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Because it's meant to toy around with conventions, and may or may not tell a story in the process. I mean, were this film just shot, I would have been bored out of my mind, but the fact that Linklater painted on the negatives after shooting made it more interesting.
The line between mainstream and indie is starting to become blurred. But I consider "Waking Life" to be a testament to what independent film represents.
This is not to say that there are not independent films that disguise themselves as art and don't tell a story. Have you seen "Memento"?
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