Vértice 360, one of Spain’s top indie production-distribution companies, is expanding operations to Latin America, Italy and Portugal, as fruit of its ambitious plan to become a reference on the international film distribution scene.
Part of the Squirrel Media group, the Madrid-based distributor is backing a first stage of its international expansion with the investment of more than $100 million in film content for distribution in the 35 territories where it already operates.
At the current Cannes Film Market, Vértice is looking for movie deals to expand its international line up.
The distributor mainly looks for blockbusters going out to independent industry and prestige projects which are liable to win international awards, but also local productions in both Spanish and English.
Vértice has already established business relationships with top independent content providers such as Millennium Media, FilmNation, A24, Studiocanal and Pathé.
“We have with them a title-by-title relationship, with a maximum degree of collaboration. We guarantee the theatrical release of all the films we acquire,” said José Luis Povedano, managing director at Vértice 360.
Among Vértice 360’s recent acquisitions figure Millenium Media’s “Expendables 4” and “Night Has Fallen” and “Mother’s Instinct” – the U.S. remake of Belgium’s “Duelles,” starring Jessica Chastain and Anne Hathaway and handled by Anton.
Further highlights on Vértice’s lineup are AGC International’s “Freelance,” with John Cena; Rocket Science International-sold “Lee,” toplining Kate Winslet; “Firebrand,” with Alicia Vikander and Jude Law; Cannes Directors’ Fortnight 2022’s “Men,” headed by Jessie Buckley and sold by A24, and Russell Crowe’s “Poker Face,” handled by Arclight Films.
“In an increasingly global market, the only differentiating factor is having a distribution network that allows us to release films in theaters in the main countries of Europe and the U.S,” Povedano said.
“That’s the main advantage: Offering independent producers an international film premiere and, for the studios, servicing in countries where they do not have their own structures,” he added.
Recently, Vértice 360 opened offices in Italy, where it will operate under the Vértice 360 brand. In Portugal, Vértice has closed a strategic alliance with local company NOS to distribute its films and has just acquired 51% in Latin America’s leading distributor, BF Distribution.
“We believe that cinema can coexist with OTTs. They are totally different consumption alternatives, and we must not forget that human beings’ tendency is to socialize more than to be locked up in the living room. If you add to this the experience of watching a film in a movie theater, talking about a market dominated by OTTs, I think it would be a mistake,” Povedano said.
“We are going through a crisis like so many others that we have faced over these 50 years, caused by the global pandemic that we have suffered and that, unfortunately, in many countries we continue to suffer and it is not because of the OTTs,” explained.
Once the first stage in its international drive has been culminated, the group will have consolidated its position as a leading player in Spanish, Portuguese and Italian-language content creation and distribution. Vértice estimates it operates today in 11% of the film global market.
A second phase, estimated by third quarter 2023, will eye the U.S. market, aiming to increase and strengthen its presence with its own structures, and becoming a worldwide reference for film production-distribution.
Vértice’s plans will then take in Central Europe and the UK, among other markets, often through strategic alliances. “And that is where this project of being able to offer international producers theatrical distribution of their content will really culminate, adding territories that represent 60% of the international box office.”
Vértice 360 was acquired in 2016 by Spanish entrepreneur Pablo Pereiro Lage and forms part of his Squirrel Media conglom, which operates as a fully integrated company. Squirrel is made up of four business units: Advertising, contents, media communication and TMT.
With more than 25 years of experience in Spain, Vértice 360 has distributed more than 6,000 films and owns a 1,700 title catalogue. The group has been listed on the Spanish stock market since 2007.