CANNES : Independent film companies facing a market upended by the entry of streaming services are showing some optimism heading into this year's Cannes Film Festival as the Netflix era has begun flattening out and audiences start trickling back into cinemas post-pandemic.
Some 12,500 industry professionals involved in buying, selling or producing movies in some form show up at the market, where almost 4,000 films and projects are put on display and hundreds of millions of dollars' worth of deals are done. However, Brian O'Shea, CEO at The Exchange, based in Los Angeles, did not see as much cause for optimism in the numbers.
Global film companies like the Walt Disney Co, Paramount and Warner Bros joined the streaming revolution to counter the threat posed by Netflix Inc to traditional TV but are now facing a crowded market where the competition to increase subscriber numbers is fierce.
Source: News Formal (newsformal.com)
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