Netflix to Invest $45 Million Annually in French, European Movies
variety.comElsa Keslassy International CorrespondentNetflix 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).
Tuesday’s milestone agreement will see Netflix investing 4% of its annual revenue made in France on the financing of French and European movies, with at least €30 million invested in French-language movies.
All these movies will premiere in French cinemas and will be launched on Netflix 15 months later. Netflix will have an exclusive window on these movies for a duration of seven months.
The pact also has a provision for lower budget films. It features a diversity clause under which Netflix will have to dedicate at least 17% of the €40 million in financing French-language movies with a budget of under €4 million.
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