Resilience and Growth: Mubi's Journey Through the Sequoia Controversy and Beyond
Mubi faced a significant setback in 2025 when it lost 200,000 subscribers due to the Sequoia controversy, impacting its revenue. The company, which had nearly 1.2 million subscribers at the end of the previous year, aimed to reach 2 million subscribers but fell short by shedding over 200,000. This resulted in a loss of $7.3 million on $200 million of revenue. Despite the challenges, Mubi's founder and CEO, Efe Cakarel, emphasized the importance of continuing to support ambitious cinema and highlighted the record number of subscribers added in the last quarter.
The controversy stemmed from Mubi's $100 million investment from Sequoia Capital, a Silicon Valley venture capitalist that valued Mubi at $1 billion. This move sparked backlash from employees, filmmakers, and fans due to Sequoia's ties to the Israeli military and controversial social media posts by Sequoia partner Shane Maguire. While some employees called for the investment to be returned, Cakarel explained that doing so would result in mass layoffs. In response to the situation, Mubi announced plans to establish an "ethical funding and investment policy" in August.
Despite the challenges faced in 2025, Mubi made significant investments, such as acquiring Lynne Ramsay's film "Die My Love" for $24 million at Cannes. Although the film underperformed theatrically, it saw success on streaming platforms. Looking ahead, Mubi is gearing up to showcase six films at Cannes this year, including titles like "Fatherland," "Minotaur," "Teenage Sex And Death At Camp Miasma," and "Her Private Hell." Additionally, the company reported a record 1.7 million subscribers in the first quarter of 2026 and is planning to expand into new territories in Africa, Asia, and Eastern Europe.
In conclusion, despite the challenges faced in 2025, Mubi remains committed to its mission of supporting ambitious cinema and expanding its reach globally. The company's focus on ethical funding and investment policies, along with its strategic investments in content, positions it for growth and success in the future.