Dive Brief:

• Calculations from AdAge show that the Cannes Lions International Festival of Creativity brought in a record $26.2 million in entry fees this year. 
• The earnings are up from $24 million last year. 
• The increase is due in part to a popular new category, "Product Design," that recognizes a brand's ability to communicate its ethos through its physical product. 

Dive Insight: 

An award from Cannes is a high honor in the ad and marketing world. Agencies and brands hope to impress existing and potential new clients with the awards — but mostly, bragging goes on between agencies. As a model itself, Cannes has really tapped into a lucrative model.