Netflix has signed a three-year deal with several French film guilds that will see the streaming platform invest at least €40 million EUR ($45 million USD) in at least 10 French and European movies.
Within the deal, Netflix has vowed to invest at least 4% of its annual net revenue in French and European movie productions, with a minimum of €30 million EUR ($34 million USD) reserved for French-language films.
The agreement, which was announced on Tuesday by French film guilds ARP, BLIC and BLOC, will provide each movie with a theatrical release in France before launching on Netflix 15 months later. Netflix will then hold a seven-month exclusive streaming window.
“This agreement is a new step towards our virtuous integration in the unique French cinema ecosystem,” said Netflix in a statement via Variety. “It reflects both our constructive contribution to the AVMS negotiation process and our commitment to be part of the French cultural exception.”
Additionally, the deal requires Netflix to invest at least 17% of the allocated funds in low-budget films, which the provision defines as projects with budgets below €4 million EUR ($4.54 million USD). Netflix will need to invest in at least 10 films in their pre-financing stage, meaning the investment will be made prior to the beginning of principal photography.
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