Inside the Turf War: A24, Neon, and Mubi Compete for the Cool Kids’ Crown!

After the Cannes Film Festival debut of Die My Love, stars like Jennifer Lawrence and Robert Pattinson gathered for a lively afterparty. Among the guests—Joaquin Phoenix, Charli XCX, and Dakota Johnson—Jason Ropell, Mubi’s chief content officer, was focused on his phone at the bar.

Mubi has emerged as a major player in indie film. Just recently, they bagged Die My Love in a $24 million deal. This comes on the heels of a $1 billion valuation and $100 million in funding from Sequoia, a leading private equity firm. With this festival marking its global ascent, Mubi also financed Kelly Reichardt’s The Mastermind, a heist film set in the ’70s.

A year ago, Mubi picked up The Substance, a horror film originally dropped by Universal, for $12 million. The gamble paid off—The Substance grossed $17 million and snagged five Oscar nominations, including Best Picture. A U.S. agent summed it up: “One hit gets you in the door for everything else.”

Mubi is now competing closely with A24 and Neon for festival titles. Although they often vie for the same projects, insiders say each has a distinct path in indie cinema. Mubi aims for a global reach, Neon focuses on high-profile curations, and A24 blends indie flair with mainstream appeal.

Neon struck gold with Jafar Panahi’s It Was Just an Accident, capturing more awards contenders this year. Past successes like Parasite and Anora illustrate Neon’s knack for converting festival buzz into box office success. However, their recent films, including Ferrari and Origin, didn’t perform as well.

A24, on the other hand, has shifted its strategy toward in-house productions, with a $3.5 billion valuation following a significant funding round. While A24 is known for its unique touch, some wonder if their recent commercial focus could dilute their indie roots. Films like Opus and Legend of Ochi underperformed, raising questions.

Despite competition among these giants, there remains a promising space for all. A sales agent noted, “The indie market needs more than one strong buyer.” With each company rendering its unique approach to acquiring films and engaging audiences, they collectively enrich indie cinema.

Mubi is especially keen on cultivating a global audience, often targeting the passionate film community. They’ve even sponsored a small “microcinema” in Los Angeles, showing their commitment to the indie film experience.

While the landscape of indie film evolves, there’s hope for collaboration and growth. As these companies keep pushing boundaries, the future looks bright for independent cinema.

For further insights into Mubi’s strategies and industry impact, check out this detailed report from The Hollywood Reporter.

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