Independent Film Companies Optimistic While Streamers Struggle At Cannes

CANNES: As the Netflix period has begun to flatten out and post-pandemic audiences begin trickling back into theatres, independent film studios, confronting a market upended by the advent of streaming services, are displaying some optimism heading into this year's Cannes Film Festival.

Amid a troubled global economy, buyers are being careful about their amount of purchases, but Todd Brown, head of international acquisitions at U.S.-based XYZ Films, said he expects this trend to continue. Buyers are also attending festivals and being active.

The world's greatest festival for buying and selling movie rights, Cannes may be in the news for its glamour and glamour, but its significance to the business is unmatched.

At the market, which hosts about 4,000 films and projects and attracts 12,500 industry professionals involved in purchasing, selling, or producing films in some capacity, agreements worth hundreds of millions of dollars are made.

According to Laura Wilson, head of acquisitions at British-based Altitude Films, the market is fairly competitive this year, with the exception of a small number of films that will succeed no matter what.

It doesn't feel like a buyers' or sellers' market," she said.

Both Brown and Wilson claimed they were placing their bets on moviegoers going back to the theatre."Ultimately, we are optimistic about theatrical," said Wilson.

This month, the world's largest movie theatre chain operator AMC Entertainment Holdings Inc. released positive quarterly results helped by "The Super Mario Bros. Movie," and it predicted that "The Little Mermaid," "Guardians of the Galaxy Vol. 3," and "Spider-Man: Across the Spider-Verse" would generate box office revenue for the remainder of the year.

The CEO of Los Angeles-based The Exchange, Brian O'Shea, did not find the data to be very encouraging.

"The box office that is beneficial to independent film is depressed" as it is primarily older viewers, who wanted to avoid getting sick during the coronavirus pandemic, and have become used to watching movies from the comfort of home, he said.

"It's a transitional time on the business side as the traditional business model that independent buyers use sees lessened value," said O'Shea.

However, Apple Inc. will premiere Martin Scorsese's "Killers of the Flower Moon" starring Leonardo DiCaprio at Cannes and has partnered with Paramount to release the film in theatres before it streams globally in October. This is one indication that streamers are focusing more on cinema in an effort to stand out from the competition.

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