Cannes does the math

Happy Thursday, friends.

Cannes kicked off this week with fewer studio tentpoles, a packed but cautious market, a major Japanese presence, and plenty of AI anxiety hovering just off the carpet.

A few pieces worth reading:

• Cannes opens without much Hollywood. Studios are getting selective about what they bring to the Croisette… or sitting this one out entirely.

• The market is crowded, but smaller. Record attendance, tighter budgets, and buyers circling more modestly scaled films.

• AI arrives on the Riviera. From Academy rules to casting guidelines, Cannes is already doubling as a policy lab for the next phase of filmmaking.

• Japan is everywhere. This year’s country of honor is also a reminder that Cannes’ center of gravity keeps getting more global.

So yes, Cannes is back, but this year, the real story may be what everyone is trying to sell, protect, finance, or reinvent once they get inside the room.

Let’s dive in.

Premieres, awards, and more. See Portrait members behind this week’s work here.

Dark, pointed, and perilous

• Obsession. “A deliriously pointed cautionary tale about the perils of getting what you want, and an instant contender for classic midnight-movie status” (Daily Beast).

• Is God Is. “The aura of Greek tragedy and the darkest heart of neo-noir. Its soul is an unapologetic howl of Black female rage” (Boston Globe).

Falling in and falling out

• Magic Hour. “For a film about letting go, much of Magic Hour is bound to stick” (Variety).

• Drivers Ed. “Good-natured coming-of-age story about first love and a first road trip with friends” (RogerEbert.com).

The young and the restless

• LifeHack. “The internet is the closest thing these teenage cyberthieves have to a real life, and [Ronan] Corrigan’s dopamine onslaught of a film is an authentic portrait of the most alive they’ve ever been” (IndieWire).

• Decorado. “A cartoon for the depressed and unemployed that evokes sweetness and existential absurdity alike” (AV Club).

Know when to hold ’em (up to the spotlight)

• The upfronts are now a platform war... YouTube’s showcase reminds us: everyone wants to define “TV” to include whatever they happen to sell.

• … And Netflix wants credit. Ahead of its upfront, Netflix touts its $325 billion global impact.

Know when to fold ’em (or argue you might)

• The merger defense gets blunt. Paramount Skydance argues it needs Warner Bros. Discovery to catch Netflix, Disney, and Amazon.

Know when to walk away (with Byron Allen’s money)

• Digital media, bargain-bin edition. Byron Allen is buying BuzzFeed and HuffPost.

Know when to run (alas)

• “This is a complete decimation.” Why family businesses that built Hollywood are closing.

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• See who’s attending SIFF - May 7th - 17th

• See who’s attending Cannes - May 12th - 23rd

• See who’s attending Vienna Shorts - May 27 - 31

• See who’s attending American Black Film Fest - May 26 - 31

• See who’s attending Tribeca - June 3 - 14

• See who’s attending Raindance - June 17 - 26

• See who’s attending Nantucket - June 17 - 22

• See who’s attending Karlovy Vary - July 3 - 11

• See who’s attending Indy Shorts - July 21 - 26

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• Workshop: How to Create A Distribution and Marketing Strategy – Now! with Jon Reiss. Get a $50 discount with portrait50 (Now - May 21)

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Until next week, friends. See you on Portrait.