Quibi notwithstanding, few streamers have had a reversal of fortunes quite as sharp as Mubi. Once aiming for the coveted spot as the cinephile’s streamer of choice, Mubi came close in 2024, when its tote bags were all the rage and a kaleidoscopic body horror satire called The Substance became an unexpected box office, critical, and Oscar success. In May 2025, Variety reported on the company’s Cannes buying spree and its quest to be “cooler than A24.” By June, it was fighting a PR grease fire that more or less engulfed its reputation. After securing a Best Picture nomination and $100 million investment from Sequoia Capital, which valued the company at a billion dollars in November 2024, a modestly viral tweet stated it’s “time to add @mubi to the BDS list” because of Sequoia’s investments in an Israeli defense firm called Kela. Another Instagram post by @filmworkers4palestine boosted the call for action against Mubi. Statements were released, boycotts were called, and, according to a report in The Wall Street Journal, it cost Mubi 200,000 subscribers.