Toronto film festival showcases an industry transformed by streaming

The film industry, including actors, must embrace and adapt to changes that have resulted from the blurring line between streaming services and the big screen, the head of the Toronto International Film Festival said ahead of the event’s opening.

The COVID-19 pandemic transformed the way audiences consume entertainment, and the film industry has had little choice but to go with the flow, TIFF Chief Executive Cameron Bailey said in an interview this week.

“The consequent rise of the streaming services has really changed how films get made and how they reach audiences,” he said. “It means that artists have to adapt as well. The industry has to adapt.”

TIFF, now in its 49th year, returns to Toronto on Thursday, showcasing dozens of movies and their stars. Celebrities including Angelina Jolie, Salma Hayek, Bruce Springsteen, Sydney Sweeney, Selena Gomez and Robbie Williams are expected on the red carpet.

This year’s festival opens with the world premiere of “Nutcrackers,” directed by David Gordon Green and starring Ben Stiller as a Chicago real estate developer forced to take in his orphaned nephews.

The 11-day festival pulls in at least 400,000 people every year. Bailey said the large, enthusiastic audience remains one of the festival’s greatest strengths.

“We’re a big street party celebrating film, celebrating the artists, and welcoming the whole world to Toronto,” Bailey said.

In the evolving film economy, festivals such as TIFF are no longer just a showcase for movies but also for television series, Bailey said.

In a typical year, 100 to 130 movies and television series are available for sale at TIFF. While this year’s total is in line with past festivals, streaming platforms will likely buy the majority of these releases, Bailey said.

In a trend that gained traction during the pandemic, when cinemas were shut, some film makers are choosing to release their movies straight to streaming services, skipping theatrical release altogether.

Bailey highlighted the mini-series “Disclaimer,” starring Cate Blanchett and directed by Alfonso Cuaron, as a prime example of this shift. The series premiered at the Venice Film Festival.

The trend led the Academy of Motion Picture Arts and Sciences to change its rules and allow films released in streaming platforms to be considered for Oscar nominations.

Last year, Bell, a key sponsor for 28 years, ended its partnership with the festival as it decided to shift investments to its core telecom business. TIFF’s lead sponsor is now Rogers, Canada’s other major telecom company, but it signed on for only a single year.

TIFF said its total partnerships have increased by 25% compared to last year, but did not disclose their value.

Additionally, the festival received C$23 million ($17 million) from the Canadian government to establish a marketplace comparable to those at Cannes and Venice.

Bailey describes the marketplace as the first of its kind in North America. It will serve as a North American hub for buying and selling screen-based projects, intellectual property, and immersive and innovative content across all platforms, TIFF said. Reuters