San Sebastian's Creative Investors' Conference: 10 Takeaways From AI to 'Obsession,' YouTube and Why International Movies Could Dominate the Oscars

San Sebastian's Creative Investors' Conference: A New Era for Global Entertainment

It wasn't just a sea breeze and late summer sun that brought a sense of new airs and targeted optimism to San Sebastian. The 2026 Creative Investors' Conference, co-organized with CAA Media Finance, was more than a gathering — it was a cultural reckoning. For four years running, the conference has consistently spotlighted opportunities in a post-COVID, post-peak TV landscape, and 2026 delivered.

I spent time in the heart of the event, hearing from industry leaders, investors, and storytellers who are redefining what it means to finance and create content in an age where AI, streaming platforms, and international co-productions dominate the conversation. It's a moment both exhilarating and uncertain — and I couldn't be more excited about it.

Rebound and Reinvention: The U.S. Film Landscape

One of the most striking revelations from the Conference was the dramatic rebound in the U.S. box office. Neon's Elissa Federoff, who heads distribution for the company, called it a “phenomenal result.” She pointed to a consistent annual growth since the pandemic — a growth that, while not fully recovered to pre-pandemic levels, has been remarkable.

"Every year since the pandemic, we have seen growth, and it's been amazing to watch," said Federoff. "COVID happened, strikes happened, theater closures happened, and in that time, there has been a rise of a lot of other channels of entertainment... streaming platforms, gaming, social platforms. We've seen opportunities for new pathways during this point."

And what's fascinating is how these new pathways aren't replacing traditional cinema but enriching it. As Federoff notes, audiences are younger now — Millennials, Gen Z, and even Gen Alpha. And more importantly, they're engaging with movies in ways that are unprecedented: on social media, through viral content, and via streaming channels that are now part of the cultural fabric.

Social Media as a Creative Catalyst

Back when social media was seen as a threat to cinema, we've now entered an age where it's one of its greatest allies. The rise of YouTube stars like those behind "Obsession" and "Backrooms" has become a cultural phenomenon — and not just in the U.S. The panel discussion Europe's Current Challenges and Opportunities made clear that this trend is global.

Rob Williams from Sumerian Pictures spoke about how the music industry, which his company has deep roots in, can translate into cinematic success. "Playing to social media, distributors are looking for movies to create conversations around," he said. This isn't just a marketing strategy — it's an entire paradigm shift in storytelling.

The Oscar Potential of International Films

One of the most intriguing themes from the Conference was the potential for international films to dominate the Oscars in the near future. Rodrigo Teixeira, who produced “I'm Still Here,” made a compelling case: "We are seeing at least three-four international films in the best film category. And in five years from now, I believe international films will make up 60% of the category for best film."

Teixeira's perspective is telling. He's a veteran producer who has navigated the shifting tides of Hollywood for decades — and he sees this as a critical moment for global storytelling. "We can talk more. We have freedom of speech, and in the U.S., without freedom of speech, it's difficult to get financed," he said.

What makes this particularly interesting is that this isn't just about politics or ideology — it's about artistic freedom, diversity, and a global audience hungry for authentic stories from different perspectives. Films like "La Bola Negra" are not just commercial successes; they're cultural touchstones.

Equity Financing: A New Financial Paradigm

As co-productions become increasingly complex, equity financing has emerged as a powerful solution to fill the gaps left by traditional pre-sales and broadcaster pullbacks. This is especially true in international markets where language barriers, smaller audiences, and financial constraints often hinder global distribution.

Pauline Lamy from Why Not Productions shared how this shift has enabled them to take on bigger projects. "Having U.S. equity come into the European market is a new thing," she said. "Because we can not pre-sell a lot of films because of their language, having that type of money is really helping us make films at a bigger scale."

Spain's SETT: A Model for State Support

The conference also highlighted Spain's SETT — a sovereign venture capital fund under the Ministry of Digital Transformation. Financed by EU Next Generation funds, SETT invests up to 49% in companies requiring 51% private sector participation.

This isn't just a funding model; it's a cultural statement. By investing in the entire audiovisual value chain, SETT has generated €445 million in total investment across 15 operations. It's proof that government support can be innovative, forward-looking, and economically beneficial — all at once.

Pijama: A New Era for Film Access

One of the most exciting announcements came from Pablo and Juan de Dios Larraín, who introduced Pijama — a TVOD (Transactional Video on Demand) platform that offers global access to films that would otherwise remain unseen. It's a bold move in a world where rights often expire or are restricted by region.

"80%, 85% of movies that go to major film festivals in the world do not get distribution, and there's no way to see them," said Pablo Larraín. "Enter Pijama."

AI: The Future is Now

The panel “Thinking Towards the Future” concluded the conference with a thoughtful discussion on AI. While some fear that AI will replace human creativity, industry leaders like Ryan Kavanaugh from Acme AI & FX argued otherwise.

"I think there's paranoia, like the old saying there's nothing to fear but fear itself. AI is a tool," Kavanaugh said. "AI makes the below-the-line cost of movie drop by two thirds... one of the beautiful parts of AI is you can literally make part or all of a movie in a manner not fit for theatrical release, but enough so a studio can watch it and they can make a decision on green light."

AI isn't replacing human storytelling — it's expanding the scope of what's possible within limited budgets and timeframes.

Final Thoughts: The Road Ahead

The 2026 Creative Investors' Conference in San Sebastian was more than a gathering — it was a glimpse into the future of entertainment. From AI tools that reduce production costs to international films challenging Hollywood's dominance, we are entering a new golden age.

What strikes me most is the convergence of innovation and authenticity. We're not just making movies anymore; we're creating stories that resonate across borders, cultures, and generations. And I can't wait to see where this journey takes us next.