SPAIN will use tax credits as a key prong in trying to boost TV and film production by 30% over the next four years.
Bolstered by the international success of ‘Money Heist’ and an increase in big budget movies and TV shows working out of Spain, the government has announced a new move to expand production still further.
Prime Minister, Pedro Sanchez, unveiled the plans which also include the creation of an Audio-visual ‘Hub Bureau’ to entice foreign producers to invest in Spain and Spanish companies.
Over €2 billion of film tax credits will be offered as an additional incentive up to 2025.
Spain has a recent history of providing locations to series like Game of Thrones and more recently Warrior Nun on Netflix, as it offers tax incentives and low overhead involving local production companies and facility providers.
Netflix, which opened its first European production centre in Spain, along with big players and rivals like Amazon and HBO, as well as Movistar domestically, have been ramping up their portfolio of films and shows made in Spain.
For example, the British ‘Spiderman’ actor, Tom Holland, was shooting scenes in the Javea area of the Costa Blanca last autumn for a new action movie called Uncharted which is due to be released this summer.
Spain’s plans will see the bolstering of the country’s whole audio-visual sector, which besides movies and TV, also take in advertising, video games and animation.
The country will also digitise its entertainment industry and create online platforms to make local production, distribution, international marketing and co-producing more efficient.
Pedro Sanchez said: “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.”