Revenues were down this year according to a report from the Cannes Lions International Festival of Creativity parent company Ascential and consultancy MediaLink. They dropped to the tune of 9%, with blame being placed to the absence of Publicis and the new awards structure.
This year saw revenue of £57.3 million (US$75m), which was down from almost £63m ($82m) the previous year. The company reported a 7 percent revenue growth on a constant currency organic basis.
The festival makes it money based on three main revenue streams: award entries; delegates or pass-holders; and partnerships and digital.
This year’s festival saw award entries, which accounted for 39% of revenue, drop 21 percent this year, which it attributed to the Publicis pullout and dropping of certain Lions awards and subcategories.
Partnerships and digital revenue, which account for 21 percent of total revenue, did increase 35 percent over last year.
Attendees were apparently happy with the format changes to the festival with an exit customer engagement survey receiving one of the highest approval ratings the event has achieved said the report.
“Overall, we are encouraged that these developments, together with the well-received format changes and the high level of stakeholder engagement evident during the Festival, position Cannes Lions well for long-term growth,” Ascential said in the interim results statement.