While much of the attention around the Toronto International Film Festival is on celebrity sightings and controversies, businesses and city officials are focused on the money rolling in.
Driving the news: The annual festival opened last Thursday with David Gordon Green's film Nutcrackers and will close with Rebel Wilson's directorial debut film The Deb, on Sunday. In between, 400,000 attendees will choose from 276 movies across several screening venues.
- The festival has served as a launchpad for both homegrown and international talent since the 1980s and is now recognized as one of the world’s top five film festivals.
Why it matters: Demand for hotels, dining, and entertainment skyrockets around the festival, generating more than $114 million in economic activity, by some estimates. Local businesses get a boost, while Toronto gets the chance to prove itself as a cultural hub.
Big picture: TIFF is under pressure to boost its funding after the pandemic disrupted its business model and last year's Hollywood strikes stripped its red carpets of star power. So far so good, as the festival secured the backing of 25% more companies than last year.—SB
For what to watch this year, you can read our recommendations in last weekend’s edition.