A hallmark of every Sundance Film Festival is the freezing temperatures, trudging through the snow and ice of Park City. But at the 2025 iteration of the festival, that bone-chilling weather has extended to the market, resulting in an unprecedented cold streak.
Six days in, only one film has been sold: Neon picked up the Alison Brie/Dave Franco body horror “Together” on Tuesday, following its rowdy debut Monday night at the Eccles.
“Together” generated the festival’s first real bidding war, as Neon ultimately won out over A24 and Mubi with a low eight-figure offer said to be north of $10 million. The buzz around the film, which stars and is produced by real-life married couple Franco and Brie, offered a brief reminder of the kind of heated market activity that used to be commonplace at Sundance.
But beyond that? Zilch. And it’s got the industry nervous.
Are the movies not good? Are buyers too wary? Why is it so quiet? Industry insiders stressed that the slower pace of dealmaking is a reflection of a new normal, as buyers and filmmakers take a more measured approach; still, at least one insider singled out this year’s more muted lineup as a reason for the drought. Add in lackluster box office for films that were picked up at last year’s Sundance and caution is the name of the game.
Buyers are “disappointed with the movies and lineup,” according to one Sundance insider, and feel this year’s selection is “super indie” – perhaps too niche to achieve broad commercial appeal.
Reception to the films has been solid, but there is no breakaway you-must-see-this-now title like in festivals past. No “Beasts of the Southern Wild” or “Fruitvale Station,” and no hot ticket from a beloved director like Richard Linklater or Steven Soderbergh. “Together” had a noisy reception from its premiere audience, but that’s par for the course when it comes to graphic titles in the Midnight section of the festival.
By this time last year, Searchlight Pictures had already nabbed “A Real Pain” for $10 million and Netflix had plopped down $17 million for the horror pic “It’s What’s Inside” and bought the doc “Ibelin.” More deals followed, of course, but big blockbuster success did not.
Josh Margolin’s “Thelma” topped the 2024 Sundance class with $9 million at the domestic box office from a maximum of 1,290 theaters. “A Real Pain,” starring awards season favorite Kieran Culkin, followed with $8.2 million, while A24’s “Love Lies Bleeding” managed a similar $8.3 million last summer and Amazon MGM’s “My Old Ass” — which they acquired for $15 million — managed just $5.4 million.
These moderate returns, coupled with ongoing concerns about the theatrical market for independent films, have made buyers more cautious with their checkbooks.
Another Sundance insider blamed the shortage of deals on a different approach to programming, explaining that this year’s festival put more acquisition titles later in the festival and opened with more films that already had distribution. Hulu’s “Sly Lives!,” the HBO docuseries “Pee-wee as Himself” and A24’s “If I Had Legs I’d Kick You” premiered early in the fest, but so did plenty of acquisition titles like the John Lithgow/Olivia Colman drama “Jimpa” and Dylan O’Brien-fronted dark comedy “Twinless,” and those films remain unsold despite receiving positive reviews.
And where are the streamers? Netflix made big pickups early in the fest last year, and at Wednesday’s “Next at Netflix” event, Chief Content Officer Bela Bajaria insisted the company’s teams were actively engaging at the festival. “When there’s something great, we’re going to buy it,” Bajaria said, noting that teams were “watching everything” and that “there are still lots of conversations continuing.”
There may be movement on the horizon. Insiders tell TheWrap that both “Twinless” and Eva Victor’s well-reviewed directorial debut “Sorry, Baby” are currently in sales discussions with potential buyers.
According to Julien Levesque, an agent in Gersh’s film finance group, patience may be key to understanding this year’s market.
“Hopes for a dealmaking frenzy are always high, but many more deals are coming together later in the festival and in the days that follow,” Levesque said. “Buyers have become much more methodical and strategic with what they acquire and how they acquire. The decision-making process has become more democratized with fewer ‘in-the-moment’ buys.”
Levesque noted that it’s common now for people on the ground to share their recommendations up the chain of command, where larger groups will discuss and ultimately make a strategic decision. “The deals are coming slower, but they are coming,” he said.
With several days left in the festival, there’s still time for the market to heat up. But for now, Park City’s signature winter chill seems to have settled into the dealmaking landscape as well.
Jeremy Fuster and Loree Seitz contributed to this report.