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Monday, Sep 25, 2023

Netflix to Invest $45 Million in European Films

Netflix Inc. continues to expand its presence around the world with a new deal to bring more French and European cinema to its platform.

The Los Gatos-based streaming giant announced Feb. 22 that it will invest approximately $45 million, or 40 million euros, in a minimum of 10 films from France and Europe over the next three years. The films will initially be released in European cinemas and then will move to the company’s streaming service 15 months afterward, with an exclusive seven-month streaming window.

Netflix confirmed the deal after a group of French guilds including La Société civile des Auteurs Réalisateurs et Producteurs and Bureau de Liaison des Industries Cinématographiques announced it as their first partnership with a subscription video-on-demand service.

Under the terms of the agreement, Netflix will invest a minimum of 4% of its annual net revenue in French and European film productions, with at least $34 million (30 million euros) bankrolling French-language features. Additionally, Netflix will direct 17% of the overall investment to films with budgets of less than $4.54 million (4 million euros).

The announcement of a 15-month window between a film’s release in cinemas and when it can be streamed online marks a change for France’s film industry. Previously films were held from streaming services for 36 months, the longest in Europe.

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