At Cannes, independent film firms show optimism as streamers stumble

Global film companies joined the streaming revolution to counter the threat posed by Netflix to traditional TV but are now facing a crowded market where subscriber competition is fierce

Michael Douglas poses for photographers upon arrival at the opening ceremony and the premiere of the film 'Jeanne du Barry' at the 76th international film festival, Cannes, southern France, Tuesday, May 16, 2023. (Photo by Vianney Le Caer/Invision/AP)

Independent film companies facing a market upended by the entry of streaming services are showing some optimism ahead of this year's Cannes Film Festival as the Netflix era flattens out and audiences start trickling back into cinemas post-pandemic.

While buyers are being cautious about purchasing volumes amid a shaky global economy, they are showing up at festivals and being active - a trend that Todd Brown, head of international acquisitions at US-based XYZ Films, said he expects to continue.