As the initial shock of US President Donald Trump’s planned 100% tax on foreign-made films has subsided into a cautious business-as-usual approach, buyers and sellers are entering this year’s Cannes Film Market with a cloud of uncertainty.
Although the Cannes Film Festival evokes images of glitzy stars on the red carpet and boat parties, the major draw is the world’s largest film market, which brings together big and small industry participants to conduct business.
Despite recent changes in international policy, the US remains the largest participating nation, and this year’s market is expected to surpass last year’s record attendance of over 15,000 participants from over 140 nations.
According to Scott Roxborough, European bureau chief for The Hollywood Reporter, the market has become even more crucial as the independent film industry, which is still reeling from the pandemic and the 2023 Hollywood double strike, has to be more selective about where to invest resources when pursuing deals.
Although it did not have any talks specifically devoted to tariffs, the American Pavilion, which represents US interests at the market, stated that it expected the topic to be raised throughout panel discussions. We’re still trying to figure out what this means for our industry,” said Julie Sisk, founder and president of the pavilion.
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