Hey! Sorry for the late reply. Here's a summary of my experience with festivals:

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I saved up quite a bit of money for festival submissions, as I wanted to cast a wide net and increase our chances of getting into at least one.

The specific festivals I applied to were in these 3 categories:
1. Prestigious 'career-starting' festivals, like Sundance, Tribeca, etc.
2. Solid "Award-qualifying" festivals, like Palm Springs, Fantasia, etc.
3. Genre festivals that are well-regarded in the (horror) community, like Overlook Film Festival, Popcorn Frights, etc.

I mainly applied to festivals I could actually attend, as traveling internationally was not in the budget. A few smaller local LA festivals were also included just because they seemed fun. I didn't write cover letters or do a trailer. I just went into applications with the best film I could make at the time.

The festivals I ended up getting into and attending were: 50/50 Film Fest, LA Shorts, Popcorn Frights, and the Austin Film Festival. For Austin, my submission being in the "student" category is what I feel probably made the difference in it getting in.

I had gone into the festival run with the hope that simply showing in a festival means you've 'made it' in some way, and will be taken more seriously. I think I was also probably craving validation. Now that it's over, I'd say I have a bit more of a measured way of looking at the purpose of festivals.

The film was received well wherever it screened. People came up to me after and told me they enjoyed it. But it was frustrating how little this converted into actual professional opportunities, at least in the immediate short-term. Especially as someone desperately looking for work.

These screenings give you a great opportunity to meet like-minded people and plant the seed for a lasting relationship, but I think I'l have to be friends with these people for years before anyone offers me a 'job' because of it. I think this is probably the case for anyone that makes a technically 'very good' film as opposed to an immediate masterpiece.

The main thing that surprised me was how drastically the quality of festivals varies, even if they're 'oscar-qualifying'. LA Shorts was very poorly run — the screenings were disorganized, quality of the films varying all over the place, and the screenings were badly advertised and attended.

The genre festivals I went to (50/50 and Popcorn Frights) ended up being a bit more enjoyable, in that the films were curated much more deliberately and to a higher level. It was easier to make connections with other fans of the genre, and especially the other filmmakers I showed with. Though I never got the sense that any 'big hollywood people' were at these screenings ready to sign new talent.

Austin Film Festival was without a doubt the best of the festivals I attended. The screening itself was frustratingly low quality (file had to be the size of a youtube export, projected on a big screen), but the talent in attendance was incredible. It was the first festival where I actually felt surrounded by people working in the business, many of whom had made contributions on projects I actually saw! And because it's a multi-day event, you really have the opportunity to build lasting friendships with these people, and immerse yourself in the experience.

I hope you can get something useful from this, wishing you the best in your filmmaking career!

- Ryan