Sébastien Raybaud, Founder and CEO of Anton at the 2024 American Film Market in Las Vegas
At the 2024 American Film Market in Las Vegas, Sébastien Raybaud, Founder and CEO of Anton, issued a bold, bullish message:
the independent film financing market in Europe isn’t struggling — it’s ascending.
Backed by a new £100 million investment from BlackRock, Raybaud laid out a strategy built on theatrical-first genre films, financial discipline, and a unique ability to sell globally while producing locally.
Sébastien Raybaud, Founder, Anton
While Hollywood trims budgets and reels from layoffs, Anton is building what Raybaud calls “the Lionsgate of Europe.” And with recent hits like Greenland and upcoming elevated horror Victorian Psycho, Anton is proving that director-driven, English-language cinema made in Europe still sells — and scales.
Why Anton Went Big on Independent Film When Others Ran
Raybaud’s independent film financing journey began in 2011, well before private equity was cool in Europe. “In Europe, the film business has always been seen as something very local, maybe more arty… and not really as an industry,” he said.
Anton’s mission? Fill that gap. By partnering with BBC, StudioCanal, Canal+, and TF1, Raybaud deployed capital across 600+ film and TV projects early on. That slate financing model — similar to Legendary’s — gave Anton insight into how major European studios could level up.
“Paddington was something crazy in terms of budget… and we took the risk in a smart way,”
Raybaud noted.
citing the hit as a turning point that validated European-grown commercial ambition.
This drive to prove that Europe can do it bigger still underpins Anton’s strategy — one now supercharged with BlackRock capital.
A Formula That Works: English-Language, Genre, Theatrical
Despite the industry’s infatuation with streaming and the death knells for indie film, Raybaud is resolute:
“We like to go where people don’t go… It’s a good moment for the film business. Not for any film, but for the right film.”
Anton’s “right films” are primarily theatrical, genre-driven, and English-language — a space underserved in Europe. Examples include:
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Greenland (Gerard Butler action survival)
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Fuse (from David Mackenzie)
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Victorian Psycho, a stylish 19th-century horror thriller starring Margaret Qualley
On Victorian Psycho, Raybaud explained: “We fully finance the film… do a bunch of pre-sales. Whatever gap remains, we finance with our own equity. There is just no drama.”
That all-in, low-friction model — develop, produce, finance, sell — has proven attractive not only to distributors but to directors and stars.
The Filmmaker Pitch: Control, Speed, and Real Back-End
In an era when streaming often swallows films whole and strips out backend participation, Anton offers a tailored pitch to talent:
“You’re going to be fully financed. You’ll have more control, more ownership… and we work with the best theatrical distributors in every market.”
Equally critical: profit participation. “There is back end in our model. That upside can be shared with filmmakers. You don’t have that with streaming,” Raybaud said bluntly.
Filmmakers looking to avoid becoming “one of hundreds” in the studio system are drawn to Anton’s boutique, filmmaker-first approach. “We don’t do a lot of films. When we do one, it’s because we love it.”
Why Anton Shoots in Europe — and Why It Matters
Despite hiring American talent and aiming for global audiences, Anton has never shot in the U.S. Why?
“It’s so expensive… The tax rate is higher. We qualify films as European, which helps with quotas, streaming mandates, and pricing.”
Producing in Europe unlocks better margins and broader distribution — especially since local broadcasters like Sky, Canal+, and ProSieben still invest in theatrical and pay-TV windows. “We have much more of that in Europe,” Raybaud said. “It makes the market much more of a market.”
Even U.S.-originated projects can benefit. “We can take American projects, shoot them in Europe, make them more interesting… and have more money on screen.”
BlackRock’s £100 Million Vote of Confidence
Raybaud made headlines this summer when BlackRock invested £100 million in Anton — a unicorn-sized bet for a European indie studio. The pitch? A clear lane, proven demand, and operational discipline.
“There is really no one in Europe doing this type of commercial film meant for global audiences… and we all watch more films than before. How we watch is a different question.”
That investment will fuel Anton’s eight to nine films per year, focused tightly on quality and profitability. “The team is set. It’s about focusing on the quality of the film and the filmmakers we’re backing,” Raybaud said.
With offices in London, Berlin, Benelux, and soon Paris, Anton’s pan-European infrastructure is already bearing fruit — especially as U.S. buyers increasingly look abroad for content after widespread layoffs and budget freezes.
The European Upside: Fragmentation as a Feature
One surprising twist in Raybaud’s bullish take on the independent film financing market? Fragmentation is a strength.
In Europe, local pay-TV platforms compete aggressively with streamers, giving theatrical films a vibrant post-theater life. “In the U.K., people like Sky are incredible… Canal+ is the same in France… It makes the market much more of a market,” Raybaud explained.
And as U.S. streamers cut back, Raybaud sees a shift. “The licensing business — acquiring films just for the U.S. — should grow. That’s our hope, and we start seeing the early signs.”
Final Take: The Anton Model Could Redefine European Film
Sébastien Raybaud isn’t chasing Hollywood. He’s building something smarter — a vertically integrated, back-end-respecting, theatrically-driven studio out of Europe. For filmmakers, financiers, and distributors frustrated with broken models, Anton offers something rare: consistency and control in a volatile era.
“We just focus on doing one film after the other — and doing great films.”
With a bold thesis, global success stories, and heavyweight backing from BlackRock, Anton may not just be surviving the indie film crisis — it may be setting the blueprint for how Europe becomes the next great content powerhouse.
