Lee Jae Myung and Macron Announce 1.6 Trillion Won Investment in Korean-French Audiovisual Industries Over Five Years

【Financial News, Nice, France = Reporter Seok-woo Seong】South Korea and France will invest 1.6 trillion won (€100 million) in the film and audiovisual industries over the next five years. President Lee Jae Myung and French President Emmanuel Macron co-chaired the Lumière Summit, an international summit on film and audiovisual industries, on July 7 local time and launched the Global Film and Audiovisual Industry Investment Cooperation Initiative to expand joint investment and co-production between the two countries.
In his opening speech at the Lumière Summit, held at the Maeght Foundation in Saint-Paul-de-Vence in southern France, President Lee proposed the Lumière Partnership. Under the partnership proposed by South Korea, the two countries plan to invest €500 million each in the film and audiovisual industries over five years beginning in 2027.
In his opening remarks, President Lee said the film and audiovisual industries are undergoing a major transformation due to declining audiences after the pandemic, the spread of online video services (OTT), and the emergence of generative artificial intelligence (AI). He presented four key tasks based on the view that these changes could create new growth opportunities if addressed proactively: the crisis facing theaters; the threats and opportunities brought by AI; independent films and diversity; and mutually beneficial growth between local and global players.
Regarding the theater industry, Lee stressed the need to increase the production and distribution of quality films and expand younger generations’ theatergoing experiences. He said generative AI has created new challenges, including job losses, the replication of actors’ likenesses and voices, and issues involving copyrights and training data. He also called for international discussions on using AI in ways that support human creativity and growth.
Lee proposed greater government support and multilateral cooperation for independent films. Because independent films discover new creative talent and narratives and serve as a sustained growth engine for the film industry, his administration plans to expand support even amid the downturn in theaters.
On the relationship between global OTT platforms and local content, Lee emphasized mutually beneficial growth. He identified the decline in the influence of local broadcasters following the spread of OTT services and the distribution of revenue between production companies and global platforms as issues that need to be addressed. He said a structure must be created in which content with distinctive narratives, such as K-content, can enter global markets while local production ecosystems and global platforms grow together.
President Emmanuel Macron also highlighted at the summit that generative AI, algorithms and the spread of platforms are rapidly changing how audiovisual content is produced and consumed, as well as existing economic models.
About 200 people attended the event, including culture ministers from around the world, representatives of international organizations, film and audiovisual industry experts, and creators such as directors and actors. President Lee began the first official schedule of his state visit to France on the evening of June 6 by hosting a dinner with creators from five continents.
That day, Lee also held a separate meeting with figures from South Korea’s film and audiovisual industries. Directors Lee Chang-dong and July Jung, actors Sul Kyung-gu and Jeon Do-yeon, and KIMMINGEE, Netflix’s vice president overseeing content for the Asia-Pacific region, attended and exchanged views on support measures needed in the field.
President Lee and First Lady Kim Hye-kyung later attended an official luncheon with President Emmanuel Macron, his wife and summit participants. Lee then chaired a roundtable attended by representatives of global content industry companies, including CJ ENM, NAVER, Netflix, the Motion Picture Association (MPA) and Mediawan, to discuss ways for local content and global companies to grow together.
President Lee also met with member companies of the Motion Picture Association, including Netflix, The Walt Disney Company (Disney), Sony Group Corporation (Sony) and NBCUniversal. He expressed the government’s willingness to support their investments in K-content, noting that the companies invest more than 1 trillion won in K-content each year, and requested continued investment.
After completing his schedule in southern France, President Lee will travel to Paris, where he will hold a one-on-one luncheon and an expanded summit meeting with President Emmanuel Macron on June 8. In addition to advanced technology cooperation in AI, space, nuclear energy and biotechnology, the leaders may discuss international security issues, including freedom of navigation through the Strait of Hormuz.
[email protected] Reporter Seok-woo Seong
[email protected] Seok-woo Seong Reporter