To be run by Ridley Scott, the film fest will accept shorts of up to 15 minutes. These will be judged by Scott and his team, who will select 50 films. These 50 will be voted on by YouTube viewers who will choose 10 finalists which will show at the Venice Film Festival this year. The winning film will be selected by Scott and the other judges at Venice.
Top prize is a $500,000 budget and a chance to turn your short into a feature-length movie with Scott's production company. Entries can be submitted starting February 2.
Details at YouTube's site.
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