Netflix has signed a three-year agreement with French film guilds to invest a minimum of €40 million ($45 million) in the financing of French and European movies which will be released in French theaters.
Netflix previously signed a pact with France’s broadcasting authorities to start investing 20% of their annual revenues on French content, both series and movies, as part of a French decree which stemmed from the implementation of the Audiovisual Media Services Directive (Avms).
The landmark partnership announced on Tuesday will see Netflix contribute 4% of its annual earnings in France in the funding of French and European films, with at least €30 million invested in French-language films. All of these films will be released in French theaters before being released on Netflix 15 months later. For the next seven months, Netflix will have exclusive access to these films.
The agreement also includes a provision for low-budget films. It includes a diversity clause that requires Netflix to devote at least 17 percent of the €40 million to supporting French-language films with a budget of less than €4 million. The streamer must invest in a minimum of ten films during the pre-financing stage, which is no later than the start of principal photography.
"This partnership represents a fresh step toward our virtuous integration in the distinctive French cinema ecosystem," Netflix stated in a statement to Variety. "It demonstrates our constructive contribution to the AVMS negotiation process as well as our dedication to being a part of the French cultural landscape."
To date, Netflix is the only streaming service that has signed this deal with French film organizations BLIC (Bureau de liaison des industries cinématographiques), BLOC (Bureau de liaison des organisations du cinéma), and ARP (Société civile des auteurs réalisateurs producteurs). s) France is also the only country in Europe to have signed such an agreement with Netflix or any other platform. rm.
The streamer formerly had to wait 36 months to see movies that were released theatrically in France, and it hopes that the current 15-month window will be reduced within the next three years.
