TIFF generates big bucks for Toronto. Will the Hollywood actors' strike change that?
CBC
The lack of star power at this year's Toronto International Film Festival (TIFF) has meant fewer festival-goers visiting The Fifth Social Club downtown, says the club's general manager.
The Fifth has been a TIFF sponsor for over a decade and has hosted an annual Paparrazi Party as well as official festival closing parties, featuring stars like Lee Jung-jae from the Netflix series Squid Game. Typically, the club hosts anywhere from six to 10 events throughout the festival but this year only booked three, Vince Farago told CBC Toronto.
"We knew it was coming, we just didn't know how bad it would be," he said. "When half the people don't show up, it's not as much of a party."
TIFF is typically an economic boon for Toronto, bringing in more than 700,000 visitors and generating more than $114 million in economic activity in the region, according to a 2022 report from FedDev Ontario.
But concerns have been raised that this year might be an anomaly given the ongoing Hollywood actors' strike.
While Farago says The Fifth is certainly feeling it, it's too soon to say what the overall economic impact will be. Official economic numbers aren't expected until November and hotel occupancy data won't come until at least the end of September.
Still, not everyone is worried.
"I think it's reasonable to assume there's been some impact," said Kathy Motton, a spokesperson for Destination Toronto.
"[But] TIFF does a great job of delivering an excellent festival. And I think a lot of the people that are coming here, they're cinephiles, they're coming to see the movies and that's really what their priority is."
When official numbers relating to attendees and their interactions with local businesses do come out, Motton told CBC Toronto she isn't predicting a major hit.
"It's really too early to say what that impact is going to look like, but right now what we have seen is lots of vibrancy," she said. "It's been very busy. I actually walked through there the other day and you can see tons of people with badges on. So, lots of energy."
The Greater Toronto Hotels Association (GTHA) is also not expecting any concerns from the strike's impact on this year's TIFF economic footprint.
Even if there is a drop in TIFF attendance, GTHA president Sarah Anghel said there are plenty of other city events to keep hotel occupancy rates healthy.
"I'm confident that, with an uptick on those, there's nearly 20,000 folks here in town for conferences and events," said Anghel, although the association won't have formal numbers until the end of the month.
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