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Reuters: Cannes Market Proves Buoyant For Industry

Indiewire By Indiewire | Indiewire May 23, 2006 at 7:45AM

While stars like Tom Hanks and Penelope Cruz grabbed the limelight on the red carpet at the Cannes film festival this week, deal-making for global movie rights proved fast and furious, industry players said. To the general public, images of the A-listers as they are dazzled by walls of paparazzi and TV crews are what the world's biggest film shindig is best known for. Behind closed doors, or over a bottle of champagne aboard a luxury yacht, the money does the talking, although more than ever this year players are having to grapple with technological changes on the Internet and devices like the iPod. Even though worldwide box offices suffered slightly in 2005, the industry is enjoying a healthy appetite for films in numerous arenas, including DVD, executives said. Reuters reports.
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While stars like Tom Hanks and Penelope Cruz grabbed the limelight on the red carpet at the Cannes film festival this week, deal-making for global movie rights proved fast and furious, industry players said. To the general public, images of the A-listers as they are dazzled by walls of paparazzi and TV crews are what the world's biggest film shindig is best known for. Behind closed doors, or over a bottle of champagne aboard a luxury yacht, the money does the talking, although more than ever this year players are having to grapple with technological changes on the Internet and devices like the iPod. Even though worldwide box offices suffered slightly in 2005, the industry is enjoying a healthy appetite for films in numerous arenas, including DVD, executives said. Reuters reports.