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Spain Government Plans To Commit $1.9B To Boost The Entertainment Industry

The Spanish government has unveiled plans to invest $1.9 billion to grow the country’s entertainment industry by 30 percent by 2025.

The government plans, which was unveiled by the prime minister Pedro Sanchez, will see the bolstering of the country’s audio-visual sector, including film, TV series, short films, advertising, video games and animation, and the creation of a production hub aligned with Spanish culture and tourism post-pandemic.

To achieve the plans, the government will have to see to the increment in the film tax credits by $1.56 billion so as to attarct foreign producers.

The country also plans a Spain Audio-visual Hub Bureau to attract foreign companies looking to invest in Spain and Spanish companies amid an increasingly global entertainment industry.

Spain will also digitize its entertainment industry and create online platforms to make local production, distribution, international marketing and co-producing more efficient.

“We are going to find that common ground between the expressive vocation of our creators and the conversion of that into competitive and profitable industrial products,” Sanchez said in a statement.

Spain with its established film and TV industry offered a backdrop to HBO’s Game of Thrones and Netflix’s Warrior Nun, among other foreign projects.

Tax incentives and low prices and salaries for local productions and an expanding production infrastructure will be offered.

In 2016, Netflix started producing and acquiring films like Elisa & Marcela and Money Heist in Spain, and opened its first European production hub in Madrid.

Since then, Amazon, HBO, Viacom and local player Movistar have also been chasing Spanish talent and content.

The Spanish government is thereby expecting an expanded European production hub for foreign and homegrown companies looking for local talents and content like Netflix’s ‘Money Heist’ and ‘Elisa & Marcela.’

Tags : Entertainment IndustrySpanish government
Tayo Balogun

The author Tayo Balogun

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