This year, the Cannes Film Festival will be a gathering of Hollywood’s most powerful (and cash-strapped) executives.
Advance bookings suggest attendance at the world’s largest film festival will be down about 15 per cent, according to Bloomberg News. That means it’ll be tougher for filmmakers who still flock to the festival to get an injection of buzz and maybe a chance to hang on the yacht of someone really famous to find a distribution partner.
The number of movies at Cannes is roughly the same as a year ago, organisers say.
“It’s very tough out there,” Jerome Paillard, director of the Cannes Marche du Film, the independent film market that runs parallel to the festival, told Bloomberg. “The credit crunch is really a problem for distributors with no strong cash flow and who rely on credit lines to buy films.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.