Musings on Culture

Alejandra de Leiva's Blog

Good news for the Spanish Film industry, at last

The economic crisis and piracy are affecting Spanish film unlike other countries. Finance is shrinking: the Spanish Film Institute (ICAA) has been forced to half its funding for film projects. What’s more, Spain’s new General Audiovisual Law (March 2010) reduces TV operators’ film investment obligations from 5% to 3% of revenues. On top of it all, as discussed at the film finance conference held in Madrid in July, access to bank credit facilities is limited.  Unlike in Germany and France, bank gap financing remains rare in Spain, not to talk about private investors.

The good news is that the major Spanish public broadcaster, TVE (Televisión Española) has increased its investment in films by 20% to €43m for 2010 and will continue its film sales activities, financing 44 films for theatrical release (11 more than in 2009).

Read more HERE (in Spanish).

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