Canal Plus has announced the signature of a new accord with the French film industry that will see the pay-TV giant invest more of its annual revenue in film production.
In a press release, Canal said it has signed the new deal with the BLOC, a group which represents a large part of the independent sector, as well as the French producers union and the authors-directors-producers organization, ARP.
The deal sees Canal increase its investment from 12% to 12.5% of its annual revenues into European film production. Of the 12.5%, Canal will invest 10% in French films for an increase of 1% annually. There will also be a bonus 0.5% given to films that attract more than 500,000 ticket buyers during their theatrical run.
Canal also announced it would create new service that will be charged with bringing financial aid to independent film exhibition and distribution. In doing so, the company said it will contribute to the development, exhibition and showcasing of cultural works and those that spotlight French heritage.