The UK Film Council (UKFC) has introduced a new funding programme to help the industry make thetransition into the digital age.

The programme, called Accessing and Commercialising Content in a Digitally Networked World, will have $7.3m (£5m) to allocate for supporting new business models and services that maximise revenue streams for content creators and rights holders.

The UKFC will joint fund successful film-related applications through the programme from $1.5m (£1m), which will be contributed by the National Lottery.

The initiative will include schemes aimed at making it easier to identify content rights holders and to help them collect revenue. The fund will also look for innovative projects that allow audiences to discover film in new ways in the digital era.

The UKFC will join forces with the Technology Strategy Board, a government-funded body that promotes innovation through technology, to administer the fund. Both the new programme and the Technology Strategy Board are sponsored by the Department for Innovation, Universities and Skills.

Peter Buckingham, head of distribution and exhibition at the UKFC, said: “New business models that work in the digital world are needed to ensure that audiences continue to have the widest possible access and that content creators and rights holders work in an environment that recognises the value of content.”

The news comes just days after the media, arts and technology industries met as part of a Digital Britain summit.

The meeting, held on April 17, brought together key figures including Culture Secretary Andy Burnham and Johannes B Larcher, senior vice-president of international for content streaming site, Hulu.