The President of France Emmanuel macron ordered to establish a cultural Fund with a volume of €225 million in addition to existing support tools to the cultural sector for competition with foreign media giants, reports BFM TV, citing AFP.

To establish this Fund a year ago in his report proposed producer Dominic Bouton. The Fund will be managed by investment Bank BPIFrance.

“We are experiencing a crisis of financing of cinema and audiovisual of the primary sector which is accelerating is the crisis of the system,” explained Button.

The Agency notes that the macron called on 130 representatives from television, film, the video game industry and other creative ways to join forces to “fight” against the expansion of streaming services.

“I am convinced that if we, French, cannot organize itself, then the battle will be lost. Given the challenges that put digital technology, we need joint efforts,” — said the President of France.

He also stressed that “the struggle” with such giants of the media industry, such as Netflix, Disney or Apple, should be carried out at the European level.

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