Saturday, October 18, 2008

US economic crisis affects movie festivals

The economic crisis of USA has affected the movie world very much. Even film festivals are facing tough times as many companies are not willing to sponsor their shows. Jackson Hole Film Festival which has been going on for five years is now suffering from budget shortage. This year, the festival officials started its Global Insight Summit in June, which was inaugurated by U.N. secretary-general Ban Ki-Moon. As the sponsors are not giving any money, they were forced not to continue the summit next time.

Another popular American film festival, the Santa Barbara Film Festival is suffering from a budget shortage of $75000 as one of the sponsors walked out two weeks ago due to incurring losses. Similar thing is happening to other film festivals as well. The festival officials are going to cut down their events and expenses including ‘travel and parties’. Variety reports:

"There's just too many of them," says one specialty studio exec. "Outside of Cannes, Berlin, Sundance, and Toronto we've never acquired a film at another festival. And in terms of tracking talent, anything that generates heat comes back to L.A. anyway."

Without those flashy press clips of execs and celebs drinking sponsored wine at galas, fests may have a harder time attracting corporate money next year.

For major movie festivals, it will not be difficult to find sponsors but the financial crisis will make it difficult for smaller movie festivals to continue.

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