France, South Korea announce billion-euro investment for audiovisual industry

The summit, taking place in the medieval village of Saint-Paul-de-Vence near Nice on Monday, hopes to forge new alliances and spur action to support the film industry as it faces threats from artificial intelligence and increasing competition from streaming platforms.

More than 200 guests from 55 countries including Hollywood star George Clooney gathered for the Lumière summit, a nod to Auguste and Louis Lumiere, the French brothers considered the inventors of the motion picture.

"Together, we are committing one billion euros over five years to create what we have called the Lumiere Partnership, an initiative dedicated to supporting the audiovisual sector and cultural sovereignty," Macron said at the event co-chaired by South Korean President Lee Jae Myung.

According to a source familiar with the matter, a €500 million contribution will come from France's state investment bank Bpifrance, with the remaining half provided by South Korea.

South Korea is home to some of the world's most celebrated filmmakers, including Park Chan-wook, who chaired the Cannes film festival jury this year, and Bong Joon-ho, the Oscar-winning director of Parasite.

Regain control

More broadly, Macron called for a new form of "multilateralism" to support the global film industry, which has been weakened by declining cinema attendance.

"Because our works also capture something about our era and who we are, and because behind every production there are creators, technicians, companies, jobs and an entire value chain, we must regain control over these major technological transformations," Macron said.

How AI is shaking up the film industry

On artificial intelligence specifically, the French president warned that "it would be a tremendous mistake" if the technology were to become a tool that "replaces, or claims to replace, authors, creators and voice actors."

He also called for stronger protection of copyright.

Macron also announced the creation of a new international organisation, which will bring together "all independent cinemas" with the aim of "preserving the diversity of this model."

(with AFP)