Spanish Government Pledges $1.9B To Strengthen Country’s Film / TV Biz & Attract International Production
Spain will redouble efforts to establish itself as a European production hub for film and TV content, with the government today announcing a €1.6B ($1.9B) package to further attract foreign investment.
As part of the country’s ‘Plan for the Recovery, Transformation and Resilience of the Economy’ post-Covid, Prime Minister Pedro Sanchez today outlined a plan to grow audiovisual production in the country by 30% between 2021 and 2025.
According to a report in local news source Zone Movilidad, among the action points are increasing the visibility of the territory to foreign producers, with promotional body Shooting In Spain leading that charge, reducing local administrative and regulatory costs, improving local infrastructure and crews, and increasing available talent.
As part of the plan, the Spain Audiovisual Hub Bureau will be inaugurated. It will act as a one-stop-shop for information, assistance and support for both foreign and Spanish companies working in the international film and TV industry.
Specifically outlined today was a €1.33B ($1.6B) funding injection for the country’s tax incentives, which sit at 25-30% for international productions. There will also be an expansion of the types of projects that will be eligible for financing, reports said.
Also disclosed was an investment of €240M in actions to digitize the industry, including the creation of online platforms dedicated to improving and modernizing the process of local production, distribution, international marketing and co-producing.
A total of €15M ($18M) is being set aside for talent investment, including skills training and support for local companies. Finally, a budget of €18M ($21M) will be created to reduce administrative barriers to production.
The government said it would conduct an annual report on Spain’s audiovisual sector to continue to evolve and grow its backing.
Netflix has made a significant investment in Spain in recent years, launching its first European production hub there in 2018. The company unveiled a slate of new Spanish originals in November last year, and the fifth and final season of its hit show Money Heist is expected to debut before the end of the year.
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