Indie Film Sales Find Momentum as Sundance Gives Way to EFM

Matt Donnelly

7 February 2025 at 4:35 pm·3-min read

Independent films – especially ones made and acquired for movie theaters – need all the wins they can get these days, and “slow and steady” is the mantra emerging after a sleepy Sundance Film Festival.

While opening weekend of the January event is typically filled with buzzy stars and late-night bidding wars, this year was marked by unusual silence and reflection as the 41-year-old festival prepares to leave its longtime home in Park City, Utah. But the deals have been coming, the price tags make sense for respective buyers and there’s hope brimming up inside art house circles.

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The first and biggest splash was the $17 million check Neon wrote for “Together,” a wild body horror romp about a codependent couple played by real life spouses Alison Brie and Dave Franco. This was powered by stellar audience reception on the ground, and the box office and awards reception currently surrounding “The Substance” didn’t hurt, according to some insiders. “Together” had a Sunday premiere on opening weekend, and most buyers started heading to the airport in the hours after. But the deals ticked on.

The lush period piece “Train Dreams” went next, as Variety reported exclusively. Netflix scored the Joel Edgerton-Felicity Jones drama for $15 million-plus. Then Ben Whishaw’s acclaimed “Peter Hujar’s Day” went to Sideshow and Janus Films, followed by a fiercely competitive auction for Eva Victor’s outstanding debut “Sorry, Baby” (A24 nabbed it for $8 million). Hot doc “The Perfect Neighbor” also went to Netflix, and Variety told you first that Mubi took “Lurker,” Alex Russell’s riveting Hollywood satire.

“We’re really proud and excited with how it went on the ground and how it continues to go in our post-festival conversations. It’s a reason to be optimistic,” Deborah McIntosh, WME Independent co-head, said of this year’s market. McIntosh and her team (Will Maxfield on “Together,” specifically) have brokered nearly all the sales we’ve seen so far.

With Sundance in the rearview, four separate industry players speculated that pacing may have been the cause for the slow start to dealmaking. Some felt the programming choices for opening weekend caused a trickle effect, though festival insiders said they announced well in advance their intentions to screen big players into the following week. On the unscripted side, two separate and prolific indie buyers said all the major documentaries are carrying $10 million sticker prices — which makes for prolonged and complex negotiations, many over worldwide rights. The highest-profile film of Sundance 2025 — “Kiss of the Spiderwoman” — was universally praised for a knockout Jennifer Lopez performance. That movie, independently financed in the high $30 million range, also has some complexities in its structure. The creative team announced it will head to this month’s European Film Market to explore international sales territories.

Goal posts are constantly moving for buyers since the advent of streaming, increased M&A activity and massive disruptors like COVID-19 and the recent Hollywood labor strikes. McIntosh said to adapt is to survive.

“It’s definitely a new playing field. Production has upticked for some buyers after the strikes, mandates have shifted for others,” she said. “Old habits die hard and need reform, and that’s what we’re going to see play out over the next 18 months.”

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