Netflix closes two Cannes acquisitions in $30M combined outlay, signals European prestige push

Netflix secured U.S. distribution rights to Spanish-language drama *La Bola Negra* and worldwide rights to animated feature *In Waves* in back-to-back Cannes deals totaling an estimated $30 million combined. The streamer outbid A24, Focus Features, and Sony Pictures Classics for *La Bola Negra* after its 20-minute standing ovation in the Un Certain Regard section. *In Waves*, directed by Franco-Vietnamese filmmaker Phuong Mai Nguyen, became the first animated film in Cannes' 77-year history to open any competitive section when it premiered Opening Night in Directors' Fortnight.

The *La Bola Negra* transaction closed at roughly $18 million for North American rights only, leaving international territories open for secondary deals. The film centers on a retired jai alai player in coastal Spain; shooting wrapped in February with a €4.2 million budget co-financed by RTVE and Movistar Plus+. Netflix moved within 72 hours of the premiere screening, a pace that indicates pre-festival positioning talks. *In Waves* commanded approximately $12 million for global rights excluding China, where distribution remains frozen for all U.S. streamers. The animation runs 89 minutes and follows a Vietnamese family across three generations; production took four years with backing from Arte France and the CNC.

The dual acquisition marks Netflix's most aggressive Cannes play since 2021, when the platform paid $28 million for *The Hand of God* and returned to the festival after a three-year boycott over France's theatrical window rules. The timing coincides with Netflix's European originals budget increasing 22% year-over-year to $1.1 billion in fiscal 2024, per company filings. Spanish-language content now represents 14% of Netflix's total European slate, up from 9% in 2022. The *La Bola Negra* deal specifically targets U.S. Hispanic households, which account for 31% of Netflix's domestic subscriber growth in Q1 2025.

For luxury hospitality and family-office media allocators, the operational detail is Netflix's shift toward festival-validated projects with defined cultural provenance rather than algorithm-optimized commissioning. The *In Waves* acquisition disrupts the traditional animation distribution model where Disney, Universal, and Sony hold 89% market share globally. A Netflix-distributed animation with Cannes pedigree creates a new comp for heritage studios negotiating filmmaker deals. The *La Bola Negra* structure—U.S. rights only—suggests Netflix tested international pre-sales interest before committing, a hedge against the $47 million write-down the company took on Cannes 2023 acquisition *Anatomy of a Fall* in territories outside France and the U.S.

Operators should track whether Netflix commits to theatrical releases in France for either title to satisfy the 15-month streaming window, a requirement that previously kept the company out of Cannes competition slots. The platform's European originals chief will likely announce additional Cannes acquisitions before the festival closes May 24, based on six remaining titles in Un Certain Regard that fit the Spanish-language and auteur-driven profile. Family offices with exposure to European production financing vehicles should note that both acquired films carried pre-sales to Arte France, a model that de-risks Netflix's acquisition cost by 30-40% compared to commissioning.

The *In Waves* deal establishes a $135-per-minute valuation for Cannes-premiered animation, a figure that will recalibrate pitch decks for the 180+ animated features currently in European development with festival ambitions.