– French film production is declining less than expected, but Canal+’s reduced involvement is not being offset by contributions from streaming services, which have plateaued
Rays and Shadows by Xavier Giannoli
While a very substantial decline (with talk behind the scenes of up to a 25% drop) in French film production had been expected due to the sharp fall in Canal+’s commitments (read the article) – a decline only partially offset on paper by Disney+’s renewed involvement (news) – the annual figures released by the CNC are a relatively pleasant surprise. In fact, it revealed only a slight decline, with 290 feature films approved in 2025 (19 fewer than the previous record year, representing a 6.1% drop) and €1.37 billion in investment (down 4.8%, comprising €1.08 billion from France and €294.3 million from abroad). The explanation? The decline will likely be spread over two years due to the gradual implementation of the new agreement with Canal+.
Investments in these international co-productions rose significantly to €603.85 million. Last year, the main international partners of the French film industry were Belgium (38 French-initiative films – Films d’Initiative Française – and 6 minority co-productions), Italy (9 and 12), Germany (5 and 13), Spain (6 and 8), Luxembourg (10 and 1), Portugal (3 and 7), Canada (4 majority co-productions), Greece (1 and 3), Switzerland (3 majority co-productions) and the Netherlands (1 and 1).
It should also be noted that the share of first and second feature films within French-initiative production is at its lowest level since statistical tracking began in 1994. Nevertheless, it still stands at 44.3%, which ensures a steady renewal of talent, but the very marked decline – particularly in second features (34 compared with 48 in 2024) – is a trend that should be closely monitored.
On the financing side, €1.11 billion was invested in the 228 French-initiative films, with the average budget falling again to €4.89 million. This decline was driven by the reduced number of films with budgets exceeding €20 million (4 in 2025 compared with 8 in 2024). The best-funded productions last year were Rays and Shadows [+see also:
film review
trailer
interview: Xavier Giannoli
film profile] by Xavier Giannoli (€31.1 million), Karma by Guillaume Canet (€24 million), and Fresh Water for Flowers by Jean-Pierre Jeunet (€21.3 million). It is also worth noting that the €7–10 million budget bracket is still on the rise (32 French-initiative films compared with 23 in 2024), while the so-called “mid-range cinema” segment (budgets between €4 and €7 million) continues to decline (34 films in 2025 compared with 39 in 2024 and 57 in 2023).
A detailed breakdown of the funding sources for French-initiative films in 2025 reveals a decline in broadcaster investment (€362.85 million, down 11.8% compared with the 2024 record), accounting for 32.5% of budgets. The share of distribution mandates (theatrical distribution, home video, and international sales) continues to grow, reaching €140.71 million (+15.4%) and representing 13.1% of budgets. The remainder of funding for French-initiative films comes from the producers themselves, who cover 37.4% of budgets (a share that decreases subsequently after tax credit recovery), foreign investment (7.6%, showing strong growth), public support (6.7% through automatic support – down sharply by 33.3% due to lower cinema admissions – as well as selective funding from the CNC and regional authorities), and Soficas (3.2%).
In the ranking of broadcasters, the Canal+ group remains the leading financier of French cinema, despite a marked decline in its commitments, with €159.54 million (compared with €185.39 million the previous year) in pre-purchases (€136.92 million for the Canal+ channel and €22.5 million for Ciné+ OCS) across 130 films (including 121 French-initiative films), i.e. 23 fewer than in 2024.
On the free-to-air side, the public group France Télévisions invested €60.24 million (a slight decrease of 2.2%) in 64 films. The TF1 group follows with €36.88 million invested in 20 films (all French-initiative films), the M6 group with €23.6 million for 14 French-initiative films, and Arte France with €10.09 million for 25 films (including 15 French-initiative films).
On the platform side (subscription video-on-demand services), while the number of films they commit to continues to rise (55 films compared with 45 in 2024), their investments have levelled off at €76.15 million (-0.3%). The explanation? Netflix appears to have shifted its strategy, committing to a broadly similar number of films (25 compared with 27 the previous year), but tightening its spending to €39.95 million (a decrease of 35.1%). Disney+ is logically ramping up (in line with its agreement with the French film industry), with €28.4 million (+288.8%) invested in 24 films (compared with 10 the previous year). Prime Video has reduced its investments for the second consecutive year to €5.6 million across 7 films, HBO Max invested last year in three French-initiative films for a total of €2.1 million, and Paramount+ has entered the market with four pre-purchases amounting to €1.2 million.
(Translated from French)
