Italian
Runway’s groundbreaking initiative: The Hundred Film Fund
Empowering filmmakers with AI-driven grants
Runway, a pioneering company in the generative AI space, has recently announced a transformative initiative in collaboration with Lionsgate. The company is set to distribute grants of up to $1 million to filmmakers who are exploring the potential of AI in their projects. This initiative, known as The Hundred Film Fund, aims to support the creation of up to 100 short films and feature-length movies that leverage generative AI technology.
A new era of storytelling
The Hundred Film Fund is designed to provide financial support ranging from $5,000 to $1 million. Runway promises a swift decision-making process, typically within 14 days of submission. Filmmakers interested in this opportunity can submit their applications here.
Expert panel to guide the selection process
To ensure the selection of innovative and impactful projects, Runway has assembled an advisory panel comprising leaders from both the tech and entertainment industries. The panel includes:
- Jane Rosenthal: Co-founder of Tribeca Festival and a renowned film producer.
- Richard Kerris: VP and GM of media and entertainment at Nvidia.
- will.i.am: Artist, actor, producer, and entrepreneur.
- Stefan Sonnenfeld: Award-winning film colorist and co-founder of Company 3.
- Christina Lee Storm: Creative producer and CEO of Asher XR.
No strings attached
Runway’s co-founder and CEO, Cris Valenzuela, emphasizes that the initiative is purely about promoting AI as a new tool for filmmakers. “This is not about getting our money back,” Valenzuela states. Runway will not claim ownership rights to the intellectual property created under the program, nor will it distribute the finished products. Instead, the company aims to connect participants with potential buyers through its advisory panel.
A commitment to innovation
Valenzuela believes that traditional funding mechanisms often overlook groundbreaking visions. The Hundred Film Fund is a “rolling fund,” meaning there is no fixed total amount for the grants. This flexibility allows Runway to support a diverse range of projects continuously.
will.i.am’s vision for AI in filmmaking
will.i.am, a prominent figure in the music and tech industries, is an enthusiastic supporter of Runway’s initiative. He has been using Runway’s AI video tools even before becoming an investor. For the Hundred Film Fund, he is particularly interested in projects that “break the mold.” He sees generative AI as a tool that allows storytellers to focus more on story and character development, providing a new creative canvas for innovative narratives.
Addressing skepticism in Hollywood
Valenzuela acknowledges the skepticism surrounding AI’s role in the creative process. However, he encourages filmmakers to experiment with the available tools. “Technology and cinema have always been intertwined,” he says. “This, for us, just represents a new evolution of that.”
The Lionsgate partnership
Runway’s recent deal with Lionsgate is separate from the Hundred Film Fund. This partnership allows filmmakers to use Runway’s tools to generate cinematic video, potentially saving millions in production costs. Lionsgate vice chair Michael Burns has expressed excitement about the potential applications of these tools in both pre-production and post-production processes.
Building on past successes
The Hundred Film Fund builds on the success of Runway’s AI Film Festival, established in 2022. The festival celebrates the art and artists embracing new AI techniques in filmmaking. In 2023 and 2024, the festival showcased 10 finalists in New York City and Los Angeles, awarding over $60,000 in total prizes. This year, Runway partnered with the Tribeca Festival for screenings and a panel discussion in New York.
Runway’s journey and future
Founded in 2018 and based in New York, Runway has raised approximately $250 million in funding from investors like Google, Nvidia, and Salesforce Ventures. The company’s last publicly reported valuation was $1.5 billion.
Did you enjoy this article? Share it on your social channels and let us know your thoughts! Don’t miss out on the latest updates! Follow us on social media to stay informed about the newest releases.
