Mubi Makes Its Move: Boutique Streamer Goes Global in Buying Blitz

Mubi emerges from a boutique streaming platform known for its curated programming to a global player in distribution. With a recent $100 million investment from Sequoia Capital, a $24 million acquisition at Cannes, and territorial rights to nearly half of the Competition films at this year’s Cannes, Mubi is no longer just a curator—it’s a contender. But its high-stakes strategy raises a question familiar to all ambitious distributors: can prestige scale without financial unraveling?

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Mubi’s Global Buying Spree at Cannes

The mood among sales agents at Cannes this year was measured at best, and even a $24 million multi-territory sale for “Die, My Love,” starring Jennifer Lawrence and Robert Pattinson, only served to underscore how few major deals were made, especially those involving US rights.

At the outset of Cannes, half of the Competition slate—11 out of 22 films—remained without a buyer in either North America or the UK and Ireland. Into that vacuum stepped Mubi, executing the most aggressive acquisition strategy of any distributor at the festival. By the close of the event, Mubi had secured rights to at least nine of the 22 Competition titles, often across multiple key territories.

This targeted dominance wasn’t just a land grab—it was a calculated stress test. Mubi flooded a soft buying market with aggressive bids to seize control of Cannes’ prestige narrative and prove its acquisition model could scale across international regions. These weren’t opportunistic pickups; they were premeditated moves designed to lock in prestige titles early, build an award-season pipeline, and expand its content portfolio across theatrical and streaming platforms.

Yet what plays well on the Croisette often struggles to resonate beyond cinephile circles, making this a high-visibility gamble—one that bets branding and critical cachet can translate into long-term commercial value. However, even the most tepid response from audiences should prove Mubi’s big bet on a Lawrence/ Pattinson film a success.

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Expanding the Brand: How Mubi is Becoming a Global Distributor

Mubi’s transformation from a niche streaming service to a vertically integrated distributor began several years ago but reached an inflection point in 2024. With the global success of “The Substance,” Mubi proved it could generate awards attention and box office returns. This success provided the runway to ramp up acquisitions and production partnerships.

Many award-winning films still present acquisition opportunities for local buyers—something that’s increasingly rare in the world of scripted television. In the case of “The Substance,” for example, key third-party distributors were still able to acquire rights for their own platforms in specific territories despite the film’s global spotlight.

Unlike larger platforms that prioritize volume, Mubi focuses on cultural cachet. Each acquisition is carefully curated to align with the brand’s auteur-driven identity. But this approach is expensive, and Mubi’s business model now depends on recoupment across a constellation of windows—festival hype, theatrical releases, VOD monetization, and long-tail SVOD value.

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Notable Mubi Cannes 2025 Acquisitions

• “Die, My Love” – Acquired for a reported $24 million, Mubi took rights for North America, UK-Ireland, Latin America, Germany, Austria, Switzerland, Italy, Spain, Benelux, Turkey, India, Australia, and New Zealand.
• “The History of Sound” (North America)
• “The Secret Agent” (UK-Ireland, Latin America excl. Brazil, India)
• “Sound of Falling” (North America, UK-Ireland, Turkey, India)
• “Sentimental Value” (UK-Ireland, Latin America, India, Turkey)
• “Alpha” (Latin America, India)
• “Sirât” (Italy, Turkey, India)

Additional distributors for “Die, My Love” at Cannes included NonStop Entertainment for the Nordics; GPI for the Baltics; Provzglyad-Vesta for the CIS; Golden Scene for Hong Kong; Falcon Films for Indonesia; Forum Film for Israel; The Klockworx for Japan; Italia Films for the Middle East; FilmBridge for Mongolia; Pioneer Films for the Philippines; Vision Film for Poland; NOS Audiovisuais for Portugal; and KCS for Serbia, Croatia, and Montenegro.

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Discover What Streaming Services Pay to License Films and Shows

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Fuel for Expansion—$100 Million in Fresh Capital

In May, it was announced that Mubi had secured a $100 million investment from Sequoia Capital following a valuation of over $1 billion. While this influx of cash expands its capacity to compete with Neon, A24, and even major studios in key markets, it also adds pressure to justify ballooning acquisition costs.

The $24 million spent on “Die, My Love”—a record for a specialty distributor—might deliver long-term value through theatrical, SVOD, and awards monetization, but it must outperform across multiple territories and platforms to justify the bet. In a market where recoupment windows are stretching and theatrical margins remain unstable, even one massive misfire could destabilize the entire slate.

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Territory by Territory: Assembling a Global Slate

Mubi rarely takes global rights. Instead, it strategically layers territorial acquisitions based on market strength. For “The Secret Agent,” for example, Mubi acquired the UK-Ireland, India, and parts of Latin America, while Neon claimed North America, and Vitrine Films secured Brazil.

This approach lowers risk, maintains regional flexibility, and increases the likelihood of localized box office or SVOD success. It also signals a shift in dealmaking behavior: rather than chase global exclusivity, Mubi is carving out targeted value by aggregating audiences across markets.

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Challenges Ahead: Capacity, Curation, and Competition

While Mubi’s strategy is sound in theory, scaling a prestige model is notoriously tricky and, in a rapidly declining theatrical market, near impossible. Every new acquisition requires not only capital but marketing resources, festival logistics, and theatrical rollout planning across multiple regions. With Cannes, Venice, and Toronto campaigns overlapping, maintaining momentum without oversaturation could become increasingly complex.

Mubi and Neon are emerging as the most aggressive players in the prestige and art house film space. While major studios scale back, these two distributors have built loyal followings by focusing on bold, auteur-driven films with festival pedigree. Their curated approach allows them to punch above their weight, shaping awards conversations and mounting strategic theatrical runs with a fraction of the overhead.

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Original Production: Prestige or Peril?

Mubi’s expansion into original production signals that it is angling to shape the next generation of arthouse auteurs, marking a bold but risky pivot. Recent projects—like Kelly Reichardt’s “Mastermind” and continued collaborations with auteurs like Lynne Ramsay—suggest a deeper push into prestige filmmaking. While these titles bolster brand identity and valuation, history shows that in-house production can quickly unravel a distributor’s balance sheet. In a market fueled by fresh capital but constrained by thin margins, even a single misstep could prove costly.

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FilmTake Away: Testing the Limits of Prestige Profitability

Mubi’s current trajectory proves that it is no longer a minor player in the independent film market. Its presence at Cannes, its high-stakes bidding, and its $100 million investment signal a new phase for the platform: one where strategic territorial rights, auteur-driven branding, and expanded capital investment combine to challenge even the most entrenched competitors.

One big bet could trigger a chain reaction—especially as production costs, marketing expenses, and subscriber acquisition grow more expensive. Still, if Mubi can strike a balance between ambition and restraint, and cultural cachet and commercial discipline, it could emerge as the most financially viable prestige player in the global market.

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