Cinequest, an annual film festival currently showing in San Jose, California, has signed up with Azureus’ content portal, Zudeo, to feature content from the festival online. While Cinequest has featured content on the web since 2004, using a P2P model has the potential to reduce considerable bandwidth costs — which is great news for other, smaller festivals. The screenings in San Jose run through March 11.

The whole point of film festivals is to garner exposure for filmmakers, and a bunch of different promotional models have sprung up online. DivX decided to create a festival that only exists online, Pixelodeon will be a real live festival but will feature content produced for the web, and of course Sundance always garners lots of coverage and made some of their featured films available on iTunes. Your move, Cannes.