The streaming giant Netflix has signed a three-year agreement to invest a minimum of €40 million ($45 million) in French and European cinema.
Reportedly, moving ahead of their previously signed deal with France broadcasting authorities to invest 20% of their annual revenue on French movies and web series, the streamer has agreed with a three-year contract to invest 4% of its total revenue from France in the financing of French and European movies.
Furthermore, it has been agreed upon with at least €30 million to go for French-language movies which will premiere in cinemas across France and will go on the streaming portal 15 months later.
Moreover, a diversity clause in the contract has bound Netflix to allocate 17% of the total amount to lower-budget films of the French language, having a budget under €4 million, whereas, a minimum of 10 movies will be funded at a pre-financing stage.
Netflix will be having an exclusive seven-month window for this content.
In their statement about the deal, Netflix told a foreign publication: “This agreement is a new step towards our virtuous integration in the unique French cinema ecosystem. It reflects our commitment to be part of the French cultural exception.”
It is pertinent to mention that previously, the streamer had to wait for 36 months to access theatrically released movies from France, which comes down to a 15-month window with this deal, and is further expected to be shortened in the next three years.
This pact is expected to help Netflix return to Cannes Film Festival as well, as the French festival requires all of its competition titles to have a theatrical release in France.
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