I've read elsewhere that film festivals like Cannes also perform a vital business function for independent filmmakers whereby distributors attend to find movies

I've read elsewhere that film festivals like Cannes also perform a vital business function for independent filmmakers whereby distributors attend to find movies they want to buy the rights to distribute to more theaters in various countries, and filmmakers bring their movies there seeking this to try and get their film onto more screens. For Netflix and Amazon exclusives, this part of the film festival is completely irrelevant, and I would imagine that the people who use film festivals to shop for independent films to distribute would rather not waste their time,