Los Angeles – At the beginning of “The Substance,” the “Body Terror” film starring Demi Moore and was nominated for five Oscars, Dennis Quaid grotesically consumes an endless amount of Cameroon while firing Moore’s character for the “crime” of turning 50. The shells fly and sweat accumulates in his upper lip while he gestures exaggeratedly with a crustacean swinging between his fingers.
It was this scene that convinced Efe Cakarel, the CEO of the Mubi art streaming service, which he needed to buy the audacious horror movie. The film had been abandoned by Universal Pictures after director Coralie Fargeat refused to reprint it according to executives’ tastes.
“That was incredibly unique,” said Cakarel. “This would be our first global acquisition. I’ve never been so right about anything. ”
What followed was a $ 12 million purchase of the film’s global rights, and a rare success story in the dark times of the Hollywood film industry. “The Substance” has raised more than $ 82 million worldwide and is competing for the best film and best director, with Moore as a favorite to win best actress this weekend at the Oscars. And that has catapulted Mubi, a company previously lost in the confusion of innocuous streaming services, for a true Player in Hollywood for the first time.
The company jumped with an unusual business model. Service subscribers, which starts at $ 14.99, receive a healed selection of independent films, from classics to new releases. Subscribers of a higher level, the $ 19.99 Mubi GO, also receive a weekly ticket for a cinema in the United States, the United Kingdom or Germany. The company, based in London and 400 employees worldwide, refused to reveal how many people pay for the service, but said 16 million people registered on the site.
“Somehow they have managed to do the impossible,” said Eric Fellner, producer of “The Substance,” on the Mubi. The company, he said, was able to attract “a large global audience to watch – which is not a small task these days – and still end with a premium work for its members.”
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For Cakarel, 48, a Turkish entrepreneur with an engineering degree from Massachusetts Institute of Technology and an MBA for Stanford University, this was the plan from the beginning.
He founded the company in 2007 – the same year Netflix began broadcasting movies and television shows – as a service to film lovers. The goal was to support the experience of going to the cinema and healing high quality movies in its service. Originally called Auturs, the platform started offering subscribers a new movie a day, with each movie staying on service for 30 days. But Cakarel didn’t just want any movie. He was only interested in the best films of the most acclaimed filmmakers.
“Mubi, since day 1, has always been very opinionate about cinema,” he said.
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It took years for any Hollywood studios to accept his idea.
“I went to a big studio and said, ‘These are the 32 titles I would like to get,” said Cakarel. “They said, ‘no, that’s not how this business works. If you are getting these titles, you also need to get these other titles. ‘
“They literally kicked me out of their offices,” he added.
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So, in 2015, both Sony and Paramount agreed to provide films for Mubi in its subscribers in Britain. In 2017, the company signed its first multi -and -multiterritorial streaming contract with Universal Pictures, giving Mubi international access to films from its catalog, such as “a serious man” by Joel and Ethan Coen; “I want to be John Malkovich” by Spike Jonze; Billy Wilder’s “Blood Pact”; and some films by Alfred Hitchcock.
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In 2016, the company started distributing movies in cinemas in selected markets, increasing in 2022 with films such as Charlotte Wells, which released in Britain, Latin America and Germany, and Sofia Coppola, which launched into the same territories.
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In 2022, Cakarel said he spent an “irrational amount” to acquire the rights of exhibition in US and UK theaters for “decision to leave” by Park Chan-Wook, who became the largest box office film in the United States. Its feature “The Needle Girl” is one of the nominees in the gym’s best international film category.
“It has been about constant and incremental growth over time,” said Jason Ropell, Mubi’s content director. “Hire the right people. Raise money. All of this happened in an incremental way. We were ready when this opportunity came. ”
The opportunity to invest in “The Substance” came after Universal Pictures told Fargeat that it would not release the film in its current form, which had been under development for almost five years, but was allowed to offer it elsewhere.
“No one was answering my calls anymore,” she said at the Santa Barbara International Film Festival this month. “Everyone thought my movie was dead.”
But she inscribed the movie at the Cannes Film Festival, which accepted it for her 2024 competition.
Cakarel had been following Fargeat’s work after her 2017 movie, “Revenge”, performs well with the Mubi audience. While on vacation in Vietnam, he saw the announcement of Cannes programming; contacted Working Title, the producers of the film; And days later I was sitting in a London screening room watching the movie.
“I left the screening room and was punching the walls of such excitement,” he said. “I hadn’t seen anything like this for a long time.”
Cakarel surpassed the competition of Independent Distributor Neon and bought the world’s “The Substance” worldwide before the debut in Cannes. The movie has since reached heights that perhaps only Fargeat found it possible.
When Moore won the Best Actress Award at SAG Awards on Sunday, she thanked Cakarel. “I think, as a result of the reception of this movie, other original and bold films will be made,” said Cakarel.
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