A generative artificial intelligence startup called Runway recently partnered with Lionsgate to announce that it will provide up to $1 million in funding to filmmakers working on artificial intelligence film projects.
Known as the 100 Film Fund, the initiative is designed to help produce and finance up to 100 short and feature films that use artificial intelligence technology to tell stories.
Funding amounts range from $5,000 to $1 million, and application decisions are typically 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 the fund’s pitch, “Runway assembled an advisory panel of leaders in the technology and entertainment sectors. Initial advisors are: Jane Rosenthalfilmmaker and co-founder of the Tribeca Film Festival; Richard CleeseVice President and General Manager of Media and Entertainment at Nvidia (an investor in Runway); artist, actor, producer and entrepreneur will i am (Also a Runway investor); Stefan SonnenfeldAward-winning film colorist, co-founder and president of post-production company Company 3; and Christina Lee Storma creative producer and founder and CEO of Asher XR.
Runway co-founder and CEO Cris Valenzuela said the company is “interested in promoting artificial intelligence as a new filmmaking tool to established and emerging creators. This is not about getting our money back.”
It was explained that Runway would not have any ownership rights in the intellectual property rights created under its projects. While they won’t be distributing the films, they hope to connect those involved with buyers.
“We are a software company. Our business is selling tools,” Valenzuela said. “Our success will be rooted in our ability to help storytellers make these movies.”
“We believe the best stories are yet to be told, and these new visions are often overlooked by traditional financing mechanisms.”
The Black Eyed Peas’ will.i.am said that with this technology, storytellers “have more time to develop the things you love about movies – story and character development. If we use artificial intelligence to do what we did yesterday What it does, is a poor use of imagination, is that Dreamers will use artificial intelligence to tell stories in a different way.
As for those in Hollywood who express doubts or fears about the future of artificial intelligence in filmmaking, Valenzuela said: “Technology and film have always been intertwined. To us, this just represents a new Evolution.
It will be interesting to see what kind of films this initiative results from. I’m curious. Artificial intelligence technology will only get better and better as time goes by, and although many people are resisting it now, it cannot be stopped, and it will be used more in the filmmaking process in the future.
Source: Variety Show
