Amidst Cannes’ Glamour, Experts Call for Innovation to Propel Cinema Forward Post-Covid
The 75th Festival de Cannes began on 17 May, with Hollywood icon Tom Cruise returning to the event after three decades to premiere Top Gun: Maverick, the highly anticipated sequel to his 1986 hit. As the world’s premier film festival unfolds, it provides a timely moment to reflect on the future trajectory of the cinema industry—a sector still recovering from Covid-19’s challenges and facing a transformative era.
With its unparalleled cultural and economic influence, cinema is at a turning point, one that demands major innovations. Michael Ovitz, co-founder of Creative Artists Agency, has famously described entertainment as “the most cut-throat, competitive, difficult business in the world.” Hollywood remains the industry’s heartbeat, with blockbusters representing its pinnacle. However, the global cinema industry must capitalize on emerging technologies to advance in five crucial areas.
Foremost is expanding access to early-stage capital for content creators and producers, similar to the start-up investment ecosystems pioneered in Silicon Valley. Institutionalizing capital for the creative process can maximize intellectual property potential, offering untapped growth opportunities for cinema.