Film festivals have long been associated with ephemeral value creation, from the dynamic energy associated with the festival experience to the more static traces of cultural capital that remain once the events are over. This article investigates film festival buzz as it has been conceptualised in film festival studies, and explores existing measurement frameworks drawn from industry stakeholders and federal agencies in the Canadian context. Even though film festival buzz appears to function as an institutional antecedent to consumer buzz in the film value chain, serious methodological dilemmas are raised by the intersecting stakeholder interests that shape knowledge production.