“It’s more of a gamble than an investment,” say Spanish buyers of acquiring indie films

As Mubi prepares to enter Spain’s theatrical distribution sector with the release of Kelly Reichardt’s The Mastermind on October 31, the challenge of securing audiences for independent films in Spain is increasing, say the country’s distributors.

They are preparing to gather together for MERCI – the Independent Cinema Market, taking place October 29-31 in Spain this week. 

MERCI  is jointly organised by Valladolid International Film Week (Seminci) and ADICINE (the Association of Independent Spanish Distributors). 

“The box office for independent cinema in Spain isn’t growing, but there are a lot of distribution companies, so competition for the most sought-after titles is intense and prices rise,” says Alex Lafuente, producer, distributor and co-founder of BTeam Pictures.

He believes international sales agents tend to have a more optimistic perception of the Spanish market than reality suggests. 

“There are also many potential platforms for the first- SVoD window, so the impression is that we can take greater risks.”

As in most other international markets, it is either boom or bust for indie titles at Spanish cinemas. 

“We’ve all noticed a film either performs extremely well or very poorly, there’s rarely any middle ground,” says Enrique Costa, head of distribution and co-founder of Elastica Films. 

“The level of risk feels higher, more of a gamble than an investment. And with so many releases each week –around 14 to 16 on average – films rarely have the chance to flourish.”

MERCI aims to help films create the vital cut-through to audiences. Each distribution company has the opportunity to screen two films, present marketing materials, and receive feedback from exhibitors as well as TV and platform buyers.

“Choosing the right release date is becoming increasingly important,” says Lafuente. “The theatrical marketing campaign is crucial. Large-scale campaigns are short-lived, and with today’s avalanche of content, audience attention is easily lost. We find that with targeted in-cinema marketing, every Euro feels well spent.”

Cannes and Venice competition titles remain the safest bets for acquisitions. 

Cannes 2024 breakout The Substance was released in Spain in October 2024 by Elastica and Filmin. It grossed $3.6m (€3.1m), according to Box Office Mojo, making Spain the third-highest-grossing territory in Europe after the UK and France. “It is, without doubt, our most successful release of 2024–2025,” says Elastica’s Costa.

Also from Cannes was Emilia Perez, co-distributed by Elastica and Wanda Vision, which grossed $1.9m (€1.6m).

For 2025–2026, Elastica Films has five Cannes 2025 competition titles, all acquired before the festival screened a single frame. Sentimental Value, Nouvelle Vague, The Secret Agent (co-distributed in Spain with La Aventura Cine), Sound Of Falling, and The Love That Remains.

Elastica also produced and distributed Carla Simón’s Romería, which it released in Spain on September 5. “Romería has been a great success, opening the season for our Cannes 2025 slate,” says Costa. 

As of mid-October, Simón’s film has grossed $2m (€1.7m). Her previous feature, Golden Bear winner Alcarràs, released in 2022, took $2.6m (€2.2m) in Spain.

Cannes competition pickups are also working out well for BTeam Pictures. The company acquired Paolo Sorrentino’s Parthenope and the December 2024 release performed  “above expectations” with a gross of $742,037, according to Lafuente.  “It sold around 150,000 tickets — we would have been satisfied with 100,000,” he adds. 

BTeam’s best performer this year to date is French-Spanish director Oliver Laxe’s Sirât, which premiered in Cannes 2025 and now represents Spain in the best international feature Oscar category.  Released in June, BTeam had to increase the initial 183 screens to 217 in the second week. The film has already grossed $3.3m (€2.86m) in Spain and is also a box-office success in France.

It is the second-highest-grossing release this year by an indie distributor after DeAPlaneta’s grossed $7.3m following its December 20, 2024 release. 

“I believe the growth of Spanish independent cinema at the box office is starting to occupy part of the space traditionally held by European films from other territories,” reflects Lafuente. “Ideally, both could grow together, but unfortunately, I don’t think that is the case — the number of adult cinema-goers is what it is.”

However, even a Cannes title with good reviews can struggle. BTeam Pictures acknowledges The Seed Of The Sacred Fig  “underperformed” in Spain, grossing $161,005 following its release in January

Jafar Panahi’s Palme d’Or-winning It Was Just An Accident is another Iranian drama looking to connect with Spanish audiences.  Released by La Aventura Cine on October 17, it has so far grossed €84,589, and the jury remains out on its long-term box-office prospects.

“Predicting what will perform best is virtually impossible,” says Jaume Ripoll, co-founder of the Spanish streaming platform Filmin, which is also active in theatrical distribution. “Returns are limited. It’s rare to have consecutive successes like Anatomy Of A Fall, Past Lives, The Zone Of Interest and Fallen Leaves, all of which worked well in Spain in 2023–2024.”

From last year’s festival circuit, The Brutalist with $3.8m (€3.3m) via Universal Pictures International and Conclave, with $5.9m (€5m) via DeAPlaneta, rank among Spain’s best-performing independent films of the year.  Oscar-winning Latvian animation Flow, distributed by Adso Films and Filmin, also performed strongly in Spain, grossing $2m (€1.7m).

“The major studios are also handling auteur titles,” notes Filmin’s Ripoll, which adds another layer to Spain’s theatrical distribution landscape.

Overall, Spain’s indie distributors are taking it as a good sign that Mubi sees an opportunity in the Spanish market. 

“Mubi’s decision to enter the Spanish market as a distributor reflects their confidence in [the market’s] good health,” says Costa. “They have the advantage of also operating as a sales company and buying across multiple territories. 

“This means we’ll have to up our game.” 

Mubi’s Spanish theatrical activities will be headed by Gabriele D’Andrea who is also overseeing Mubi’s move into Italian distribution. 

• Why José Luis Cienfuegos is putting young audiences at the heart of Valladolid festival week