Evolving Film Industry: TIFF Adapts to Streaming Era

The Toronto International Film Festival (TIFF) is adapting to changes brought by the rise of streaming services, especially in the wake of the COVID-19 pandemic. Cameron Bailey, TIFF's Chief Executive, noted that filmmakers and festivals are now catering to both film and TV series markets. This year's festival, which is expected to host 400,000 attendees, features numerous stars and the debut of 'Nutcrackers.' The event has also received significant government funding to establish a new marketplace.

The film industry, encompassing actors, must adapt to changes brought by the rise of streaming services, said Cameron Bailey, head of the Toronto International Film Festival, ahead of its opening.

With the COVID-19 pandemic altering how audiences consume entertainment, the film industry had little choice but to adapt, Bailey revealed in an interview. "The rise of streaming services has fundamentally changed film production and audience reach," he noted. "Artists and the industry must adapt accordingly."

This year's 49th TIFF will return to Toronto, featuring dozens of films and stars including Angelina Jolie, Salma Hayek, and Bruce Springsteen. The festival opens with the world premiere of 'Nutcrackers,' showcasing Ben Stiller. The 11-day event draws about 400,000 attendees annually. Bailey emphasized the festival's vibrant and inclusive atmosphere. "We're a celebration of film and its creators, welcoming the world to Toronto," Bailey said.

Amid the evolving film economy, TIFF has become a showcase for both movies and TV series, with 100 to 130 titles generally available for sale. Most sales are now aimed at streaming platforms, Bailey explained.

A trend that grew during the pandemic sees some filmmakers opting to release movies directly on streaming services, bypassing theatrical releases. Bailey highlighted the miniseries "Disclaimer," featuring Cate Blanchett and directed by Alfonso Cuaron, as an example.

This trend prompted the Academy of Motion Picture Arts and Sciences to amend Oscar nomination rules to include streaming-only releases. Despite losing Bell as a major sponsor, TIFF's partnerships increased by 25% this year, now led by Rogers. The Canadian government also provided C$23 million to establish a North American marketplace for screen-based projects.

(With inputs from agencies.)