Investment in movie production in France rose 13.6% in 2023 to $1.45B (€1.34B), according to an annual report published by the country’s National Cinema Centre (CNC) on Monday.
The CNC said that $1.19B of the $1.45B investment hailed from France-based backers, in their third highest contribution after 2016 and 2021.
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The body, which oversees funding and support schemes across the cinema chain, registered 298 French majority and minority films in 2023, against 287 in 2022.
Within this figure, 236 were majority French productions, against 208 in 2022.
It said that the 2023 figures suggested that France’s production sector had regained its pre-pandemic dynamic.
In a further sign of a return to pre-Covid-19 norms, the number of co-productions fell to 120, with 38 different territories, against 144 in 2022, which was the highest level for a decade.
That latter trend had been put down to productions traveling to circumvent the tail-end of Covid restrictions and finance crunches in 2022. The average for 2017 to 2019 was 119 co-productions.
In another trend, the CNC noted that 41.1% of the productions were budgeted at between $1.08M to $4.33M (€1-4M).
It also noted a rebound in so-called “films du milieu”, the term used for productions budgeted at between $4.33M and $7.58M (€4-7M), to account for 23.7% of feature productions against 15.9% in 2022.
The number of productions costing more than $21.67M (€20M) doubled to eight.
The features commanding bigger budgets spanned Matthieu Delaporte and Alexandre de La Patellière’s The Count of Monte-Cristo, Antonin Baudry’s De Gaulle Part 1 & 2, Gilles Lellouche’s Beating Hearts, Jacques Audiard’s Emilia Perez, Mehdi Idir and Grand Corps Malade’s Monsieur Aznavour, Audrey Diwan’s Emmanuelle and Benjamin Mousquet’s Chickenhare 2.
Funding sources
In a breakdown of finance sources, the CNC said state funding, spanning its own funding mechanisms as well as regional funds, rose 23.4% to $102.3M (€93.3M) to cover roughly 8.3% of the investment in majority French productions.
Within this figure, it noted that its selective supports had hit $42.3M (€39M) in 2023, against $35.3M (€32.6M) in 2022.
Broadcasters and streamers invested $415M (€383.M) overall, with $356M (€328.9) of that amount going into majority French productions.
The CNC said investment had increased across all these “diffusers” with free-to-air private channels raising investment by 50.4% to $76M (€71M), pay-TV groups by 43.1% to $252M (€233.5) and pubcasters by 29.8% to $86M (€79.4M.
Pay-TV giant Canal+ was the leading financier investing $166.9 M (€154.1M) into film productions in 2023, while France 2 was biggest free-to-air backer with an investment of $52.3M (€48.3M).
The global streamers Netflix, Disney+, Prime Video and HBOMax invested in 39 CNC registered films to the tune of €48M, more than doubling their 2022 investment of $24.9M (€23M) in 17 features.
Mandates across theatrical acquisitions, ancillary rights deals and international sales resulted in $119M (€109M) worth of investment for majority French films.
The country’s Sofica tax advantage funds raised another $35.2M (€32.5M) for majority French productions, a 19.9% increase on 2022 when they came in at $31.1M (€28.7M). Foreign investment grew 7.5% to $77M ($71).
Local producers were the first source of finance, partly through the country’s tax rebate scheme, accounting for 38.8 % of the investments in 2023, although the exact sum of their contribution had yet to be calculated.
In other findings, the CNC noted that there had been a record number of 18 animated features produced in 2023, against 12 in 2022, while the number of documentaries had fallen to 40 against 54 in 2022.
Looking at the gender data, the body noted that the share of films directed by women directors had fallen back slightly.
It said that 336 directors had directed 298 features, against 315 in 2022. Within this, men accounted for 71.7% of the directors and women 28.3%, against a 69.3% and 30.7 in 2022.
Looking at the 2004 and 2023 period, it said women had directed 25.7% of the CNC approved feature films, and 45.2% of the shorts.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
