For over two decades at the helm of Latido Films, Antonio Saura has sold key titles of Spanish cinema worldwide. Moreover, his unique experience in the sector is also backed by his credits as a producer for Zampa Audiovisual and Zebra Producciones, as well as his role as deputy chairman of the European Film Academy from 2008 to 2019, and his two-year tenure as director of the Media Business School, one of the most prominent international business training institutions. Saura’s historical perspective is undoubtedly exceptional in terms of the history of Spanish cinema and its global reach.

Some recent, brilliant Spanish titles in Latido line-up include Isaki Lacuesta’s “Saturn Return”, Carlos Marques-Marcet’s “They Will Be Dust”, Antón Álvarez’s “The Flamenco Guitar of Yerai Cortés” or David Pérez Sañudo’s “The Last Romantics”.

How would you describe Latido Films' general editorial line?

Latido began as a boutique sales company focused primarily on Spanish art-house titles. Over 21 years of existence, we have evolved to present an eclectic mix of films, including art-house dramas, niche documentaries, and family animation. We’ve also transitioned toward genre films. Essentially, we evolve after carefully evaluating  the changes in the market and its amazing and quick evolution, particularly after the pandemic years. The market's shift toward consumer-oriented movies has been significant. Additionally, we’ve expanded into other languages, offering English and East European titles.

Which of your European titles, especially Spanish ones, have been the most successful in terms of international sales this year?

I would say our most successful titles this year have been two films by Gerardo Herrero: “Under Therapy”, an intelligent comedy, and “Raqqa”, a spy drama. Most of our genre films have performed well, while our great drama films have been more challenging to sell but very rewarding in terms of success at festivals.

The post-pandemic period, with the Hollywood strikes and paradigm shifts introduced by disruptive streaming models, makes it clear we’re in a period of upheaval and change. What significant trends are shaping your pick-ups and sales strategies?

Streaming and video-on-demand platforms have had an immense impact, amplified by aggressive marketing campaigns and significant media attention from the start. Their growth was further accelerated during the pandemic when consumer habits shifted, leaving TV as the sole entertainment option. The quick reaction by some studios forced them to create new platforms to satisfy that new demand, prompted that the ones that were already slowly establishing themselves in a few territories (Netflix and Prime) to expand in all the world quicker than expected. Cable and satellite TV followed suit by adopting the “on-demand” model (HBO, Sky), leading to a proliferation of content.

This dynamic prompted countries to legislate protections for local industries, increasing investment in local productions. Thus, a natural phenomenon—the pandemic—combined with technological advancements from telecommunications companies, created captive audiences during the two years of COVID-19’s peak. Meanwhile, independent producers dwindled, some theaters shut down, and consumer preferences shifted toward more entertaining films rather than drama-oriented ones.

And this has happened all over the world…

Yes, and it has been reinforced by societal fears stemming from economic uncertainties and ongoing conflicts, creating a preference for entertainment over art-house cinema. This shift has made selling our finest art-house films increasingly difficult, whereas our genre films have become more accessible.

During this time, global film production has expanded, with countries in Asia and Africa developing highly competitive industries. More films are being produced globally than ever before—data from the European Observatory strongly supports this—making the competition fiercer.

Could the U.S. strike have bolstered other markets?

The U.S. strike could have encouraged more acquisitions of non-U.S. content by streamers. However, studios used the opportunity to reduce the number of movies in the market to maintain high prices. Rather than acquiring content, they scaled back production due to the enormous costs of launching platforms, product oversaturation, and the escalating competition between platforms. While acquiring films would have been cheaper than producing new ones, studios opted to continue producing their projects, thereby limiting outside acquisitions.

While sales pace and prices remain lower than pre-pandemic levels, how would you evaluate the markets this year overall? Things seemed to kick off well at the EFM, didn’t they?

Sales are not necessarily slower; rather, the competition is higher. Prices vary depending on the films—hot films can still command huge prices in the market. However, there are fewer “hot movies” because it’s increasingly difficult to come up with fresh, inventive ideas.

That said, Latido has grown in sales every year, including during the pandemic. One significant shift is that our results are now more evenly distributed among different titles. Both EFM and Cannes proved to be very positive for us this year.

What types of European and, particularly, Spanish films are currently seeing the biggest international demand?

There’s strong international demand for theatrical releases from top Spanish directors. For all rights, including local and international VOD companies, genre films are the most sought after.

Regarding territories, which are the most receptive, and which are proving more challenging?

In general, Anglo-Saxon territories are the least receptive. For instance, the UK often pays less for Spanish titles than Greece does, and the U.S. buys almost nothing, apart from very niche films or works by top directors that premiere at major festivals.

The U.S. market has also seen a decline in the Latino market activity, which was once much more dynamic. This shift reflects the broader global trend favoring genres like romantic comedies over other categories.

Territories evolve as global economic conditions change. For example: Korea was an excellent market but isn’t as strong now. Japan remains significant but has reduced its appetite. Latin America no longer acts as a unified market, with varying demand across countries, and their independent distributors, heavily impacted by COVID-19, are now more cautious. China remains highly dependent on shifting regulations. France and Italy—traditionally excellent markets—are now saturated with local productions, leaving less room for foreign titles (except for major studio films).

On the other hand, new markets are emerging, such as Saudi Arabia, illustrating the ever-changing landscape. Navigating these shifts requires constant evaluation and staying informed about economic trends!

At the San Sebastián Investors Conference, participants highlighted the surge in genre films in the U.S. and a growing audience for debut directors. Would you agree with both viewpoints?

Genre films are indeed growing. As for debut directors, that might be true in France. In Spain, however, I think we may be the country with the highest number of first-time filmmakers. We see at least four or five debut or second-time directors every year. It’s not a new trend for us, so nothing new for us there. We had three movies in New Directors in San Sebastián, to put an example!

Could you identify any trends you’ve noticed in Spanish-language productions? Do they align with international demand?

It’s important to differentiate between Spanish-language productions and Spanish films. For example, “Emilia Pérez” is a Spanish-language film produced in France with Spanish-speaking top American stars. Based on this distinction, we can identify three main trends. One is the U.S. or not Spanish language countries producing Spanish language films. This includes productions like “Emilia Pérez” or the growing number of Spanish-speaking films in the U.S. These films demonstrate a significant demand for Spanish-language content globally. “Emilia Pérez,” for instance, blends a culebrón (soap-opera) aesthetic with a French influence and U.S.-Latino actresses, appealing to the Latino market in the U.S. This aligns with the type of films being produced by the American industry for their growing Latino audience.

Another one is Latin American Productions. There’s increasing differentiation between Latin American countries in terms of access to VOD platforms and their respective cinematic traditions. As I often say: “Someone in the U.S. finally realized that Latin America is not a single country but a collection of nations with diverse tastes and traditions.” But two clear trends emerge: romantic comedies and horror.

And the third trend is, properly, that of Spanish films. The local Spanish market is dominated by comedies that follow a recurring formula—some better executed than others. However, standout exceptions exist, primarily in genre films and social dramas. Many Spanish productions also focus on “cause movies,” addressing politically relevant topics such as social issues or immigration. While these films often secure funding easily, they struggle to attract large audiences. This trend mirrors similar developments across Europe and Latin America.

If we focus in international sales, Spain is selling genre very well, comedy not that well (a considerable amount of Spanish comedies are remakes), and solid drama, depending on the quality of the director, which also attracts a lot of foreign sales companies to “fish” in Spain.

In 2024 Berlin, executives noted the decline of interest in acquiring SVOD rights for specific territories. They also mentioned that acquisition teams are now more ready to leave markets without picking up smaller titles, particularly arthouse films. Do you agree?

I’ve observed that local distributors, who previously relied on TV sales, now face declining interest in free-to-air TV channels. This means their alternative—selling to SVOD platforms—is no longer as lucrative because these platforms are reducing the prices they pay.

The issue isn’t solely tied to U.S. platforms buying fewer multi-territorial titles (though this is happening). It’s more about their shift in priorities toward producing their content. Local SVOD platforms, while proliferating, pay very little or tie their payments to performance metrics.

Another factor is the vast amount of consumer data these platforms have access to, which informs their buying decisions. In the wake of the pandemic and changing audience tastes, local distributors have become risk-averse. They lean toward less risky titles, which explains the growing demand for genre films.

In terms of the annual calendar, what are the main challenges faced by European sales agents? Does the proximity of Toronto and AFM pose any issues?

Every new market requires a reevaluation of strategy. As sales agents, we rely on the films we acquire, but our planning cycles are much shorter (maximum of one year ahead) than those of producers, who think three to five years ahead. While we can pre-sell select titles, there’s a risk of losing buyer’s interest if a film’s delivery is delayed. For instance, buyers may wait for Batman 2, but not for a Spanish genre film announced for December but delayed until March.

As for markets, there’s a paradox: we now have too many markets but not enough high-quality ones. Traditionally, we were satisfied with three major annual markets—Berlin, Cannes, and Toronto or AFM—complemented by territorial events like Ventana Sur for Latin America and Busan for Asia. For TV markets, we relied on Mipcom or MipTV. Depending on our lineup, we might also attend specialized events like IDFA in Amsterdam for documentaries or Málaga for Spanish films.

Recently, however, the emergence of new markets has fragmented the landscape. Micro-sales have become more important, which means attending niche markets is now crucial. Said that you’ve to take into account that the cost of attending all these events is significant.

I will not enter into the Toronto/AFM debate. Both have their challenges: Toronto suffered a major hit during COVID and is trying to recover by adjusting its strategy. AFM was a positive market for us but had issues with the venue.

Ultimately, our participation in these events depends on our lineup.

Finally, one key aspect we haven’t touched on is how marketing has evolved. We now need to invest far more than before to generate awareness for our films. Very few titles come with strong market elements that sell themselves, which means more effort is required for diminishing returns. The market has become extremely competitive and complex.