I video generators are scaling up – full-length AI movies are here!
Runway, the video AI generative company, is kickstarting the AI movie ecosystem by developing The Hundred Film Fund. This fund will give away $5 million in cash and even more Runway credits, potentially growing to $10 million.
This investment aims to help filmmakers produce as many as 100 AI-generated short films and even feature-length movies. The funding grants offered by Runway AI will range from $5K to $1M to each filmmaker and director, along with $2 million service credits to leverage the company’s video AI generative system.
The announcement by Runway AI video came after the recent one-of-a-kind deal with Lionsgate – the studio behind the famous film franchises “John Wick”, “Saw” and “The Hunger Games”. Lionsgate is looking to save money by integrating generative AI technology into the production stage.
“We believe that the best stories are yet to be told, but that traditional funding mechanisms often overlook new and emerging visions within the larger industry ecosystem.” – wrote the company in their announcement post.
Generative AI has been a significant topic of discussion in all industries – especially multimedia generative tools. With that said, the introduction of artificial intelligence to create AI movies was a highly anticipated moment.
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Runway AI is interested in promoting artificial intelligence as a new and innovative tool for all filmmakers. From short films to movie features, documentaries, music videos, and other projects, interested directors will have the opportunity to experiment with AI and create artificial intelligence movies.
The good news also came when Runway AI stated that it wouldn’t claim ownership over the funded projects, allowing people complete creative control. At the same time, the company won’t distribute the finished projects either. However, Runway AI video does hope to help participants connect with multiple investors and buyers through the fund and panel of advisers.
The selected AI movies will collaborate closely with industry advisors like Jane Rosenthal, the co-founder of the Tribeca Film Festival, will.i.am, the famous artist, producer, and entrepreneur, among many others. In an interview with will.i.am about generative AI, he stated that a storyteller “has more time to develop the things you love about film — story and character development.”
The Hundred Film Fund by Runway AI is a “rolling fund”, which means that the company can provide ongoing support without a predetermined total amount for distribution. This allows the video AI generator to help produce as many AI movies as possible.
“We are starting with one hundred films, but we hope to do more over time.” – stated Jamie Umpherson, the Head of Creative at Runway AI.
Runway AI video seems to be currently looking to compel directors and filmmakers to leverage AI-powered tools to create a more immersive and cinematic experience. This initiative, along with the recent partnership with Lionsgate, might spark the introduction of a new film genre – artificial intelligence movies.
If you’re interested in producing AI movies, this is your opportunity to secure some backing. Interested filmmakers and directors can submit their applications here.
By
Andreea Iorga
•
September 27, 2024 9:00 AM
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