Cannes film market abuzz with multi-million dollar acquisitions

The Cannes Film Festival’s film market, the Marché du Film, is considered the world’s largest and most influential commercial hub for cinema. Running alongside the 79th Cannes Film Festival, the market surged in its closing days with several high-profile acquisition deals reshaping the international cinema landscape.

Netflix secured the rights to the French animated film “In Waves” on May 19. It marks the streaming giant’s first major deal of this year’s festival. According to The Hollywood Reporter, the acquisition came after intense competition among several major companies. The deal is reported to have been concluded for around five million US dollars, though no official figure has been confirmed.

Directed by Phuong Mai Nguyen, “In Waves” opened the Critics’ Week section and quickly became one of the most discussed titles at this year’s festival. Set in Los Angeles, the film follows a shy teenager named AJ, fond of skateboarding and drawing, who falls in love with a vivacious surfer girl called Kristen. Their plans for the future are upended when Kristen is diagnosed with a grave illness.

Production company A24 delivered the market’s biggest surprise earlier, paying 17 million dollars for Jordan Firstman’s “Club Kid”. Amazon also entered the fray, picking up “Pumping Black”, a psychological thriller directed by Mimi Cave and starring Jonathan Bailey and Natalie Portman.

Warner Bros’ new division Clockworks is in final talks to acquire “The Brigands of Rattlecreek”, the upcoming film from South Korean director Park Chan-wook, who is presiding over this year’s main competition jury. The film features Matthew McConaughey, Austin Butler, Pedro Pascal and Tang Wei.

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