Publication date: January 18, 2024
Global production companies call for investment in local content
By Movieguide® Contributor
Twenty global entertainment organizations have joined forces to urge governments to introduce new regulations requiring global streaming giants to invest in local content.
According to Variety, the joint statement read: “Together, we represent thousands of screen industry companies and share a commitment to securing regulations from governments that ensure the sustainability of our industry and the preservation of our nation's cultural sovereignty. It says “I am doing it.”
The proposed regulations would expand on rules already in place in the European Union that force major streamers to reinvest some of their profits back into local production companies. This regulation will ensure that the intellectual property developed based on these investments remains within local companies.
The weight of these requirements will continue to be controlled by individual governments, following the model set by current EU regulations. France, for example, requires streaming services to reinvest 20% to 25% of French revenue into new French content.
Local content has never been a big focus for streamers, but such regulations have become necessary within the past year as streaming services pursue profitability. Streaming services are already scaling back their local content acquisitions while exploring new business strategies.
These regulations will result in more content being created for people outside of U.S. audiences, as local production companies seek to create projects for their home countries first. Entertainment organizations pushing for these regulations believe this is a healthy change for the entertainment industry.
Furthermore, keeping more IP out of the hands of streaming giants will combat the creation of content monopolies that suppress or buy out competing content.
This new proposed global regulation, inspired by current regulations within the European Union, has received support from organizations operating in the Americas, Europe, Asia and Australia.
“This is not just a matter of regulation; it is about protecting the heart and soul of our cultural stories,” they told The Irish Times.
Movieguide® previously reported on the global restrictions:
The European Union just made history as the first legislative body to pass legislation regulating the use of AI technology.
“Europe understands the importance of its role as a global standard setter and is positioning itself as a pioneer,” European Commissioner Thierry Breton, who helped negotiate the AI law, told The Hollywood Reporter. Told.
Breton called the bill “historic” and said it sets out “clear rules for the use of AI.”
“[It’s] “This goes far beyond the rulebook and provides a springboard for EU start-ups and researchers to lead the global AI race,” he said, according to the BBC.
The AI Law was passed by the European Commission, the European Council and the European Parliament after 36 hours of negotiations.
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