Zurich Film Festival For Sale: NZZ’s Troubled Venture
The curtain Falls: NZZ Seeks Buyer for ZFF
The Neue Zürcher Zeitung (NZZ), a prominent Swiss media company, is reportedly seeking a buyer for the Zürcher Film Festival (ZFF), its film festival subsidiary. This decision comes after years of financial struggles and sponsor departures, signaling an end to NZZ’s aspiring foray into the event business.
A Costly Acquisition
Nine years ago, NZZ acquired the ZFF with considerable fanfare, investing over 10 million Swiss francs and forging partnerships within the film industry. However, the venture failed to achieve financial sustainability, leading to the current decision to sell.
Did you know? The Zurich Film Festival was founded in 2005 and quickly gained prominence, attracting international attention and high-profile guests.
Dengler’s Vision and the Rise of ZFF
Veit Dengler,the then-CEO of the NZZ Group,envisioned a luminous future for the company in the event business,aiming to offset declines in print media. He believed the ZFF had critically important growth potential. The Handelszeitung cited the then CEO of the NZZ group
saying, There it has potential upwards.
The festival’s rapid ascent was significantly aided by key sponsors,including UPC,BMW,Etihad Airways,and,crucially,credit Suisse. Nadja Schiltknecht, a co-founder of the ZFF, secured Credit Suisse’s support through urs Rohner, then a top executive at the bank. This partnership provided the financial stability needed for the festival’s early success.
The Turning Point: Founders’ Exit and Financial Woes
In 2020, the ZFF’s founders, Nadja Schiltknecht and Karl Spoerri, departed, leaving NZZ to manage the festival independently. This transition proved challenging. Frequent personnel changes created instability,and the COVID-19 pandemic further intricate matters. The collapse of Credit Suisse, a major sponsor, added to the financial strain.
Pro Tip: Securing diverse and stable sponsorship is crucial for the long-term viability of any film festival. Reliance on a single major sponsor can create significant risk.
Sponsorship Setbacks and Cost-Cutting Measures
The ZFF faced additional setbacks when a new “premium partner,” the chocolate company Läderach, became embroiled in controversy, leading to the termination of the sponsorship after only a few weeks. The sponsorship ended
after a few weeks. The responsible parties could not find an equivalent replacement.
The festival’s sponsorship landscape dwindled, leaving only UBS (as the successor to Credit Suisse) and Mercedes as major sponsors. NZZ itself stepped in as a main sponsor, a move that highlighted the festival’s financial difficulties.
New Leadership and a Focus on Stability
In 2024, Roger Crotti, a seasoned Disney manager, assumed the presidency of the ZFF. Recognizing the need for financial prudence, Crotti immediately implemented cost-cutting measures. It is of central importance that we are on a solid financial basis to ensure the long -term stability of our association
he said persoenlich.com.
The Future of ZFF: Private Sector or Public Funding?
With NZZ seeking a buyer,the future of the ZFF remains uncertain. Potential buyers could include private sector entities or even the city of Zurich, which might consider providing public funding to ensure the festival’s survival. The question remains: Will it be one from the private sector again? Or does the city of Zurich get into its pants with tax money-so that Little Big City does not disappear from the festival map?
