Mubi Takes Lukas Dhont’s ‘Coward’ for North America

Mubi, the arthouse streaming service, has made its largest acquisition of the year at Cannes, securing all rights to Lukas Dhont’s WWI drama Coward for North American distribution. This significant move follows a string of international deals for the film across several major markets.

The company has a history of identifying hidden gems at the festival and turning them into box office successes. For example, Demi Moore’s breakout film The Substance topped $17 million in US ticket sales two years ago. However, success stories like this are relatively rare – last year’s big buy, Lynne Ramsay’s Die My Love, starring Jennifer Lawrence and Robert Pattinson, earned only $5.5 million at the domestic box office.

Mubi’s commitment to art house cinema as a distinct genre sets it apart from larger streaming platforms like Netflix and Amazon Prime. While these companies focus on blockbuster franchises and prestige TV shows, Mubi prioritizes niche programming with a built-in audience. By targeting specific demographics and tastes, the platform has carved out a unique space for itself in the streaming wars.

However, this strategy also comes with significant financial risks. Big budget flops can be difficult to recover from, even for established studios – let alone an art house streamer like Mubi. The company’s decision to acquire Coward suggests it is willing to take on more substantial financial risk than ever before.

The film itself has generated buzz at Cannes due to its queer romance and anti-war themes. However, the real question is whether this type of content will resonate with mainstream audiences or if Mubi’s art house loyalists will be enough to carry the film to success.

With a budget reportedly in excess of $16 million, Coward is one of the most expensive European films of recent years. Can Mubi recoup its investment and then some, or will this be a costly misstep? The stakes are high, but one thing’s certain: the art house streaming space has just become more interesting.

Mubi’s bet on Coward speaks to a deeper truth about the state of cinema today – that even in an era of blockbuster franchises and streaming behemoths, there’s still a place for small-scale, art house storytelling. Whether or not Mubi succeeds in recouping its investment remains to be seen, but the outcome will have significant implications for the future of independent cinema.

Lukas Dhont and his team, who have generated buzz with their previous films Girl and Close, will be watching closely as Coward hits screens later this year. For Mubi, taking on more risk than ever before may also yield bigger rewards – but only time will tell if this gamble pays off.