AI Startup Runway Says It’s Giving Filmmakers up to $1 Million if They Use Artificial Intelligence to Make Their Movies (EXCLUSIVE)

As a seasoned film critic with over three decades of immersion in the dynamic world of cinema, I find myself intrigued by this latest venture from Runway – The Hundred Film Fund. This initiative, which aims to promote AI as a tool for storytelling among both established and budding filmmakers, seems like an exciting leap forward in the realm of cinematic creativity.

Runway, a pioneering AI company that has just signed an unprecedented agreement with Lionsgate, is planning to award grants worth up to $1 million to filmmakers who are developing projects centered around artificial intelligence technology.

Runway is unveiling The Hundred Film Fund, a program designed to support the creation and financing of up to 100 short films and full-length movies that incorporate artificial intelligence technology in their narratives. Grant amounts will vary from $5,000 to $1 million, with decisions on applications usually made within two weeks following submission, as shared by Runway. Filmmakers keen on participating can submit their applications through this provided link.

To assess proposals for the fund, Runway has gathered a panel of experts in tech and entertainment to provide guidance. The initial members of this panel include: Jane Rosenthal, a film producer and co-founder of Tribeca Festival; Richard Kerris, the VP and GM of media and entertainment at Nvidia (one of Runway’s investors); will.i.am, an artist, actor, producer, and entrepreneur who is also an investor in Runway; Stefan Sonnenfeld, a renowned film colorist and co-founder/president of post-production company Company 3; and Christina Lee Storm, the creative producer who serves as founder and CEO of Asher XR.

What’s the secret or hidden agenda? Runway co-founder and CEO Cris Valenzuela clarified to EbMaster that there isn’t one – his company aims solely to endorse AI as a novel tool for filmmaking, benefiting both established and up-and-coming creators. “This is not about recovering our investment,” he stated.

Under the program, Runway won’t claim ownership of the intellectual properties generated; instead, they aim to link participants with potential buyers via their advisory panel. As a software company, Runway specializes in providing tools, and their success lies in assisting storytellers in producing films effectively. While they encourage using their tools, they are open to film projects that utilize other generative AI platforms as well.

As a passionate movie enthusiast, I’m convinced that the most captivating tales are still waiting to unfold, and unfortunately, conventional funding methods often fail to recognize these innovative ideas. That’s why I’m thrilled to announce The Hundred Film Fund – a unique, ever-evolving financing scheme. Unlike traditional funds with fixed budgets, we don’t have a predetermined total for our grants under this program. Instead, we’re always ready to back the next groundbreaking vision that comes our way!

In a recent interview, Will.i.am – the lead singer of Black Eyed Peas – revealed that he had previously utilized Runway’s AI video tools before becoming an investor in them. He also mentioned his investments in other artificial intelligence companies such as OpenAI, Inflection AI, and Anthropic. Regarding Runway’s Hundred Film Fund, Will.i.am expressed interest in discovering individuals who are pushing boundaries and breaking the mold.

Using generative AI, will.i.am expressed that it gives storytellers additional time to refine the aspects of film they cherish most, such as plot and character development. Moreover, this technology presents a fresh, innovative platform for crafting unique narratives. Instead of repeating yesterday’s work, he emphasized that visionaries will employ AI to weave stories in novel ways: “It’s not about using AI to simply replicate what we did before. The imaginative thinkers will use AI to tell stories in a way that’s different from the past.

To those in Hollywood who’ve voiced doubts or apprehension about AI’s involvement in the creative sphere, Valenzuela encourages them to explore the tools at hand. He suggests that technology and cinema have always been interconnected, viewing this development as simply another step forward in their ongoing relationship.

Valenzuela explained that Runway’s agreement with Lionsgate, which marks the startup’s first significant collaboration with a major Hollywood studio, is distinct from the Hundred Film Fund. Last week, Lionsgate unveiled a partnership with Runway, enabling filmmakers and other creative professionals to enhance their projects by utilizing Runway’s tool to produce “cinematic videos.” Michael Burns, Lionsgate’s vice chair, expressed anticipation that this partnership could help the studio save substantial amounts of production costs, potentially running into millions. He also mentioned that several filmmakers are already enthused about the possibilities it offers for both pre-production and post-production processes.

The Hundred Film Fund signifies an advancement from Runway’s AI Film Festival, which was launched in 2022 as a tribute to filmmakers using innovative and cutting-edge AI methods. In the years 2023 and 2024, the AI Film Festival received submissions, chose 10 finalists, and displayed their works at screenings in New York City and L.A., awarding over $60,000 in prizes to the victors collectively. In this current year, Runway collaborated with the Tribeca Festival for the AIFF screenings and a panel discussion held in New York.

Headquartered in New York, Runway – established in 2018 – has garnered approximately $250 million in funding so far from prominent investors like Google, Nvidia, and Salesforce Ventures. Their latest publicly disclosed post-money evaluation stood at a staggering $1.5 billion.

SEE ALSO: James Cameron Joins Stability AI Board of Directors

2024-09-26 16:18

AI Startup Runway Says It’s Giving Filmmakers up to $1 Million if They Use Artificial Intelligence to Make Their Movies (EXCLUSIVE)

Read More

Minority Mindset