MUBI

Overview

MUBI is a London-based curated streaming platform, theatrical distributor, and film production company founded in 2007 by Efe Cakarel. Originally launched as The Auteurs, the platform rebranded as MUBI in 2010. The company operates in 190 territories with approximately 400 staff across 14 offices in the US, UK, Germany, Latin America, Benelux, and Turkey. MUBI reported 1.7 million subscribers at the end of Q1 2026, up from a pandemic-era peak of 1.44 million in spring 2025 and a low of 1.2 million in late 2025 following a PR controversy.

MUBI has evolved from a niche streaming service into a full-fledged studio involved in theatrical distribution, production, and international sales. The company was valued at approximately $1 billion in 2025, with Sequoia leading a $100 million investment round. MUBI's infrastructure costs are reportedly 70% lower than competitors who rely on third-party platforms, because the company built its own content delivery network, encoding tool chains, and streaming services from the ground up.

The company's growth trajectory has been significant: from 100,000 subscribers in 2016 to 20 million registered users in 190 territories by 2025. Cakarel has stated that MUBI can become "many times its current size" because the global audience for specialty films is "both substantial and underserved" and the company does not need to spend billions annually on mainstream content.

The Breakthrough: The Substance and Its Aftermath

MUBI's acquisition of Coralie Fargeat's The Substance for $12 million ahead of the 2024 Cannes Film Festival marked a turning point. Universal Pictures had dropped the film after Fargeat refused to recut it. MUBI acquired global rights and released it theatrically, grossing $77 million at the global box office (later reported as $83 to $84 million across all markets). The film earned five Academy Award nominations, with Demi Moore winning a Golden Globe. This was MUBI's first Oscar win and established the company as a serious competitor to A24 and Neon in the specialty distribution space.

However, not every acquisition has matched that success. MUBI acquired Lynne Ramsay's Die My Love starring Jennifer Lawrence and Robert Pattinson for $24 million, but the film grossed only $12 million worldwide ($5.5 million in the US). The company acknowledged the film performed better on its streaming platform than theatrically. In December 2025, MUBI downsized staff by approximately 12 roles and overhauled its content leadership, integrating The Match Factory fully into its operations.

Corporate Structure and Key Acquisitions

MUBI has built a vertically integrated distribution and production pipeline through strategic corporate acquisitions:

The Match Factory (acquired 2022): The Cologne-based sales agency ranks as one of the world's top international distribution banners. Founder Michael Weber now leads production at MUBI, and The Match Factory continues handling international sales in territories where MUBI does not distribute directly. The Match Factory still acquires third-party titles from leading filmmakers.

Cineart (majority stake acquired 2024): The Benelux distributor founded in 1975 by Eliane Dubois has offices in Amsterdam and Brussels. Cineart releases indie films in cinemas, on VOD, pay/free TV, and home video across the Benelux. Past Cineart releases include Slumdog Millionaire, The Artist, Amour, Son of Saul, The Worst Person in the World, The Whale, and The Zone of Interest.

Leadership restructuring (December 2025): Arianna Bocco, former IFC Films president, oversees all acquisitions and distribution globally as SVP of global distribution. Jason Ropell, former Amazon film chief who served as chief content officer since 2020, moved into a senior advisory role. The company streamlined into four content operations.

Direct Distribution Territories

MUBI has direct theatrical distribution operations in North America, the UK, Ireland, Italy, Spain, Germany, Turkey, Mexico, India, and Latin America. In territories where MUBI does not distribute directly, it partners with local distributors: Cinéart (Benelux), Filmladen (Austria), Filmcoopi (Switzerland), Cineplex (Colombia, Bolivia, Ecuador, Peru, Central America), Maco Cine (Argentina, Uruguay), Retrato Filmes (Brazil), and Madman Entertainment (Australia and New Zealand).

The company is also investing in physical exhibition. MUBI's first cinema is under construction in Mexico, with reports of a planned cinema in Los Angeles. MUBI also operates a publishing arm, a cinema-going app, and three podcasts.

Production and Co-Financing

MUBI has moved aggressively into production and co-financing. Kelly Reichardt's The Mastermind, starring Josh O'Connor, was MUBI's first full-finance picture. Other productions and co-productions include Jim Jarmusch's Father Mother Sister Brother (starring Adam Driver and Cate Blanchett, winner of the Golden Lion at Venice), Karim Ainouz's Rosebush Pruning, and Jane Schoenbrun's Teenage Sex and Death at Camp Miasma.

In 2025, MUBI struck a three-year co-production, financing, and distribution agreement with Our Films, the Rome-based company founded by Mario Gianani and Lorenzo Mieli (part of Mediawan). Under this pact, MUBI finances a slate of new projects while Our Films contributes additional equity. MUBI distributes the co-produced titles in key territories, and The Match Factory handles worldwide sales.

In 2026, MUBI secured a multi-year co-financing pact with Helsinki-based investment fund manager IPR.VC to bankroll prestige European auteur-driven films. The partnership kicks off with Pawel Pawlikowski's Fatherland and Felix Van Groeningen's Let Love In, both tipped for Cannes. IPR.VC, which has similar deals with A24 and MK2, becomes a strategic investor in future MUBI theatrical projects. The European Investment Fund committed EUR 25 million to IPR.VC's Fund III.

Notable Acquisitions and Releases

MUBI's recent and upcoming slate demonstrates the scale of its acquisition activity:

Previous high-profile multi-territory buys include Queer, Perfect Days, Fallen Leaves, Decision to Leave, Aftersun, The Worst Person in the World, and Priscilla.

What Filmmakers Should Know

MUBI is one of the most active buyers at Cannes, Venice, Berlin, Sundance, and Toronto. The company has the financial capacity to compete with A24 and Neon for high-profile international titles, with acquisition budgets ranging from mid-six figures for platform-only deals to $12 to $24 million for global all-rights acquisitions on competition titles.

For filmmakers whose work sits in the international arthouse category, MUBI offers a distinctive proposition: global streaming reach on a platform whose audience is specifically a high-engagement cinephile base, combined with theatrical distribution in key markets. MUBI's 1.7 million subscribers are disproportionately film-literate, internationally minded, and willing to engage with challenging or unconventional films. The platform generates higher quality engagement per viewer than higher-volume services with broader but shallower subscriber bases.

MUBI's deal structures vary by market and project. For global acquisitions, the company offers streaming rights across its territory footprint combined with theatrical commitment in markets where it distributes directly. For platform-only acquisitions, MUBI's curatorial reputation and subscriber base provide meaningful audience access. The company has stated it has double-digit profit margins, and its gross margins are reportedly significantly higher than those of larger streamers.

Filmmakers should note that MUBI's acquisition strategy has become more deliberate following the Die My Love box office underperformance and the late-2025 subscriber loss. The company remains financially committed to ambitious auteur cinema but is more selective in its spending. The IPR.VC partnership and Our Films pact indicate that MUBI is increasingly using co-financing structures to mitigate risk rather than relying solely on outright acquisitions.

Watch: Trailers and Interviews

See Also

For how curated streaming platforms compare to volume-based streamers in terms of audience quality and revenue, see Streaming vs Theatrical Revenue. To model the revenue structure of an international MUBI-style deal combining streaming and theatrical windows, use the Revenue Forecast Calculator. For how Minimum Guarantee structures work in distribution deals, see Distribution Deals Explained. For understanding how P&A recoupment affects filmmaker receipts on theatrical releases, see What Does a Distributor Keep?.