, whether it's movies or other content that they otherwise wouldn't have been able to. And I also think it's a huge force for independent film because filmmakers are gonna be able to accomplish what previously only studio budgets could accomplish. And I think that we're still maybe like a year and a half or two years out from that, even though AI is accelerating exponentially. But I'm very excited for that point in time, even though I'm also very concerned about, you know, the job loss that's gonna happen in the process. So it's it's a difficult thing to manage. But I will do all that I can to make sure that artists can continue making great work with AI as a tool.

SPEAKER_02 17:49

I want to go back to the raising part of the discussion. You're currently raising, correct?

SPEAKER_00 17:56

I am currently raising. Yeah, I mean, I've gone through a learning process this last year about company fundraising, which is different than film fundraising, even though films are technically companies. So my uh my company has been expanding and growing. We used to do mostly under $5 million budgets, then mostly 10 million and under, and now our average is 10 to 35 million. So if you consider multiple movies a year on top of running a company, that's the kind of fundraising that I'm doing. And I'm in the middle of closing a deal on a movie that is shooting very soon, right now. So that has its own complex financial structure and then also the company expansion.

SPEAKER_02 18:39

Can you tell us more about the difference between raising for a film and for your company specifically?

SPEAKER_00 18:47

Sure. Yeah. I mean, each film has a a pretty specific financial model, at least in terms of how things have been done for a while. I think that that model in a couple years will change, but in the independent space, it's mostly based on international sales productions from third parties and then whatever a domestic projection would be for like the US and Canada. And then usually we uh get those from third parties, then discount them for there to be interest rates, at least for, you know, break-even and profitable scenarios. So you want to try to design the movie in a way to where when you're pitching for financiers or to investors that you can have a convincing narrative as to why they're gonna make capital. We mostly model, you know, for downside risk protection similar to other types of financial modeling. And then the company fundraising has been a different process. I mean, there's different legal forms that are used. It was a little bit of a learning curve, like which investors are the right investors for the stage of the company. And for movies, I felt like I knew that so specifically versus for company fundraising. I I don't know why it was a learning curve for me, but it basically is like two different languages, and I just had to learn the different language terminology, and then it like clicked and totally made sense. But at first it was like, what is IRR and Moic and you know, all these other different things, and who are the right investors to be speaking to.

SPEAKER_02 20:21

A lot of our guests have talked about this level of fear that goes into raising capital. Yeah. I'm curious how you manage that fear and approach it with confidence or avoid imposter syndrome.

SPEAKER_00 20:39

Totally. I mean, I don't know if you can avoid imposter syndrome. I feel like every founder that I've spoken to has dealt with it at some point, myself included. So I think it's just about creating a product or company that you feel like is undeniable and then having an ask that is also undeniable so that you're able to approach it with confidence. And also doing budgeting and modeling in a conservative and mindful, well-researched way to where when you're pitching, you know what you're talking about and you're ready to answer any of the questions that come up.

SPEAKER_02 21:11

So there's a level of preparedness that you have to have.

SPEAKER_00 21:14

Yeah, I try to do extreme preparation, probably to like a point where you could call it like procrastinating perfectionism. I love that. Which is its own issue, but it's other people's money, you know? You want to like take it super seriously if someone's giving you a chance with capital, especially to do a movie or a media company in this landscape.

SPEAKER_02 21:34

Yeah. And I mean, we always talk about that level of trust too that comes with it. And you always want your investors to feel extreme trust with you, right? Definitely. How do you build trust with your investors?

SPEAKER_00 21:48

I spend a lot of time with them. I get to know them and their intentions and being involved in the space. I ask very straightforward questions like. Why do you want to do this? What are your return expectations? I try to deliver bad news like as soon as possible. And I have, I think, a higher level of honesty and transparency than a lot of people. But I feel like even if that creates discomfort in the short term, it has helped me create really positive long-term relationships. And like I'm just like so not a salesman personality type. So it's also just what's right for me. And I feel like everyone has different things that are right for them.

SPEAKER_02 22:29

Yeah. I can relate to that though. I think it's so important to build that trust organically and authentically. I don't want to pitch and be phony. It definitely has to be real.

SPEAKER_00 22:38

But trust comes with time too. Sometimes, you know, referrals are another great way to get it. Anyone listening?

SPEAKER_01 22:45

Yes. Santa loves referrals. I'd love to hear your thoughts on the current distribution landscape. And are there any new distribution platforms or models that you're particularly excited about?

SPEAKER_00 22:58

That is a great question. And it's something I spend a lot of time thinking about. I think it's exciting because if you consider that movies were, you know, historically a pretty gate-kept concept where you had to be able to get into a super high-level studio executive or a very high-level agent to get a certain actor or come from a family that did it or have an extreme amount of capital to be able to enter your way into it. Now distribution changing things, I think it kind of like democratizes the process. And studios still matter, but I do think that there will be new distribution formats that come up over the next couple years. I may have had some like secret meetings with people that I think are doing really cool ones. I think that there will be like new brands leading in the distribution space that are not the traditional distributors, and that those brands will also be doing theatrical releases alongside whatever digital platform they create or a pre-existing one that they choose to use.

SPEAKER_02 23:59

Very cool.

SPEAKER_00 23:59

It's kind of wild.

SPEAKER_02 24:00

Yes.

SPEAKER_00 24:01

Yeah.

SPEAKER_02 24:02

So something that a lot of people may not know is that you're a board member for the UN Council for Global Change. You know, I think film and global policy don't necessarily connect in everyday thought process, right? That's fair. What do you think films can do in that communication process that maybe a conversation cannot?

SPEAKER_00 24:29

Yeah. Great question. I started going to the UN to try to learn more about artificial intelligence, and I didn't expect to get actually involved. And then I was confused why they wanted me for a little while. But um, I think that there's actually a huge tie together because movies, you know, are basically just empathy machines for us to understand other humans and experiences that are different from our own. And so whether that's an impact-related movie or, you know, like a superhero movie that just inspires you to go and deal with your own daily life. I think positivity and good themes are super important, especially as the world is changing as rapidly as it is right now.

SPEAKER_02 25:09

Before we end, I want to ask you about one project. Last time I saw you, you were about to leave for a mission. Can you talk about this?

SPEAKER_00 25:20

I went on an incredible shoot with a friend named Lily who is directing a documentary on the animal testing space. It's more of an investigative thriller. And we were able to rescue around 2,000 beagles, which is incredible. And the testing facility got shut down for inhumane practices. So it's kind of a wild shoot because I don't know what I'm allowed to say about it, but the documentary will be out soon. And I'm very proud of the filmmaking team, not just for creating a documentary that I think will have major impact and, you know, do policy change, but also the rescue mission and the people involved in it that uh saved a lot of lives. There's great like footage out there of the Beagles living happy, safe lives now, which is really beautiful to see. And while I was on the shoot, you know, there were pretty intense emotional moments of like loss of hope. Is this impossible sort of thing?

unknown 26:20

Right.

SPEAKER_00 26:21

Yeah.

SPEAKER_02 26:21

I feel like that relates directly to the UN question, right? Like there really is so much policy change that can come from exploring these issues that we need to explore. Exactly. Um, thank you for mentioning that. The last question that we always ask our guests is why do you love what you do?

SPEAKER_00 26:39

I really love the power of storytelling. You know, if I'm struggling or having a bad day, I still like turn to movies as a way to feel better or get inspired or get out of my head. And that's what keeps me doing it is just how much I love it. Also, the art behind all of it, like one of my favorite things to do is just watch marathons of different directors and try and understand their styles, what makes them distinct, what themes are common reoccurrences in the same way that like people would study painters and try to understand them. So I think it's a really special art form.

SPEAKER_01 27:14

And for listeners that would like to get in touch or follow along, how should they find you?

SPEAKER_00 27:20

My Instagram is just my name, so Sienna Oberman. Thank you so much for being here.

SPEAKER_01 27:28

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