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Tuesday, 15 October 2024

Deadline: Italian TV & Film Production Investment Hits $2.2B, Annual Report Reveals — MIA Market

Story from Deadline:

Investment in Italy‘s TV and film sector passed $2B ($2.2B) last year, according to stats revealed here at MIA Market, but alterations to the country’s tax break system could spell change.

The numbers from the Association of Audiovisual Producers‘s sixth annual report mean investment has nearly doubled since 2017 and is up €200M. This is an 11% rise on last year’s figure.

However, recently enacted changes to the tax credit system could bring about “significant change and evolution” to the local production sector, APA President Chiara Sbarigia said today.

Overall, the APA painted a broadly positive picture of Italian production, with TV shows remaining the strongest segment. Entertainment and other unscripted genres continue to lead the market, with productions for movies increasing by 21%, video-on-demand platforms by 16%, and TV by 8%. Productions for younger audiences in particular had a strong year, growing 70%.

Employment also grew 3.5% on the previous year, with shows aimed at younger audiences in particular showing an uptick. Rai remains the top broadcaster in terms of airing original productions, while Netflix and Paramount+ are the fastest-growing streamers in terms of titles and hours of produced content.

Serials are the most-produced genre, followed by teen programs and crime. Period pieces, biopics and romantic stories are gaining traction, the report added.

Overall, the APA stats show the Italian audiovisual sectors revenues came in at more than €12B, up 20% on the previous year. Revs from television accounted for €8.2B, or 71% of the market), with online platforms (AVoD and Pay VoD) reaching €2.8B (24%) and the rest coming from film, which experienced a strong recover after the pandemic.

High-profile series such as Netflix’s Supersex, Prime Video‘s The World According to Lidia Pöet and Rai’s The Sea Beyond have made Italy one of Europe’s hottest production hubs, with streamer investment boosting local indies and the likes of Rai remaining strong investors in originals.

However, rules around the local rebate system are being tightened following a period of uncertainty around their future, with Giorgia Meloni’s right-wing government saying taxpayer expenditure on the sector needed to fall. Internationally, the attractive co-production tax break system has led to the likes of The White Lotus shooting in the country, but the government has reformed this as well, capping payouts at €18M.

“In 2024, the Italian audiovisual market has entered a new phase of development,” said APA boss Sbarigia. “The growth in content demand and tax credits have been key drivers of the sector’s strengthening in recent years, and are now undergoing significant change and evolution.

“Greater attention to product quality and the production of content that resonates beyond national borders are essential to enhance the rich history of the Italian audiovisual market and to increase the competitiveness of our industry.”

The APA study was conducted by the APA with the support of research institutes such as eMedia, Ce.R.T.A., Symbola, O&O – Oliver & Ohlbaum Associates and Geca Italia. It was unveiled today to a packed room at the Cinema Barberinin as the second day of MIA got underway. MIA runs until October 18.

© 2024 Deadline.