Macron Says France, South Korea to Invest US$1.15 Billion to Support Audiovisual Industry
Macron said the five-year fund will back creators, jobs and independent cinemas as the industry faces streaming competition and artificial intelligence threats.
- On Monday, French President Emmanuel Macron and South Korean President Lee Jae Myung launched the Lumiere Summit in Saint-Paul-de-Vence, France, pledging €1 billion over five years to support the audiovisual sector and cultural sovereignty.
- The summit aims to forge alliances as the global film industry faces threats from streaming platforms and technological disruption; Macron warned that replacing creators with new tools would be a "tremendous mistake."
- France's state investment bank Bpifrance will contribute €500 million, with South Korea providing the remaining half. More than 200 guests from 55 countries, including George Clooney, attended the event.
- Macron announced creation of a new international organization to bring together "all independent cinemas" with the aim of "preserving the diversity of this model," while calling for stronger copyright protections.
- South Korea, home to Oscar-winning director Bong Joon-ho and filmmaker Park Chan-wook, joins France in this partnership to regain control over technological transformations and protect the creative value chain.
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Macron says France, South Korea to invest US$1.15 billion to support audiovisual industry
SAINT-PAUL-DE-VENCE: France and South Korea will invest one billion euros (US$1.15 billion) to support the audiovisual and entertainment sector, President Emmanuel Macron said as he brought together some of the world's top entertainment bosses for a summit on the future of cinema.The summit, which takes place
"We are putting a billion euros together over five years for the creation of what has been called the Lumière Partnership, an initiative dedicated to supporting the image and cultural sovereignty sector," said the president, calling more generally for a new "multilateralism" to support the 7th world art, weakened by the fall of audience attendance. According to a source close to the file, the 500 million abounded on the French side will come fro…
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France and South Korea will invest €1 billion over five years to support "the image industry," said Emmanuel Macron.
France, South Korea announce billion-euro investment for ...
France and South Korea will invest 1 billion euros to support the audiovisual and entertainment sectors, President Emmanuel Macron said, bringing together the world's top entertainment industry leaders for a meeting on the future of cinema.
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