The Marche du Film is now setting up a full-on virtual market from June 22-28, confirmed Variety.
According to Variety, Jerome Paillard, head of the Marche du Film, is to communicate details about the virtual market on Friday.
However, on April 8, The Cannes film festival director Thierry Fremaux has confirmed that the major event won't take the virtual route if it can't be hosted as a physical event.
The film festival also works hand in hand with French distributors and exhibitors who are well represented on the board of the festival.
Despite France's three-week lockdown, Fremaux maintains that the festival is carrying on with the selection of films while monitoring the evolution of the pandemic.
The festival recently stated that the key sales agents who represent the majority of titles in the competition have been submitting their films to Cannes' selection committee, and the dates for registration have been extended by a month and a half.
Also, the French culture ministry and the city's mayor are backing the Cannes, and they have announced the launch of a support cell for festivals scheduled for 2020.
( With inputs from ANI )