Spain Allocates €1.6 Billion For Audiovisual Hub

SPAIN allocates more than €1.6 billion for an audiovisual hub

The president of the Spanish Government, Pedro Sanchez, announced on March 24 his intention to allocate €1.603 billion between 2021 and 2025 for the implementation of the Spanish Audiovisual Hub Plan.

“It is time to provide solutions to a sector that is a priority,” Mr Sanchez said, who added that the finance for the project, which includes cinemas, series and gaming, will come from both state and European funding.

Initially, some 15 per cent of the funds – €240million, will – will go towards promoting audiovisual production in Spain. Grants will be available to support those wanting to participate in festivals, markets and business forums, and particular attention will be paid to the Latin American sphere with the aim of attracting foreign investment.

The vast majority of the budget, some €1,330 million, will be devoted to phase two of the plan, aimed at the overall financing of Spanish audiovisual production projects and companies.

The initiative was presented at the Cine Dore in Madrid, and the president of the Film Academy, Mariano Barroso, celebrated the project, stating that “there is no reason or excuse not to compete” with the international market, adding that now is “the time to support a thriving industry.”

The Spanish Film Commission added: “Spain will from now on be the most attractive and competitive production centre in Europe at an international level, with a high potential to host audiovisual works, businesses and investments.”

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