Economic thinking sparked by Cannes film festival

Since its founding in 1947, Cannes has grown from a seaside town into one of the world’s most visited cities, attracting business groups and tourists. The Cannes film festival attracts at least 60,000 film professionals and 200,000 visitors each year, the direct economic value created during the festival’s 11 days could be up to 200 million euros and the indirect economic value up to 700 million euros. Locals say the festival is Cannes’s business window and economic locomotive. The festival became an integral part of the town, even synonymous with it.

The prestigious Cannes international film festival and the Palme d ‘or is a great honor for many filmmakers. But more than that, the Cannes film festival is also an important gathering of professionals from around the world. The various trade fairs held during the festival are important channels for global TV stations and film companies to promote or buy films. The high rental fees are, of course, Cannes’ first significant revenue. The four functions of exhibition economy, disseminating information to promote economy and trade, enhancing urban visibility to drive regional economy, promoting the development of relevant industrial chain, and increasing employment opportunities, these are fully reflected in Cannes.

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In addition to the trade show, there is no doubt that the hotel industry in Cannes has benefited a lot from the festival. Hotels in Cannes and the suburbs raised prices during the festival. Even so, rooms during this period were almost fully booked as early as the end of last year. As a result, many people who decide to come to the exhibition or tour temporarily can only choose to live in neighboring cities, such as Nice or Glass. In addition, the restaurant industry’s economy has been boosted by more tourists. The blue coast is famous for its excellent scenery as well as its delicious food. While attending the Cannes film festival, people are expected to sample Mediterranean seafood and special local wines.

It is conservatively estimated that each festival brings at least 100 million euros in economic benefits to Cannes. Cannes film festival is now very influential. The accumulation and development of various activities and supporting facilities are very mature, and there is no need for additional input. Moreover, the annual festival is held in a fixed place, which is stable. With the expansion of the film festival, the annual profit will continue to grow.

Compared with the international film festival like Cannes, the Shanghai international film festival held in China has a good development momentum compared with other Asian film festivals, but it remains the only major cultural project in the world without government funding, and has struggled to operate within the system. According to international practice, an international film festival can hardly balance its budget and promote the film industry by relying solely on cinema box office and advertiser sponsorship. It can be said that due to the lack of stable financial security, the Shanghai international film festival needs to spend more energy and manpower to raise funds than other international film festivals. China film festival not only has a lot to learn, but also urgently needs support from all aspects. It takes a long time to build the film festival brand. Only through persistent reform and continuous innovation can the brand operation maintain more lasting vitality.

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Reference:

Iordanova, Dina. “Cannes is not a film festival – it’s a club for insiders .” The Conversation (2018): 1.

 

By DI JIA (28240979)

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