The giant streaming platform is high on expanding its business throughout the world. This time Netflix is going to invest $45 million in French and European films over the next 3 years. All the investment will come from its French revenue. It includes $34 million for French-language films only.
Most importantly, all the films backed by Netflix will have their theatrical releases in France. There are a total of 10 French and European films. The deal happened between Netflix and the French cinema guilds including ARP, BLIC, and BLOC. This initiative is the first of its kind subscription video-on-demand service unveiled by the guilds that represent French creatives, producers, and cinema owners.
Where most of the amount will go to big-budget films, only 17% of the total amount will go to low-budget films under the budget of $4.54 million. There is no worry about the finance because it will come before the principal photography. Netflix has already committed to pre-finance those films.
The previous longest 36-month window has also been reduced to a 15-month window. It means Netflix will release the films after 15 months of its theatrical release. Where a large portion of Oscar nominations goes to Netflix, this time, the streaming giant puts its footsteps to Cannes Film Festival also.
Netflix couldn’t submit any film to Cannes because of its theatrical release criteria. From now on, it seems the investment of $45 million from Netflix paves to way to the festival. This is not just about films but it includes web series also. The streaming platform will have a 7-month streaming window.
This OTT platform had little choice to operate fully in the country. As per the government’s rule, it requires investment in French content to do business in the country. This investment means the native French movie lovers will see the streamer reigning in the country over the next three years and beyond.
At a time when mainstream films were the only entertainment medium for movie buffs, with the rising of OTT platforms, it seems people are going to be more accustomed to the native international culture also. It won’t be difficult to find those ecstatic movies in the future.