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Cannes Market Heats Up After Netflix, Apple Strike Big Deals

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variety.com

Cannes Film Festival that the pace of deals was almost as glacial as the amount of time it takes to get your check at a restaurant in the south of France.But then, sacré bleu, Netflix struck, shelling out more than $50 million for the rights to “Pain Hustlers,” a conspiracy thriller that unites Emily Blunt with Harry Potter director David Yates, and the move has started to accelerate deal-making up and down the Croisette.This year’s market has been a litmus test for film sales as the U.S.

and key international markets emerge from the worst of the pandemic. Many buyers have hoped for a correction, one that sees prices cool down, with more opportunities for international distributors who are still smarting from eye-watering global streaming buys during the COVID crisis.

Domestic consolidation has also thrown up all sorts of questions as to how active streamers might be in Cannes. But despite Netflix’s choppy quarter, the “Pain Hustlers” pact was a sign that the streaming giant, which has suffered a stock free fall and been forced to enact layoffs and cutbacks, will still spend big when it feels it’s warranted.“[Netflix’s] content budget is big, for this year and next year,” says Jason Ishikawa, senior executive at Cinetic Media. “Their reaction to the stock market affects a lot of different things, but the reality is, there’s been no signifier that they’ll rapidly scale down.

They’re buying.”In another global deal, Apple also picked up worldwide rights on the Riz Ahmed and Jessie Buckley drama “Fingernails,” which was being sold internationally by FilmNation, with U.S.

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