From my perspective, the biggest significance of studying film festivals reflects in these three aspects, they are cultural value, economic value and social value.
The film festival is an activity which was born on 1932, the establishment of it was in order to promote the art of film and improve the artistic level of film. It is also to reward valuable and creative films, promote exchanges and cooperation between filmmakers, and provide convenient platform for the development of of film trade. Usually, various awards are set up to reward those people who has great achievements. The film festival often enjoys popularity among people all over the world, and at the same time, some big film festivals influence even the whole world.
The film festival has now become the most direct access point for the film industry and the convention industry, though as an inevitable seventh art with ideology, the film will naturally not escape the influence of politics. A sovereign nation or region can not only promote exchanges and cooperation between domestic films and foreign countries, but also maximise the international influence of domestic films and promote the integration of domestic films with the whole world by holding a film festival. At the same time, both domestic and foreign guests who came during the festival can bring about a significant economy of exhibition economy for the host city.
Taking the Cannes International Film Festival as an example, it is also known as the ‘3S Film Festival’ for its local ‘sea, sun, sex’. This is a coastal town that relies entirely on film development and its film exhibition industry is very mature. Cannes is integrated into the film festival and film has become the culture brand of this city. Meanwhile, as a globally renowned brand, the annual film festival brings huge economic income to this small town. The four major functions of the film industry: the dissemination of information to promote economic trade; the promotion of urban awareness to drive the regional economy; the development of related industrial chains and the increase of employment opportunities, all of them are manifested in Cannes.
The reason why the economic value created by the Cannes film festival in a short period of time is achieved through the operation of the project, there are a total of six units, namely the competition award; ‘Director’s Biweekly’; ‘One Focus’; ‘Shadows Week’; ‘French Film New Look’ and ‘Exhibition Market’. All of them reflects two main elements of film festival: competition and prizes, screening of film premiers.
So the cultural values of Cannes Film Festival mainly include exchanges and collision of global culture; exploring film talents and promoting academics. Its business value is to achieve information exchange, to grasp the industry dynamics, to promote international cooperation and to develop the film market. Its social value are mainly reflected in the theme and content of the film, reflecting social reality and exploring social issues.