The 2025 film festival season, which included major events in Venice, Telluride, and Toronto, was marked by a general sense of underperformance and a noticeable shift in the usual dynamics of Oscar contenders and industry expectations. This season came months after the box-office success of "Sinners," which had transitioned into a serious Oscar contender, and "One Battle After Another," which bypassed festivals entirely and went on to win Best Picture. The festival circuit, which had previously launched winners like "Birdman," "Spotlight," "12 Years a Slave," and "The King’s Speech," played a reduced role this year. "Nomadland," affected by the pandemic, was the last fall festival film to take home the top Oscar prize. The lack of excitement and buzz for new films was largely attributed to studios being cautious about the risks of negative press and potential embarrassment for A-list actors. While there were some standout films like "The Shape of Water" or "Poor Things," others, such as "White Noise" or "Joker: Folie à Deux," failed to generate the same level of enthusiasm. Despite this, several high-profile actors, including Tom Cruise, Timothée Chalamet, Anne Hathaway, and Christian Bale, appeared in new films, none of which chose to debut at festivals. The next wave of Oscar contenders began to emerge at the Sundance Film Festival in Park City, where Olivia Wilde’s "The Invite," a remake of the Spanish film "The People Upstairs," became the most talked-about title. A24 acquired the film, leading to a summer release with strong word of mouth. Wilde could become the first woman ever to be nominated for both acting and directing. John Turturro’s performance in "The Only Living Pickpocket in New York," purchased by Sony Pictures Classics, could earn him a best actor nomination. While the festival’s top prize isn’t a strong predictor of Oscar success, it was awarded to "Josephine," starring Channing Tatum. The film’s difficult subject matter made it a challenging watch and purchase, ultimately going to a small, untested company called Sumerian Pictures. Tatum’s performance was considered his best to date, though the film may have to settle for critics' circle awards. At the Berlin Film Festival, Sandra Hüller’s performance in "Rose" could position her for a best actress Oscar nomination. The sci-fi adventure "Project Hail Mary," starring Ryan Gosling, proved to be a major success, both critically and commercially, and could follow in the footsteps of "The Martian." At Cannes, there was a notable absence of American films, with most studios and stars avoiding the trip. James Gray’s "Paper Tiger," starring Adam Driver and Scarlett Johansson, was well-received but may not appeal to the Academy. The biggest American breakout was Jordan Firstman’s "Club Kid," picked up by A24. Outside the U.S., the Palme d’Or winner was Cristian Mungiu’s "Fjord," purchased by Neon, though it faces hurdles. The Spanish epic "La Bola Negra," which received a 20-minute standing ovation, was acquired by Netflix.