LONDON — Film4 is launching a new digital initiative, dubbed Film4.0, which will see the film financing division of Brit pubcaster Channel 4 invest in producing, marketing and distributing pics digitally.

Film4 has pledged to invest £1 million ($1.6 million) of its annual £15 million ($24.6 million) budget into the new division.

Speaking at the outfit’s annual pre-Cannes party on Thursday, Film4 topper Tessa Ross said that the new banner will aim to source new talent while expanding upon digital innovations in the production, marketing and distribution sector.

At present, Film4 is looking for a new exec to spearhead the division, who will report to Film4’s senior commissioning editor Katherine Butler.