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