Cannes Films Bridge an Array of Financing and Foreign Partners
By Behind The Scenes TV on May 14, 2009 in Film Business, Hollywood
The Cannes Film Festival is looking to the premiere of Disney-Pixar’s latest animated movie, “Up,” to boost spirits at its Cote d’Azur kick-off Wednesday night. Fewer attendees and lavish parties due to the global economic slowdown may make this year’s preeminent world-cinema showcase more downbeat. But the international film industry is banding together more than ever to fight the financial crisis.
In the absence of domestic funding from hedge funds and private investors, many of the festival’s high-profile films — including Quentin Tarantino’s “Inglourious Basterds” and Terry Gilliam’s “The Imaginarium of Doctor Parnassus” — had to scrape together a hodgepodge of support, including funding from foreign pockets and tax incentives. The growth of homegrown movies in overseas markets such as Italy and Japan has also helped upend the traditional financing model, displacing the need for American imports, along with the presale of distribution rights to foreign countries — one of the key ways movies were financed.
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