The forthcoming Banff World Media Festival located in the pristine environment of the Canadian Rockies might be overshadowed by the implications of the ongoing tariff disputes. Certainly, the threat of encountering wildlife like grizzly bears or moose may be more immediately palpable, yet pressing issues such as the retaliatory tariffs initiated by President Trump, the marked industry downturn, and the influence of artificial intelligence (AI) are equally as significant. As participants from the industry prepare to gather at this annual media conference, the primary focus remains the creation and development of new content.
Trump’s decision to stoke trade tensions in early May through the proposed imposition of a 100% tariff on foreign films, coupled with propositions of a federal tax credit and the incorporation of Americans in global co-productions, has set the stage for fervent discussions among industry practitioners. The United States president’s participation in the G7 leaders summit, scheduled between June 15 and 17 in nearby Kananaskis, further amplifies his influence on discussions in Banff, despite the legal impediments his tariff proposals have encountered.
Jenn Kuzmyk, the executive director of the Banff festival, has expressed the inevitability of tariffs being a critical discussion point. She highlights the influence of these tariffs on aspects both local and global, affecting everything from domestic production to international location shooting, considering that these areas essentially form the core of the industry. Understandably, these tariff propositions have also elicited significant apprehensions within the industry.
Trump’s consistent threats to transform America’s northern neighbor into a ’51st state’ and the imposition of tariffs on Canada have escalated tensions between the two countries’ film and television production sectors. However, these challenges won’t impede the focus on showcasing nascent projects to potential collaborators and investors during the event. Amid this disrupted entertainment landscape, reliant on open trade for global expansion, there’s a concentrated effort by Canadian producers to foster and strengthen worldwide connections, particularly with partners in Europe.
Such networking efforts are not solely reactionary to tariff ramifications, Kuzmyk posits. In fact, Canada, with several robust co-production treaties in place, appears well equipped to navigate the current disruption. Over the years, Canadian industry professionals have perfected the art of international co-productions, positioning the nation to thrive in this shifting global media landscape.
The forthcoming 46th version of the festival will be graced by keynote speakers like Chuck Lorre, co-creator of the Big Bang Theory and guru of broadcast sitcoms, and Hans Zimmer, the Academy Award-winning film score composer. They interface with the traditional facets of media, whereas the festival’s concluding sessions on June 11 address the future of the industry by delving into AI. Proposed discussions range from defining statutory parameters and regulations on AI to exploring updated AI tools and workflows.
AI’s presence and relevance in the media industry ensures its inclusion in most discussions, says Kuzmyk. Highlighting AI’s entrenched role in today’s media, further emphasizes the industry’s movement towards technological progression. Irrespective of its form or function, AI will be a central point of discussion from panel meetings to one-to-one interactions at the festival.
As the Canadian media industry seeks stability within the rapidly evolving global media ecosystem, Banff is hosting a forum on June 9 featuring Canada’s ‘Big Four’ private broadcast CEOs. These industry leaders will be sharing the stage to discuss strategies to cope with challenges like streaming competition, cord-cutting, and various other economic pressures. In doing so, they aim to shape a blueprint for thriving amidst these transformative changes.
Banff delegates will also turn their attention to the achievements of creators from South Korea, the event’s chosen inaugural Country of Honor. Kuzmyk expresses admiration for South Korea’s model, suggesting its potential relevance to Canada. Despite not having a large domestic market, South Korea’s cultural reach and impact on global entertainment and popular culture strike a chord.
However, Kuzmyk underscores the importance of balance at the Banff festival – a balance between business and creativity. Such an equilibrium is a pivotal aspect of the festival’s identity as a hub for international co-productions and collaborations. The festival’s ethos is grounded in this balance, appreciating the need for harmonizing business strategies with creative pursuits.
There’s a shared objective at the festival – to applaud exceptional content from around the globe and to contribute to the development of further innovative content and novel collaborations. In essence, Banff is a breeding ground for creativity and collaboration. For Kuzmyk and others alike, the festival is a platform to unite industry professionals in an environment that celebrates their shared passion for media and creativity.