With the start of the 2024 Toronto Film Festival (TIFF), a battle for dominance in the global fall film markets is brewing. TIFF is looking to solidify its place among the major players by officially launching its own film market in 2026, thanks to a significant investment from the Canadian government, rumored to be in the eight-figure range. This financial backing marks a pivotal moment, as TIFF moves beyond its current status as a prominent festival to compete with long-standing heavyweights like the American Film Market (AFM).
For years, AFM has reigned supreme as the leading film market in the fall, but recent developments have caused uncertainty about its future, making space for competitors like TIFF to step up. The move signals that TIFF is ready to compete head-to-head with AFM for dominance in the fall market, and perhaps even surpass it, becoming the go-to destination for the world’s film buyers, sellers, and distributors.
AFM’s Decline After Losing Its Iconic Venue
AFM has enjoyed decades of success, largely thanks to its iconic venue, the Loews Hotel in Santa Monica, which had been its home since 1991. Located right on the Pacific coast, the Loews Hotel provided an ideal backdrop for AFM’s attendees to network and make deals. But in recent years, cracks have started to show in AFM’s dominance, particularly after the closure of the Loews Hotel in 2022.
The AFM organizers, The Independent Film & Television Alliance (IFTA), were forced to move the market to a new location, selecting the Le Méridien Delfina, a hilltop hotel in Santa Monica. However, the move proved to be a logistical nightmare. The 2023 market at the Delfina Hotel faced significant disruptions, including a loud and disruptive protest organized by the hospitality workers’ union, Unite Here Local 11, which objected to the allegedly unfair working conditions at the hotel. The protestors’ chants were so disruptive that many market attendees were frustrated by the constant noise, impacting meetings and deal-making opportunities.
Additionally, the venue itself wasn’t equipped to handle the needs of the AFM. With buyers and sellers constantly moving in and out, the hotel’s limited space made navigating the event difficult. Attendees found themselves in long queues or overcrowded rooms, which did little to facilitate business. The missteps were significant enough that AFM organizers quickly abandoned the idea of returning to Le Méridien Delfina for future markets.
AFM Moves to Las Vegas for 2024 Edition
Faced with the challenges of finding a new home, AFM organizers decided to relocate the 2024 market to the Palm Casino Resort in Las Vegas. The shift to a new venue has left many in the industry wondering about the future of AFM. Moving from Santa Monica to Las Vegas is no small change, as the AFM’s coastal charm was part of its long-standing appeal.
“With the move to Vegas, AFM is in limbo,” notes a film sales executive who has been attending markets for 20 years. “No one knows if it will work, and a lot of people are nervous about it.”
The 2024 AFM, scheduled for November 5-10, is set to take place in this new Las Vegas venue, but many industry insiders are hesitant about how well the market will adapt to the new location. While Las Vegas is no stranger to large-scale conventions and events, the switch from Santa Monica’s beachside atmosphere to the desert city is a drastic shift, leaving AFM at a crossroads.
This uncertainty presents a clear opportunity for TIFF to gain ground. As AFM grapples with its identity and future, TIFF is positioning itself as the new powerhouse in the fall film market.
TIFF’s History as a Business Hub and Its New Vision
Though TIFF is known primarily as a festival for cinephiles and film premieres, it has always had a robust business side. For years, buyers and sellers have converged in Toronto’s downtown hotels, setting up informal meetings and closing deals during the festival. These hotels have acted as mini-markets themselves, with major companies making their presence felt.
Ahead of TIFF 2024, several major deals have already been announced. Sony Pictures Classics acquired the world rights to Jane Austen Wrecked My Life, the debut feature from Laura Piani. Meanwhile, Lionsgate’s Grindstone Entertainment Group and Roadside Attractions snapped up the U.S. rights to Dito Montiel’s Riff Raff. Amazon Prime Video also secured international rights, excluding Germany, for the highly anticipated sci-fi feature The Assessment, starring Alicia Vikander, Elizabeth Olsen, and Himesh Patel. These deals were completed before the films had even premiered at the festival, illustrating just how strong the business side of TIFF already is.
In 2022, TIFF began experimenting with its market potential by launching the Industry Selects program. This program featured screenings of films outside the festival’s official lineup, offering worldwide rights for sale. The success of Industry Selects showed TIFF’s ability to attract serious buyers and sellers, and it became clear that there was room for an official market.
Looking ahead to 2026, TIFF plans to formalize its market, with hopes of attracting more deals and greater industry participation. The goal is not to compete directly with AFM, according to TIFF CEO Cameron Bailey, but rather to offer a market that complements the existing ecosystem. “I think the AFM leans toward a more purely commercial product,” Bailey told The Hollywood Reporter. “We have the sort of festival-grade films.”
Bailey also pointed out that the timing of the festivals leaves enough room for companies to attend both. “There’s enough space between Cannes, Toronto, and the AFM for companies to bring new projects to all three,” he added, positioning TIFF as a key stop for those in the film industry seeking a variety of markets and deals.
The Changing Landscape of the Indie Film Market
While TIFF is moving toward a formalized market, it must contend with a challenging environment for independent films. The market for indie films has been tough in recent years, with domestic summer theatrical revenue down 10% from last year, totaling $3.67 billion, according to estimates from Comscore. Independent films have seen few major hits, with exceptions like Neon’s Longlegs, which grossed $74 million domestically, and A24’s Civil War, which brought in $68 million. These successes, however, are the exceptions rather than the norm.
“The market for indie films is tough,” notes a London-based film seller attending TIFF this year. “The streamers are pulling back, and there are only a handful of independent distributors who can offer a decent minimum guarantee (MG). There’s not much wiggle room when it comes to costs.”
This shrinking market for indie films means that buyers and sellers are becoming more cautious about how they do business. With rising costs and limited distribution opportunities, many are opting for more casual ways to make deals, avoiding the high expenses of setting up booths at formal markets. As a result, markets like TIFF and Venice, which allow for informal meetings in hotels and cafés, are becoming increasingly attractive.
Venice Film Festival’s Casual Approach Offers an Alternative
While TIFF is poised to launch a formal market, some sellers are finding success with more relaxed approaches. The Venice Film Festival, which does not have an official market, has become a hotspot for informal deal-making. Sellers and buyers have taken advantage of Venice’s laid-back atmosphere, setting up meetings in hotels and restaurants rather than renting expensive booths.
In 2024, several major U.S. deals were closed at Venice. A24 acquired the rights to Queer, directed by Luca Guadagnino and starring Daniel Craig. Netflix picked up the Maria Callas biopic Maria, starring Angelina Jolie. Meanwhile, Metrograph Pictures secured U.S. rights to Happyend, the debut narrative feature from Neo Sora. These deals were made without the need for a formal market, suggesting that some sellers prefer the flexibility of Venice’s more relaxed environment.
“For us, Venice has become more like what Toronto used to be,” says one European seller. “We’re having meetings in our hotel, talking informally with buyers, and closing deals without spending money on a booth or flying across the Atlantic.”
The Future of Film Markets: Can TIFF Overtake AFM?
As the film market landscape continues to evolve, TIFF’s upcoming formal market launch could be a game-changer. With AFM facing uncertainty in its new Las Vegas home and the indie film market shrinking, TIFF has an opportunity to capitalize on its strengths and become the leading fall market.
However, the question remains whether TIFF can truly overtake AFM. The costs of attending multiple markets, the challenges facing independent films, and the evolving needs of buyers and sellers all play a role in shaping the future of these events. For now, TIFF is positioning itself as a serious contender, and the groundwork being laid could see it rise to the top in the coming years.
In this new era of shifting dynamics, both TIFF and AFM will need to adapt to the changing landscape of film distribution and deal-making. Whether TIFF’s formal market will succeed in pulling away buyers from AFM or whether AFM will regain its footing in Las Vegas remains to be seen. However, one thing is clear: the race for the top fall film market is on, and both festivals are eager to claim the title.
