The showbiz, using social media to build star-quality brands is still a powerful strategy.

Genna Terranova, director of the Tribeca Film Festival, sees the storytelling potential of Snapchat in no uncertain terms. "It allows intimacy," she says. "When you're telling a good story, you kind of have to put your neck out there."

Last month, the festival announced that it would be rolling out its first-ever series of "Snapchat Shorts," videos that are produced through the multi billion-dollar social media platform.

Snapchat users were encouraged to submit video clips of up to 200 seconds through March 8th, for evaluation by a panel of A-list judges such as Jessica Alba, Steve Aoki, Steve Buscemi, and DJ Khaled. In April, a total of 10 people will win a trip to the festival--with all expenses paid. In addition to having their clips featured at the event, the creators will receive extra exposure through the festival's own Snapchat Discover channel.

Beyond the "intimacy" factor of the platform--which, indeed, attracts as many as seven billion video views per day--Terranova notes that Snapchat is a great way to find up-and-coming artists, who might not otherwise have access to expensive filmmaking tools, equipment and education.

"We feel like there are many opportunities to highlight other artists, and the way that they tell their stories," she said. With the "Snapchat Shorts," Terranova says she aims to "cast the net really wide and encourage a new generation of storytellers."

She notes that the Tribeca Film Festival can get away with taking more of these creative liberties (compared to the Toronto Film Festivals or Cannes) because the organization itself is relatively new. It launched just 15 years ago in response to the 9/11 terrorist attacks in New York City.

"What's great about being a young festival is that we don't necessarily always have to play by the rules," she says. "Festivals that are sixty-years-old are keeping up, but fundamentally they don't have as much dexterity."

"We have tried to evolve with the world that we're in--and in New York, which is a big technology hub," she added.

Some of the company's other creative projects include the Tribeca Film Institute, a nonprofit that supports experiential filmmakers, as well as 23 virtual reality exhibits to be presented at the festival this year.