Despite the return of Hollywood stars to the Toronto International Film Festival (TIFF) after last year’s strikes, this year’s event saw a lackluster market for acquisitions. With only a handful of significant deals emerging, questions are being raised about the current state of theatrical releases and the dominance of streaming platforms.
While the films generally played well among audiences, protests almost stole the buzz, and the deal-making was unusually slow for international sales agents and domestic distributors alike.
TIFF’s Outsized Role in the Awards Season
“The Life of Chuck,” directed by Mike Flanagan and starring Tom Hiddleston, won this year’s coveted TIFF People’s Choice Awards. It’s an unusual choice for the award, as the film is still seeking distribution and doesn’t have a set release date. Its selection makes it a rare People’s Choice winner that isn’t currently considered a contender in the 2024 awards season race. Described as an apocalyptic version of “It’s a Wonderful Life,” this recognition should likely accelerate a distribution deal for the film.
TIFF has long been a launchpad for awards season, and this year was no exception. Since the Oscars expanded the Best Picture category in 2009, TIFF has proven to be a key launchpad for films aiming for Oscar glory. The Award has become a reliable predictor of success at the Academy Awards.
Impressively, 12 of the last 14 People’s Choice Award winners at TIFF have gone on to receive Academy Award nominations for Best Picture, with four of them—”The King’s Speech,” “12 Years a Slave,” “Green Book,” and “Nomadland”—ultimately winning the Oscar. And, nearly every TIFF winner has secured at least a nomination for Best Picture, with “Where Do We Go Now?” in 2011 being the sole exception.
Many of the festival’s most talked-about contenders, like “The Brutalist” and Pedro Almodóvar’s “The Room Next Door,” premiered at other festivals before coming to Toronto.
The audience reaction at TIFF still holds tremendous value. Focus Features, for example, noted the positive response to “Conclave” and adjusted its release strategy, opting for a wide release earlier than planned. Still, this year’s festival lineup indicates a shifting role for TIFF, focusing more on showcasing films rather than serving as their launchpad.
However, the hesitancy among U.S. buyers is palpable, reflecting a broader trend of caution in the current market.
Deal-Making at TIFF Surprisingly Sluggish
Deal-making at TIFF 2024 has been surprisingly sluggish, with only a handful of notable acquisitions being inked. Despite the anticipation and extensive lineup of films, the market has failed to ignite, with only a few high-profile titles being picked up by major distributors. This slow pace raises concerns about the health of the festival’s market and whether buyers are becoming increasingly hesitant to invest in theatrical releases amidst the growing dominance of streaming.
The festival has failed to ignite the usual frenzy of deals, with only a few high-profile titles being picked up. This lack of activity has underscored a growing hesitancy among buyers to invest in theatrical releases, potentially reflecting the increasing influence of streaming services on the industry.
“Nutcrackers,” the holiday dramedy directed by David Gordon Green, was one of the first significant acquisitions at the festival. Hulu is reportedly in final negotiations to secure the film for around $12 million, with plans for a Christmas release. Despite the buzz around Ben Stiller’s return to the screen after seven years, the film received mixed reviews from critics. The acquisition by Hulu, while notable, indicates a market driven more by caution than enthusiasm.
Shortly after winning the second-place prize at Venice and having its first industry screening at TIFF, Brady Corbet’s “The Brutalist” was acquired by A24. The studio outbid several other potential buyers for Corbet’s latest film, which has generated significant buzz due to its prestigious cast and compelling story. Although the film generated buzz for its prestigious cast and compelling narrative, its three-and-a-half-hour runtime and heavy subject matter may limit its appeal. A24’s strategy seems to be betting on the film’s potential at the New York Film Festival, yet its broader future remains uncertain.
Similarly, Netflix made a move with “Nonnas,” a comedy directed by Stephen Chbosky. Initially set to premiere at TIFF, the film was instead sold in a strongly contested auction for over $20 million. This acquisition reflects Netflix’s focus on securing high-profile content early, bypassing the traditional festival circuit for a more controlled distribution approach. Such an approach signals a shift away from the established festival-driven model of film acquisitions.
Meanwhile, Sony Pictures Classics (SPC) moved quickly to secure “Jane Austen Wrecked My Life,” Laura Piani’s debut film. The film, described as charming and witty, follows a single woman attending a Jane Austen residency in England as she dreams of becoming a novelist. SPC jumped in early with a deal for all rights.
Other high-profile films that drew interest but have yet to secure distribution include Mike Flanagan’s “The Life of Chuck,” Andrew DeYoung’s “Friendship,” and Ron Howard’s “Eden.” With major titles still on the table, the slower pace of acquisitions is particularly striking. This sluggishness contrasts sharply with last year’s TIFF, which was a robust buyer’s market, yielding marquee acquisitions like “Sing Sing,” “Woman of the Hour,” and “Hit Man.”
Another significant deal was for “William Tell,” directed by Nick Hamm, with Samuel Goldwyn Films acquiring the North American rights just hours before its world premiere. Despite boasting an impressive cast, including Sir Ben Kingsley and Claes Bang, this acquisition reflects a hesitating market. With a release planned for 2025, the deal suggests a trend towards cautious, long-term planning rather than capitalizing on immediate buzz.
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European Presence at TIFF Declines Amid Rising Costs and Limited Deals
Despite the inclusion of 70+ European productions and co-productions at TIFF, rising costs, fewer world premieres, and reduced business activity have caused many European buyers and sellers to rethink traveling to the festival.
In the past five years, on-site business for European companies at TIFF has seen a significant decline. This drop is primarily due to lower buyer attendance and a slate that lacks commercial appeal, as many European titles have already premiered at Cannes or Venice. Without the appeal of a world premiere, these films struggle to capture media attention and create buzz.
TIFF’s oversaturation of films, especially those that aren’t major American packages, has exacerbated the issue. These films often go unnoticed, failing to draw interest from buyers and media alike. This reduction has led to a gradual decline in attendance from distributors, who are now less interested in participating. The remaining buyers focus more on screenings than holding meetings or conducting business, further limiting deal-making opportunities.
Consequently, many in the industry opt to remain in Europe, favoring festivals like Venice and San Sebastian over TIFF. These festivals offer a more cost-effective and supportive environment, drawing European participants away from Toronto’s increasingly crowded and expensive market.
FilmTake Away: Another Year of Distribution Uncertainty
TIFF 2024 has proven to be a mixed bag. While the star-studded premieres and public enthusiasm remind us of the festival’s enduring appeal, the lackluster market activity and uncertain future of theatrical distribution overshadowed the overall mood of the market and those tracking it.
With only a few significant acquisitions and many high-profile films still searching for distribution, this year’s festival reflects an uncertain future for film festivals and the theatrical experience. As the conversation continues, the film world watches closely to see how the festival will adapt to these challenges.