France and Korea pledged to invest 1 billion euros ($1.16 billion) in the global screen industries from 2027 to 2031, in a cornerstone announcement of President Emmanuel Macron’s Lumière Summit devoted to the future of the moving image unfolding in the South of France on Monday.
Korean President Lee Jae Myung, who is on a four-day state visit to France and is co-hosting the global cinema meeting, joined Macron in announcing the funding.
He said his country, which has been at the forefront of the global cross-border content boom with shows such as Squid Games and multi-Oscar winner Parasite, would take the lead “in producing content which resonates with humanity and transcends borders and language barriers.”
The heads of state said other countries were welcome to join the partnership on the proviso they signed up for its commitments to human creativity, copyright protection and cultural diversity.
The unveiling of the funding kicked off the Lumière Summit in Saint Paul-de-Vence, which is famous for its associations with artists such as Marc Chagall, Henri Matisse, and Pablo Picasso.
The one day summit, taking its name from the French film pioneers Auguste and Louis Lumière, has gathered more than 200 high-profile figures from the world of cinema with announced guests including George Clooney, fresh from his Lifetime Achievement Award spree at the Venice Film Festival; Netflix co-CEO Ted Sarandos, NBCUniversal Chairperson Donna Langley and CAA head Bryan Lourd among many more.
Local industry figures in attendance include Mediawan co-founder Pierre-Antoine Capton, Canal+ Group CEO Maxime Saada and Cannes Film Festival Director Thierry Frémaux.
