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Netflix Takes 'In Waves' Global Rights at Cannes for Undisclosed Sum
First major acquisition signals streaming strategy shift toward festival prestige content.
Voyage Edge deskVoyage Edge · Huang GoodmanSource: MSN Movies ↗
In plain words
Netflix's first major Cannes buy in seven years signals renewed interest in festival animation as awards-eligible library content.
2025
restructuring of its film unit
2019
which subsequently earned an Academy Award nomination
2018
after the festival implemented rules requiring theatrical releases in…
Netflix acquired worldwide rights excluding France to animated feature *In Waves* out of the 2026 Cannes Film Festival Critics Week, marking the platform's first significant marketplace transaction this cycle. Terms were not disclosed. The film, adapted from AJ Dungo's graphic novel, opened the Critics Week sidebar May 14.
The deal gives Netflix control of theatrical and streaming distribution across 195 territories. France remains with the original rights holders under pre-existing agreements tied to local windowing requirements. The acquisition follows Netflix's 2025 restructuring of its film unit, which consolidated acquisitions under a single executive reporting directly to film chief Scott Stuber's successor. *In Waves* is the first animated property Netflix has taken from Cannes since *I Lost My Body* in 2019, which subsequently earned an Academy Award nomination.
The move carries weight beyond the single title. Netflix withdrew from Cannes competition in 2018 after the festival implemented rules requiring theatrical releases in France for competition entries. Since then, the platform has operated exclusively in the market sidebar and acquisitions track. This purchase suggests Netflix is treating Cannes not as a publicity staging ground but as a commercial hunting ground for properties with awards runway and library longevity. Animation carries specific value: it travels without dubbing in international markets and holds replay value with family demographics that churn less than drama audiences. The platform's animation slate has underperformed in awards cycles relative to live-action—only two nominations in the last three years versus eleven for traditional studios.
Operators should note three follow-on events. First, Netflix will likely announce a theatrical window strategy for *In Waves* within six weeks, testing whether limited releases can satisfy festival commitments without triggering French windowing penalties. Second, watch whether competitors Amazon MGM or Apple increase acquisitions spend at Cannes's Marché du Film, which closes May 23. Both have been quieter than expected given their 2025 spending levels. Third, the deal may pressure independent distributors who rely on animation presales to cover production costs; if streamers start acquiring before films reach market, that pre-financing model compresses.
Netflix's next Cannes acquisition will clarify whether *In Waves* represents opportunism or pattern.
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