This text highlights the decisions involved in budgeting and marketing European films. It looks at the origin, development, production, distribution, financing and profit of 13 European films, including such critical and popular successes as Tacones Lejones (High Heels) by Pedro Almodovar; Oci Ciornie (Dark Eyes) by Nikita Mikhalkov; Peter's Friends by Kenneth Branagh and La Discrete by Christian Vincent. Detailed financial data is reinforced by interviews with the producers of each film. The core of the analysis is based on the question Was this film made at the right price for the right market? . This report, conducted and presented by media consultants Bridge Media, was commissioned by the Ateliers du Cinema European (ACE) - a joint project of the Media Business School and Le Club des Producteurs Europeens - in September 1994. It should be essential reading for entertainment lawyers, accountants, policy makers, business journalists, consultants and, of course, producers.