Streaming services company Netflix has entered into an agreement with the French broadcaster to spend 20 percent of its annual revenue in France on the production of French series and films in accordance with French audio-visual media services regulations, MTI writes.
According to the agreement signed Tuesday, Netflix will spend 4 percent of its annual revenue in France on financing French and European films and will invest at least 30 million euros (10.7 billion forints) in francophone films. The upcoming films will be distributed first in French cinemas and will be shown on Netflix 15 months later.
The diversity clause of the agreement also states that at least 17 percent of the €40 million provided by Netflix will be used to fund French-language films with a budget of less than €4 million.
The agreement also signals the streaming service provider’s commitment to “become part of French cultural life,” Variety.com quotes Netflix.
So far, Netflix is the only streaming service provider that has such an agreement with French film organizations, and France is the only European country that has signed such an agreement with a streaming service provider.
Netflix previously had to wait 36 months to add films to French cinemas. The service provider wants to shorten the 15-month period in the current agreement over the next three years.
Due to strict French regulations, Netflix films could not be included in the competition program for the Cannes Film Festival because the festival also required that the competition films be distributed in French cinemas.