France and South Korea pledge €1 billion for film industry

France and South Korea have pledged a joint €1 billion investment in the international film and media industry, opening the first Lumière Summit with a major commitment to cinema’s future.

French President Emmanuel Macron announced the plan at the one-day summit in Saint-Paul-de-Vence in southern France. The meeting brings together about 200 representatives from the film and audiovisual industries from around 55 countries, including Hollywood studios and US actor and filmmaker George Clooney.

The summit is focused on an industry facing rapid technological change. Discussions include artificial intelligence, the growing power of streaming platforms, film and cultural financing, and how future works will reach audiences. “We must regain control over these major technological changes,” Macron said.

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We must regain control over these major technological changes.

Macron argued that a new form of multilateralism was needed to support cinema as falling attendance weakens the art form. In a statement released before the summit, he said AI was shifting boundaries, but that the goal should be for “this revolution to open up new possibilities without standardizing our imaginations.”

France and South Korea will each provide €500 million. People familiar with the matter said France’s share would come from existing loans issued by the state investment bank BPI, while South Korea is providing the other half. Macron urged additional countries and international partners to contribute. The money is intended to strengthen the film and media sector and support cultural sovereignty.

Macron also announced plans to protect the audiovisual heritage, promote media and visual literacy, support independent cinemas and establish an international video game festival.

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this revolution to open up new possibilities without standardizing our imaginations