€1.46 billion will be invested in European film, television and other cultural sectors over the next seven years, after the European Parliament approved the Creative Europe programme earlier today (19th November).
The programme will benefit some 2,000 cinemas and 800 films, while also providing funding for 250,000 artists and cultural professionals. It will also launch a new financial guarantee facility enabling small cultural and creative businesses to access up to €750 million in bank loans.
Creative Europe will continue the progress made by both the MEDIA and Culture programmes, which have supported the audiovisual sectors for over 20 years. At least 56% of the programme’s budget will be allocated to a MEDIA sub-programme, which will provide funding for the cinema and audiovisual sector going forward.