Spain has approved two major public-private investment projects, together worth €39.8 million, aimed at strengthening the country’s international audiovisual production capacity.
The two new projects are part of the second phase of the “Spain Audiovisual Hub” plan (which we wrote about here) whose total investment is €1.7 billion. They will consolidate the country’s position as a centre for attracting international investments in the audiovisual industry. The Spanish government hopes these two initiatives will generate activity worth more than €600 million while also creating new jobs.
Involved in both projects, Good Film Studios Spain will receive €19.8 million as part of a wider public-private joint investment of €40.5 million. Based in Alicante, the studio is a subsidiary of the British company Good Films, also receiving support from Canada and the United States. According to the government, the project is expected to generate €215 million in direct investments during its first five years of activity, plus an additional €390 million in indirect and induced economic benefits.
The second operation provides for the granting of €20 million to Ítaca Films Madrid, out of the €45 million invested. Linked to the Mexican group Grupo Ítaca, the studio plans to produce 26 audiovisual projects (cinema, television and digital platforms) over 10 years.
Sources: Screen Global Production, Cineuropa
