It’s done, it’s signed: Netflix has committed to financing French cinema to the tune of 40 million euros throughout 2022. This agreement extends over the next three years, during which the platform streaming will have to invest at least 30 million euros per year. A decisive step for the modernization of French industry.
It is a historic day for French cinema. These are no less than 40 million euros that the industry will receive from Netflix during the year 2022. It was a long-term job for the Liaison Office of the Cinematographic Industries (BLIC), the Liaison Office of Cinema Organizations (BLOC) and the Civil Society of Authors, Directors and Producers (ARP), whose first stage of the agreement was signed last December.
Of course, Netflix finds its account there. 2 months of gain on the media timeline, thus passing its legal distribution period of 17 to 15 months. What’s more, the streaming giant gets 7 month exclusivity on the films financed on its platform. In exchange, the streaming site will have to reserve 4% of its annual turnover in France for French cinema.
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Netflix becomes a major player in French cinema
This agreement is therefore divided into 3 axes that Netflix will have to respect. First, the latter undertakes to invest a minimum of 30 million euros per year in “the cinematographic creation of original French expression”. Secondly, this amount must be granted at least 17% to works with a budget less than or equal to 4 million euros. At last, at least 10 movies will have to be financed each year by Netflix.
“Netflix and French cinema organizations welcome the fruitful discussions that have taken place in recent months and which will benefit cinematographic creation, in all its diversity”, said the streaming platform and the other signatory organizations. In addition, Netflix is already planning to increase its funding, with the aim of obtaining a period of 12 months for dissemination. Which will still be much more than Canal+, largely favored by the new media chronology with a 6-month window.
Source: Press Release