Economic Impact:

A recent study commissioned by the city of Palm Beach, Florida documented that every dollar spent by a film festival stimulates another $5 of spending in the local community – restaurants and lounges, hotels and retail shopping. Based on the proposed budget, the Downtown Film Festival - L.A. would generate $3.75 million in new business.

Tribeca Film Festival – A Case Study

In many ways, the Downtown Film Festival - L.A. is analogous to the Tribeca Film Festival in New York City, which just completed its sixth year in April 2007.

The Tribeca Film Festival has quickly gained momentum as a major force in the international film festival world in the six years since it was established. Co-creators Robert De Niro and Jane Rosenthal had for more than a decade attempted to launch the festival.  New York City’s determination to revitalize Lower Manhattan following in the wake of the 9/11 attack proved to be the impetus.  The film festival offered a high-profile opportunity to shine a positive light on an otherwise grim situation. 

American Express, which is headquartered in Lower Manhattan, underwrote the festival's first two years of operations.  The marriage proved to be a success, with the first festival attracting more than 150,000 attendees to film screenings as well as related festival-sponsored events, including a family street festival, parties and receptions, and lectures and panel discussions.  Altogether, the festival generated an estimated $10.4 million in revenues generated for local merchants during its first year. 

The next year, 2003, the organizers expanded the film programming to nearly 22 individual movie screens and added concerts, sports events and outdoor screenings on the Hudson.  Attendance doubled to 300,000 and revenues rose to $50 million for local merchants.

Revenues from last year’s Tribeca Film Festival, held April 25th - May 6th, are still being calculated. However, due to high-profile programming, excellent word-of-mouth and star power, the organizers appear to have once again substantially increased attendance and resultant revenues for local businesses.

In short, the combination of 1) proper funding, 2) experienced staff, 3) high-profile star talent and 4) location in a world-class city proved to be the right formula for success.  After only six years, Tribeca Film Festival is afforded the level of awareness and respect in the film industry usually reserved for festivals that have been existence two decades or more.