Context:

The 78th Cannes Film Festival has commenced, signaling the start of two weeks of intense film-related events on the French Riviera. Cannes is known for launching Oscar campaigns, with past festivals producing several best-picture winners and influencing the Academy's overseas members. The festival's Palme d’Or is highly anticipated, with numerous films and directors, including previous winners Julia Ducournau and the Dardenne brothers, vying for the prize. Besides showcasing established stars, Cannes will debut directorial efforts from Scarlett Johansson, Kristen Stewart, and Harris Dickinson in the Un Certain Regard section. Despite potential trade challenges due to proposed U.S. tariffs on international films, the festival remains a key venue for film acquisitions and deal-making.

Dive Deeper:

• The Cannes Film Festival, known for its impact on Oscar campaigns, has historically been a launchpad for best-picture winners, such as Bong Joon Ho's 'Parasite' and Sean Baker's 'Anora'.

• The festival's influence on the Academy Awards has grown as the Academy has expanded its international membership, particularly among European voters who follow Cannes closely.

• The Palme d’Or, Cannes' prestigious award, is highly contested with this year's competition featuring returning winners like Julia Ducournau and the Dardenne brothers, alongside other notable films.

• Cannes' red carpet will feature a parade of stars including Tom Cruise, Spike Lee, and Wes Anderson, while debut films from Scarlett Johansson, Kristen Stewart, and Harris Dickinson will premiere in the Un Certain Regard section.

• Film acquisitions and deals are a major part of Cannes, though recent announcements of potential U.S. tariffs on foreign films have created uncertainty in the market, yet the impact remains unclear.