Key facts
- South Korea and France will jointly invest 1 billion euros in the cinema and moving-image industries over five years.
- The initiative aims to foster joint investments, production projects, and global market entry for local content companies.
- The announcement was made at the Lumiere Summit in Saint-Paul-de-Vence, France.
- Artificial intelligence was cited as a factor impacting film production costs and copyright concerns.
South Korean President Lee Jae Myung announced a significant initiative to invest 500 million euros in partnership with France to bolster the cinema and moving-image industries. The initiative, revealed at the Lumiere Summit in Saint-Paul-de-Vence, France, which he co-chaired with French President Emmanuel Macron, will see both nations contribute 500 million euros each over a five-year period starting next year.
The partnership is designed to encourage joint investments and production projects between South Korea and France, serving as a crucial stepping stone for local content companies to expand into the global market. President Lee highlighted the evolving media landscape, consumer preference shifts post-COVID-19, and the rise of artificial intelligence as key factors reshaping the film industry. He emphasized that while these changes present challenges, they also offer opportunities for proactive responses.
Lee specifically addressed the dual impact of AI in reducing production costs while simultaneously raising concerns about job displacement and copyright issues. He pledged that South Korea would work towards fostering the harmonious coexistence of AI and humanity. The president also underscored the importance of independent films in promoting industry diversity and vowed South Korea's commitment to being a solid partner for such productions, contributing to the global cinema ecosystem.
President Lee pointed to the global success of South Korean films like 'Parasite' as evidence of cinema's role in enhancing the country's international influence. He stated that South Korea aims to lead in producing content that resonates globally, promoting coexistence and mutual support between local and international companies.
The Lumiere Summit convened policymakers, politicians, and artists from 30 countries to deliberate on the future of cinema and related industries. French President Macron echoed the sentiment regarding rapid changes in image production and consumption, including economic models and the trustworthiness of AI-generated content. He stressed the need for global collaboration to navigate these shifts, emphasizing that no single country can shape the industry's future alone.
Participants at the summit adopted the 'Lumiere Declaration,' pledging collective efforts to promote the cultural and economic growth of the video industry. The declaration recognized the importance of addressing shared challenges through cooperation among countries, companies, and content creators.