France, South Korea pledge €1bn for film and TV

French President Emmanuel Macron said France and South Korea will invest 1 billion euros, or $1.15 billion, over five years to support the audiovisual and entertainment sector.

Macron said the countries were creating the Lumiere Partnership, which he described as an initiative dedicated to supporting the audiovisual sector and cultural sovereignty. He made the announcement at the Lumiere summit in Saint-Paul-de-Vence near Nice, co-chaired by South Korean President Lee Jae Myung.

A person familiar with the matter said 500 million euros would come from France's state investment bank Bpifrance and the remaining half from South Korea.

The summit brought together more than 200 guests from 55 countries, including George Clooney, and focused on the future of cinema as the industry faces artificial intelligence and competition from streaming platforms.

Macron called for a new form of multilateral action to support the global film industry. He warned that it would be a mistake if artificial intelligence became a tool that replaced or claimed to replace authors, creators and voice actors, and he called for stronger copyright protection.

Macron also announced the creation of a new international organisation intended to bring together independent cinemas and preserve the diversity of that model.