Toronto Set to Shake Up the Fall Film Market Scene!
The Toronto International Film Festival (TIFF) is firing the opening shot in a brewing battle for dominance in the fall film markets, setting its sights on challenging the American Film Market (AFM) for indie film business supremacy. With TIFF set to introduce its formal market in 2026, bolstered by an eight-figure investment from the Canadian government, the race is on to see if Toronto can dethrone AFM, which has reigned for years as the leading platform for film deal-making.
AFM’s future has appeared shaky since the closure of its long-standing venue, the Loews hotel in Santa Monica. The 2023 edition of the market was relocated to the Le Méridien Delfina, a move widely regarded as a misstep. Market attendees faced numerous logistical issues, and a disruptive protest by hospitality workers from the Unite Here Local 11 union added to the difficulties. As a result, AFM organizers have opted to move the 2024 market to the Palm Casino Resort in Las Vegas, casting doubt on its future stability. “With the move to Vegas, AFM is in limbo a little bit; no one knows if it will work”, comments a veteran film sales executive with two decades of market experience. “TIFF sees an opportunity to take AFM’s spot as the main fall film market”.
For years, Toronto has been a bustling hub for film business, with buyers and sellers negotiating deals in downtown hotels. TIFF 2024 has already seen significant deals this year, including Sony Pictures Classics securing world rights to Jane Austen Wrecked My Life and Amazon Prime Video acquiring international rights to The Assessment, starring Alicia Vikander and Elizabeth Olsen.
In 2022, TIFF tested the waters with its Industry Selects program, offering a space for films outside the festival’s lineup where worldwide rights were available. Although TIFF CEO Cameron Bailey maintains that the new Toronto market will not directly compete with AFM, many industry insiders believe otherwise. “I think the AFM leans toward a more purely commercial product; we have the sort of festival grade” Bailey noted. However, cost remains a significant concern for indie buyers and sellers. “The market for indie films is tough” says a London-based seller attending TIFF this year, citing financial pressures and the scarcity of independent distributors offering substantial minimum guarantees.
As TIFF continues to move toward establishing a formal market, it may just emerge as a formidable contender in the fall film market scene. With AFM’s uncertainty and the Venice Film Festival attracting more casual business, the film world is watching closely to see who comes out on top.
Source: The Hollywood Reporter
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The Toronto International Film Festival (TIFF) is firing the opening shot in a brewing battle for dominance in the fall film markets, setting its sights on challenging the American Film Market (AFM) for indie film business supremacy. With TIFF set to introduce its formal market in 2026, bolstered by an eight-figure investment from the Canadian government, the race is on to see if Toronto can dethrone AFM, which has reigned for years as the leading platform for film deal-making.
AFM’s future has appeared shaky since the closure of its long-standing venue, the Loews hotel in Santa Monica. The 2023 edition of the market was relocated to the Le Méridien Delfina, a move widely regarded as a misstep. Market attendees faced numerous logistical issues, and a disruptive protest by hospitality workers from the Unite Here Local 11 union added to the difficulties. As a result, AFM organizers have opted to move the 2024 market to the Palm Casino Resort in Las Vegas, casting doubt on its future stability. “With the move to Vegas, AFM is in limbo a little bit; no one knows if it will work”, comments a veteran film sales executive with two decades of market experience. “TIFF sees an opportunity to take AFM’s spot as the main fall film market”.
For years, Toronto has been a bustling hub for film business, with buyers and sellers negotiating deals in downtown hotels. TIFF 2024 has already seen significant deals this year, including Sony Pictures Classics securing world rights to Jane Austen Wrecked My Life and Amazon Prime Video acquiring international rights to The Assessment, starring Alicia Vikander and Elizabeth Olsen.
In 2022, TIFF tested the waters with its Industry Selects program, offering a space for films outside the festival’s lineup where worldwide rights were available. Although TIFF CEO Cameron Bailey maintains that the new Toronto market will not directly compete with AFM, many industry insiders believe otherwise. “I think the AFM leans toward a more purely commercial product; we have the sort of festival grade” Bailey noted. However, cost remains a significant concern for indie buyers and sellers. “The market for indie films is tough” says a London-based seller attending TIFF this year, citing financial pressures and the scarcity of independent distributors offering substantial minimum guarantees.
As TIFF continues to move toward establishing a formal market, it may just emerge as a formidable contender in the fall film market scene. With AFM’s uncertainty and the Venice Film Festival attracting more casual business, the film world is watching closely to see who comes out on top.
Source: The Hollywood Reporter
Share:
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