If a film-fest wants to reject me for my logo, they can go to hell. I spent a year making my damn movie, you can spend 15-seconds watching my awesome logo!
And yes, as DeJager pointed out, it is about branding. I don't give a damn if people remember my name. I want them to remember my production company's name (news-flash: my name isn't Cracker Funk).
I kinda feel like the movie is the only thing that matters. Do whatever you want
with the logo (assuming you don't infringe any copyrights, etc.).
I think your logo looks very nice.