*** Cannes 2024: The Power of Incentives and the Influence of the Majority ***
In 2002, India celebrated 100 years of cinema at Cannes, but Cannes Director Thierry Fremaux faced backlash for selecting Sanjay Leela Bhansali's "Devdas" for one of the festival's screenings. Critics argued the film's commercial and mediocre nature clashed with Cannes' artistic tradition, suggesting it was selected by Fremaux due to the influence of prominent Indian commercial filmmakers.
It's 2024, Cannes has transformed, driven by powerful incentives. Official sponsors like Brut and TikTok now promote influencers with little connection to filmmaking, drawing vast audiences for them and attempting to maximizing their business profits. Similarly, L’Oréal and other cosmetic brands highlight their ambassadors, often overshadowing the festival’s focus on cinema.
When popular demand dictates, those in control often cater to these preferences, regardless of their impact on quality or tradition. The profound influence of the majority, even if or especially uninformed, shapes both political and economic landscapes.
For investors, the lessons from Cannes are revealing. The saying "whose bread I eat, whose song I sing" underscores the importance of understanding the motivations of key players. Major investors can shift a company’s direction to meet new objectives, driven by their own incentives.
Who suffers in this transition?
There is a stark conflict between maintaining reputation and succumbing to incentives. This conflict is not unique to Cannes; it reflects a universal struggle. In the case of Cannes, we can still assume the key decision-makers understand what they are doing. It's more concerning when decision-makers in other settings are incapable and unaware of how they are dancing to the tune of incentives.
#cannes2024 #incentives #Behavioraleconomics #cannesfilmfestival
Herzlichen Glückwunsch. Wir sind neugierig. Wird man als Agentur einfach so nominiert oder müssen Projekte eingereicht werden, welche dann von einer Jury gerankt bzw. ausgezeichnet werden? 😃