August 6, 2013- American Express has dropped the Tribeca Film Festival and will no longer be the deep pockets funding the event. BatteryPark.TV has previously reported on the struggles of the festival due to the economic depression, as well as digital film making the “independent film” concept outdated. In addition, the event simply did not achieve major film festival status, with few movie deals being cut, compared to Canne and Sundance.
According to the NY times, festival founder Jane Rosenthal said, ““Everybody always shifts their priorities and business plans every 12 years or so,” said Ms. Rosenthal, who spoke by telephone last week. Caitlin Lowie, a spokeswoman for American Express, declined last week to discuss her company’s decision to reduce its role at the festival. In a statement sent by e-mail last week, Ms. Lowie said American Express would continue to provide its cardholders with early access to tickets, and expects to remain involved with Tribeca in some capacity for “years to come.””