Since the turn of the millennium, the number of film festivals celebrated annually has exploded, with more than 30 events being celebrated in the Melbourne metropolitan area alone in 2010. The rate of proliferation raises issues of event saturation, bringing into question the future of the film festival format. This article engages with the growing debate over the sustainability of unchecked festival growth. Examining the rise in specialised events that has characterised the film festival phenomenon, it argues that the diverse range and ubiquitous nature of these events collectively forms an exhibition system with the potential to usurp the role of art-house and specialty theatres. As a kind of new cinema', this article considers how festivals may be reshaping the future of film exhibition.