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The event is also referred to as the ''New Montreal FilmFest''.

The festival is headed up by Daniel Langlois of SoftImage , Ex-Centris and formerly director of FCMM . It is being produced by Spectra Entertainment (owners of the Spectrum Theatre ). The involvement of Langlois was seen to be a counter to criticisms of the lack of professionalism in the new festival, however, with the first announced scheduling conflicting with FCMM, and Langlois jumping ship on the FCMM, the ''new film festival'' seemed likely to kill off not its intended target but another festival instead. It may have been Langlois' intent to merge the two festivals. However the schedules have been adjusted.

The FIFM's aim is to be more responsive to crowds and industry buyers. The WFF hardly ever has major buyers, but does have large crowds. FIFM will showcase films for North American distributors, and try to emulate the Toronto International Film Festival .