Venice is a city in northeast Italy sited on a group of 118 small islands separated by canals and linked by bridges. It has about 270.000 citizens and is the birthplace of many notable artists like the painter Tintoretto and the composer Antonio Vivaldi (more from Venice-wikipedia).
The Venice International Film Festival is the oldest international film festival in the world and is held every year at the end of summer (between late August and early September) on the island of Lido in Venice, Italy. The highest prize of the competition is the Golden Lion (Leone d’Oro) award for best film (more from Venice Film Festival-wikipedia).
For more info about the festival you can visit its official website.