By Andy Fry

Vivendi-owned media group Canal+ has unveiled plans to invest €1bn(US$1.06billion) in cinema over the next five years. As part of its long-term commitment to the genre, the company also confirmed that it will be launching a new movie channel, Canal+ Box Office.

Speaking at an event in Paris, Canal+ chairman and CEO Maxime Saada declared that: “2023 will be the best year for cinema in the history of Canal+.”

Saada focused primarily on Canal+’s success at securing rights to blockbuster US movies for its platform, and the production/distribution capabilities of its studio StudioCanal. All told, the company invested in around 120 movies last year. Looking ahead, it plans to invest a mix of English language and French language productions.

Saada didn’t provide any detail on the new movie channel, which will launch in September 2023. However he did indicate that the company’s commitment to premium movies is a key pillar in its strategy to recruit and retain subscribers.

Currently, Canal+ has two movie channels in its French channel line-up, the long-running Canal+ Cinema and the recently-launched classic movie channel Canal+ Grand Ecran. The name Box Office implies that the new service will be positioned as a kind of home theatrical service, offering new and recent films at a premium price.