Netflix has been working hard to churn out as many movies as possible lately, as many are going straight to stream during the latest pandemic spike. Still, the streaming service just struck a deal in order to premiere films in French and European cinemas before going directly to the streaming service.
The company just signed a three-year agreement with French film companies to invest a minimum of $45 Million (40 million Euros) to finance French and European movies that will be released in French theaters. That $45 Million is about 4% of the company’s annual revenue in France, with about 30 Million of it going to French-language films specifically. These movies will premiere in French cinemas and launch on Netflix 15 months later.
In the past, France’s strict theater rules have prevented Netflix from premiering its films at the iconic Cannes festival, where every film is required to have a limited theatrical run in France. With this new deal, Netflix will be able to shorten the time between being in theaters to streaming, which was brought down from 36 months to 15 months, and aims to be shortened even more by 2025.
“This agreement is a new step towards our virtuous integration in the unique French cinema ecosystem,” Netflix said in a statement to Variety. Will all of this focus on French cinema, perhaps Netflix will give the viewers what they really want: an Emily In Paris extended movie franchise.
Source: https://uproxx.com/movies/netflix-invests-in-european-french-cinema/
