Other Takeaways: Europe embraces equity, a gem from Carla Simón, and international’s building industry pains
Blessed by warm but hardly sweltering late summer sun — and no typical Basque txirimiri drizzle so common to other editions — the 74th San Sebastián also marks the last under festival director José Luis Rebordinos, who since 2011 has brought stability, sponsors, industry build and a close relationship to Cannes.
Fittingly enough, the hallmark of this year’s 74th edition is a phenomenon which Rebordinos has contributed significantly to – the build of Spain’s film and TV industry.
Just before San Sebastián, Los Javis “La Bola Negra” won the TIFF People’s Choice Award, boosting no end its status in the Oscars race. During San Sebastián, Spain scored five nominations for the International Emmy Awards and the Spain Film Commission announced that Spanish film and TV production hit an all-time high of €5.68 billion ($6.6 billion) in 2025.
Brad Pitt Seduces San Sebastián, Jesse Eisenberg Endearingly Self-Deprecating
Brad Pitt spent an hour-and-a-half signing autographs and taking selfies and waxed lyrical on the performance of co-star Uber, a dog at his press conference, as David Ayer’s “The Heart of the Beast” produced by Plan B, proved one of the most popular at the festival, with critics and audiences alike. A typically self-deprecating Jesse Eisenberg said Jeremy Strong will be “amazing” playing Mark Zuckerberg in Aaron Sorkin’s “The Social Network” sequel. Los Javis came saw and conquered with “La Bola Negra,” with Oscar Buzz fuelled by its TIFF People’s Choice Award. They were also presented by Thierry Frémaux with a copy of their Cannes best director award so that both had an trophy.
Most well-received films in San Sebastián’s main competition, at least from international critics, take in Yesim Ustaoglu’s Turkish road movie “What Remains,” Japanese Novelist Maha Harada’s debut feature “In My Father’s Room,” Victoria Luengo starrer “Saints” and “Border.” Mike Leigh’s “Tender Loving Care” already tops Spanish reviewers’ poll in El Diario Vasco. So it might not be a surprise if he scores what would be a highly sentimental prize for his final film, or for Julianne Moore to build on her Toronto buzz for “The Debut,” also a hit with local scribes.
Yes, San Sebastián conversation turned on what the explosive breakout of “Obsession” and “Backrooms” really meant for the U.S. or world industry. It is not a quick fix, however, for international’s multiplying woes. San Sebastián coincided with a Variety news report that France of all places, the bastion of world arthouse cinema, is “in shambles.” And that merely seven months before a fateful presidential election which has the far right leading polls.” In Brazil, despite boffo B.O. for “‘I’m Still Here” and “The Secret Agent,” “a lot of other Brazilian films make 10,000 admissions in theaters. And that kills the film.” In South Korea, “the number of films and revenues, everything’s shrinking, financiers are really struggling to invest money,” Heejeon Kim at Barunson C&C also said at the Creative Investors Conference. And France, South Korea and Brazil regarded as three of the strongest industry drivers in in the world.
With public funding stretched, European producers are turning to private equity, and The Marché du Film – Festival de Cannes is trying to give private investment in cinema more structure. In a first-time partnership, with San Sebastian’s Creative Investors’ Conference, its Investors Circle brought four investors for organised closed-door sessions with experts, running alongside the conference. “There’s for sure more demand on the investment side, and it’s because it’s getting harder and harder to finance films with public money, especially second, third and fourth features,” said Alexandra Zakharchenko, the Marché’s head of industry programs. Too many investors still confuse grants with equity, she argued: “Equity is not for every film. There has to be commercial viability and a clear path to recoupment.” The biggest lesson? “It became even more clear to me than ever how much it’s a human-driven business. It’s about trust.”
Another way forward is an advantageous financing model. Spain’s biggest series are no longer always straight platform commissions. Showcased at San Sebastán, ”Sira,” the sequel to “The Time in Between,” is produced by Buendía Estudios with Atresmedia and Netflix. It bows on SVOD service Atresplayer, moves to Antena 3, and goes international via Atresmedia Sales. “By combining different windows and territories across multiple licensees, the investment can be shared,” said Buendía Estudios director general Ignacio Corrales. The real prize is ownership: “We retain ownership of the IP, which means we are not simply producing a title for a single buyer: we are building and retaining an asset of our own.” Corrales admitted that’s not always possible. But the ideal, he said, is to share in content’s long-term value.
In the weeks building up to San Sebastian, industry attendees eagerly began passing round a Word file billed by one as “the most precious commodity.” Considered almost as sacred as the schedule of films and probably just as well-thumbed, the 16-page document — painstakingly put together and frequently updated by a much-loved festival regular — detailed the very best places to eat and drink across the city. Because, just as the festival lures both execs and talent with the chance to showcase their latest movies to a welcoming and cultured audience, in an almost dual-lead role is the city itself, considered one of the world’s culinary hotspots, where cobbled streets burst with cosy bars and restaurants serving local tapas, seafood and, perhaps top of the food chain, generous portions of meat (such as the famed massive Txuleta T-bone steak). There probably isn’t any other film event where most morning conversations begin by asking what people had to eat the previous night rather than what movie they watched.
What company in Europe can say it had a really good 2026, and for that matter a really good 2025? One strong candidate: the biggest Spanish pay TV/SVOD operator Movistar Plus. This year at Cannes’ main competition, it had two Movistar Plus Originals in “The Beloved” and “La Bola Negra,” and one with “Sirāt” last year when “Querer” and “Celeste” walked off with the two top prizes at Series Mania. Movistar Plus did so by giving Spain’s top, top younger auteur creative freedom and the economic resources to make the movies and TV shows they wanted. At San Sebastián, Movistar Plus presented its first new slate under new management, and reiterated its desire to continue as a national champion.The Spanish film industry is lighting a candle and saying a prayer that Movistar Plus will be able to execute on its now clearly stated support for the industry.
This was a festival where senior, highly respected industry independent industry figures – Vincent Maraval, Patrick Wachsberger – came out of the AI closet to recognise they were contemplating use of or would not object to the use of AI in specific circumstances on a movie. AI could be a make-or-break factor in a film getting made, so creating employment, Maraval argued in conversation with CAA Media Finance’s Roeg Sutherland at San Sebastián’s Creative Investors’ Conference. “I’m not suggesting at all that you use AI for any of the actors, but if you want to do extension or whatever, something to give scope to the movie, I’m all for it,” Patrick Wachsberger agreed in a final Conference panel.
Spain produced 423 movies last year, more than any other country in Europe, including the U.K. and France, according to the European Audiovisual Observatory. That powerhouse volume came across at San Sebastián. Made in Spain featured titles. Perlak framed screenings of La Bola Negra and The Beloved. Top players Movistar Plus, Atresmedia, the Spain Film Commission held press conferences. Spain’s Ministry for Digital Transformation hosted a whole conference. Much of the international industry and press come to San Sebastián to check out Spain. The festival delivered.
Not to Be Missed Clara Simón’s Latest Film, ‘Flamenco’
The best Spanish film showcased at San Sebastián with a preeminent director on hand didn’t even play in a festival section. On Tuesday, Clara Simón attended an ICEX showcase, to walk an audience Energized by three electric flamenco set-pieces, “Flamenco” talks of artistic and family legacy, in highly emotional terms. Like another short, from Rasalía director also talks about one thing which sets Spain apart: the still resilient deep impact of popular culture which has proved far more resilient in Spain than almost any other part of Europe. Such is part of Spain’s magic.
The most warmly applauded of new Spanish fictions? As often at a Festival which world premiered Los Javis’ “La Mesías” and “Querer,” it was most probably a series: El Castillo, scribe Isabel Peña first TV so outing without Rodrigo Sorogoyen but partnering with Eduardo Villanueva, also a writer on “Riot Police.” A chronicle of how Spain’s pimp trade transformed into neo-capitalist organized crime of networked macro brothels, “El Castillo” has a triple POV: a Colombian single mother sex worker, the prostitution kingpin, and the cop out to catch him. Nuanced in characters, and told with telling tawdriness this is a series which tells it as it was.
*Martin Scorsese mentee Celina Murga (“The Freshly Cut Grass”) is prepping her next pic, “The Rehearsals,” about how caring for someone can also bring love, connection and a renewed sense of life.
*Mikel Gurrea’s awaited ‘Saints,’ toplined by ‘The Beloved’ star Victoria Luengo, was swooped on by M-Appeal in a deal announced just before the festival.
*Latido Films has picked up international sales rights to “Flamenco Sketches,” from double San Sebastián Golden Shell winner Isaki Lacuesta
*Main competition frontrunner “In My Father’s Room” was pre-sold to France, Korea, Taiwan and Hong Kong ahead its san Sebastian world premiere. It now heads to Busan.
*Mexico’s Sula Films has boarded Tatiana Huezo’s anticipated ‘Galerna,’ a top Industry Award winner at San Sebastián from “Roma” producer Pimienta Films
*Another Golden Shell contender, Chinese filmmaker Ah Biao’s feature debut “Border,” was picked up for sales by Paris-based Reel Suspects.
*New Regency acquired international rights to “Genesi,” detailing in part Ferran Adria’s transformation of El Bulli restaurant into a haute cuisine legend. Netflix will release in Spain, Europe, Latin America and the U.S.
*Lee Kang-sheng, Miranda de la Serna and Marcelo Subiotto are set to star in RT Features’ ‘Bodies of Summer,’ from Berlin winner Iván Fund (“The Message”).
*Filmax has swooped on Javier Giner’s “This Solitude,” one of the buzziest feature debuts at this year’s San Sebastián.
*Txintxua Films (“Intimacy”) boarded “This Is the Memory I Would Like to Have of Mom” a San Sebastián Forum title from Berlin Perspectives first Ffeature winner Martínez Bucio (“The Devil Smokes”).
*Mexico’s Martfilms is co-producing “Looking for Sam,” Mariana Rondón’s follow-up to her acclaimed coming -of-age drama “Bad Hair” (“Pelo malo”), and one of the major titles at this year’s San Sebastián Co-Production Forum.
*Urban Sales boarded Ricardo Alves Jr.’s religious cult thriller ‘The French Teacher’ ahead of its San Sebastián premiere.
*Helsinki and London-based The Yellow Affair snatched up world sales rights to Rodrigo García Saiz’s buzzy drama “Morro” ahead of its world premiere at San Sebastián’s New Directors strand.
*El Sol Ermitaño launched at San Sebastián with pic in post title “Lovers Go Home,” which went on top the festival’s Industry Awards.
*In a second San Sebastián deal, Latido Films will rep world sales on ‘200 Lives, Paco Rabal,’ a bio of the Spanish screen legend narrated by Rabal himself.
*Again working a San-Sebastián-Busan axis, Taiwanese coming-of-age drama ‘Will You Still Be My Friend’ was boarded for sales by Moveria.
*Mexico’s Madrefoca Cine has joined Zoe Films, LaDoc and Fiasco to produce “Isabel Hernández,” Italian filmmaker Giorgio Giampà’s feature debut, and a San Sebastián Forum contender.