Cannes festival’s movie market stays ’sober’

May 24th, 2008 - 9:57 pm ICT by admin  

Mumbai, May 24 (IANS) Apart from Reliance BIG Entertainment’s Rs.40-billion ($1 billion)deal with Hollywood’s topline independent studios, which hit the headlines all over, Marche du Film, the Cannes Film Festival’s market-place, saw no other big deals being signed this year. According to Hollywood film trade magazine, Variety, even movie transactions were very few as compared to the previous years.

The magazine quoted Marche du Film director general, Jarome Paillard, as saying that the transactions were slow and the market ’sober’, although the number of films in the festival was up this year.

According to Paillard, the attendance at the Cannes festival, which had increased 40 percent during 2003-2007, saw an increase of only 2 percent this year. Most were looking for finances for their movies, rather than buying or selling.

“Too much financing created an insane number of films, but ultimately the buyer’s pick and choose,” a festival executive told Variety.

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