France and South Korea Launch One Billion Euro Global Cinema Investment Initiative

French President Emmanuel Macron and South Korean President Lee Jae Myung co-chaired the inaugural Lumiere Summit in Saint-Paul-de-Vence, France, where they announced a joint investment initiative to support the film and audiovisual industries. The two leaders committed 500 million euros each, totaling one billion euros over five years. The initiative, referred to as the Lumiere Partnership, is designed to promote joint investments and co-productions while helping local content companies enter the global market. Some reports indicate the funding will begin in 2027, while others suggest it starts next year.

The summit, described by some as a Davos of the seventh art, gathered approximately 200 officials, policymakers, and artists from between 30 and 55 countries. Discussions focused on the structural changes facing the industry, including the rise of global streaming platforms, declining cinema attendance following the COVID-19 pandemic, and the impact of artificial intelligence. President Lee highlighted the dual nature of generative AI as both a cost-reducing opportunity and a threat to jobs and copyright. President Macron emphasized the need for a new multilateralism to maintain cultural sovereignty and guide the direction of technological change.

Additional initiatives announced at the summit include the creation of an international video game festival and efforts to protect audiovisual heritage. President Lee also held meetings with South Korean producers and industry giants such as Netflix and CJ ENM to foster cooperation. The event coincided with the 130th anniversary of the birth of cinema and the 140th anniversary of diplomatic relations between France and South Korea.