There are thousands of film festivals in the world. A festival for every flavor of filmmaking from features, shorts, animation, horror, women, wildlife, documentaries and even for films featuring moustaches. Each one's vying for eyeballs. There are just a handful of fests that are considered important.
There's a classic saying that goes, "An old musician never dies, he just... (fill in the blank)," and one fills in that blank with whatever witticism aptly applies. I don't know if Erik Scott would appreciate the "old musician" reference, but since he and I did meet back in the early-'80s, it's likely the term applies to us both!