Founded in 1976, the TIFF is now one of the most prestigious film festivals in the world. In 1998, Variety magazine acknowledged that "the Festival is second only to Cannes in terms of high-profile pics, stars and market activity." In 2007, Time noted that the festival had "grown from its place as the most influential fall film festival to the most influential film festival, period." This is partially the result of the festival's reputation and ability to generate "Oscar-buzz".
Notable films to have had their world or North American premiere at TIFF include Chariots of Fire, The Big Chill, Husbands and Wives, Thirty Two Short Films About Glenn Gould, Downfall, Sideways, Silver Linings Playbook, and Crash.
TIFF, known originally as "The Festival of Festivals", was founded in 1976 at the Windsor Arms Hotel. Beginning as a collection of the best films from film festivals around the world, it had an inaugural attendance of 35,000. Ironically however, Hollywood studios withdrew their submissions from the festival due to concerns that Toronto audiences would be too parochial for their products.