A generative AI start-up called Runway, which recently partnered with Lionsgate, announced that it will award grants of up to $1 million to filmmakers working on AI-based film projects.
This initiative is called The Hundred Film Fund and was established to help produce and finance up to 100 short and feature films that use AI technology to tell their stories.
Funding will range from $5,000 to $1 million, and decisions on applications will generally be made within 14 days of submission. Runway is also offering up to $2 million in credits to use Runway’s gen-AI system.
To evaluate proposals for the fund, Runway has assembled an advisory board of technology and entertainment leaders. The initial advisors are: Jane Rosenthalfilm producer and co-founder of the Tribeca Festival; Richard Kerrisvice president, general manager of media and entertainment, Nvidia (which is an investor in Runway); artist, actor, producer and entrepreneur will.i.am (also a Runway investor); Stefan Sonnefeldan award-winning film colorist, co-founder and president of post-production company Company 3; AND Christina Lee Storma creative producer who is the founder and CEO of Asher XR.
Runway co-founder and CEO Cris Valenzuela said the company is “interested in promoting AI only as a new cinematic tool, for both established and emerging creators. It’s not about getting our money back.”
It is explained that Runway will not acquire any ownership rights in the intellectual property created under its program. While they won’t distribute the films, they hope to connect those who get involved with buyers.
Valenzuela said: “We are a software company. Our business is selling tools. Our success will be rooted in our ability to help storytellers make these films.”
“We believe that the best stories are yet to be told and that traditional funding mechanisms often overlook these new visions.”
will.i.am, of the Black Eyed Peas, said that with this technology a narrator “has more time to develop the things you love about film: the story and character development. If we use artificial intelligence to do exactly what we did yesterday, it is a bad use of imagination. Dreamers will use AI to tell stories differently.”
As for those in Hollywood who have expressed skepticism or fear about the future of AI in filmmaking, Valenzuela said, “Technology and film have always been intertwined. This, for us, simply represents a new evolution.”
It will be interesting to see what kind of films come out of this initiative. I’m curious. AI technology will only get better and better as time goes on, and while many people are resistant to it right now, there is no stopping it, and it will be used much more in the filmmaking process in the future.
Source: variety
by Joey Paur
Source: Geek Tyrant
Lloyd Grunewald is an author at “The Fashion Vibes”. He is a talented writer who focuses on bringing the latest entertainment-related news to his readers. With a deep understanding of the entertainment industry and a passion for writing, Lloyd delivers engaging articles that keep his readers informed and entertained.
