The state of Utah is fighting to keep the Sundance Film Festival as organizers are looking at five other places to host the event as of 2027.

The Robert Redford-founded Sundance Film Festival said in spring 2024 that its organizers were looking to potentially move the event from Park City, Utah, to another location. The small town will now have to contend with Atlanta, Georgia, Boulder, Colorado, Cincinnati, Ohio, Louisville, Kentucky, and Santa Fe, New Mexico, already popular destinations with plenty of other pull factors.

Sundance has taken place in Park City for 40 years, adding huge value to the local economy. An estimated $63 million was added to local wages in the 2023 festival, with a further $12.8 million in tax revenue, according to ABC4. Out-of-state visitors spent $96 million, with an overall contribution to Utah’s gross domestic product hitting $118.3 million over the course of its 10 day run.

“Let’s just be clear, it’s a lot about the money. The cost is, of course, an issue, and we have seen that escalate in Park City. I think a bit of it is demand. Park City is a small, exclusive ski town. Now, yes, it’s grown. Sundance has obviously grown too,” Utah Film Commissioner Virginia Pierce told Deadline when asked about how much Sundance’s decision to possibly move is to do with cost.

The decision-makers of Sundance may be giving Park City two more years of festivities, but what does this mean for local real estate? With a potential end in sight, it’s unlikely prices will stay where they’re at. Yes, the town is incredibly popular for skiing, tourism and other forms of recreation, but there’s no denying the economic boost from Sundance each year. (RELATED: Al Gore Caught Riding In An SUV At Sundance Film Festival [VIDEO])

Any shift in this norm could prove devastating to individuals who’ve purchased property or opened businesses banking on these ten days making up a huge portion of their annual revenue and profit.

What’s more is that 67% of Sundance’s visitors are Utah-based. Sure, moving to another state will bring in new visitors, but abandoning those who’ve made the festival what it is seems like a shockingly cheap move.

“They’ve created a really amazing audience of very educated, sophisticated film watchers, now all year round. So, you know, I hope that they can see that that’s another value add that we have,” Pierce added.

Pierce admits that, thanks to COVID, the festival might not be as much of a moneymaker. But Hollywood isn’t really a huge moneymaker anymore. The 2023 writers and actors strikes pinpointed the loss in profits from entertainment and the spill-over impacts into the wider industry thanks to streaming and automation of once-technical jobs. Is it just me, or was there seemingly no real solution to these problems? The strikes just sort of went away? (RELATED: Major Industry Execs Say The Quiet Part Out Loud: Entertainment Is Falling Apart)

The way things are going, Utah, particularly Park City, looks like it could be another victim of Hollywood’s inability to adapt to the rapidly changing financial and technological landscape.

Leaders in Utah are, seemingly, evolving their options ahead of time. The Olympics will take place there in 2034 and people will always go to Park City for the snow. I just hope local businesses start adapting soon too … just in case.