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Always bothers me when I see an AMAZING Indie film, then find out the budget was five million dollars. Yeah. Indie. I'm looking at you Taking Shelter.
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Indie means your financing doesn't come from any of the studios/media conglomerates. That's it. It has nothing to do with budget. Indie used to be a low-budget designation because filmmakers were lucky to raise a million in financing but with billionaires looking to buy an Oscar, foreign money and investment groups it's no longer true.