Funding in Italy‘s TV and movie sector handed $2B ($2.2B) final yr, in response to stats revealed right here at MIA Market, however alterations to the nation’s tax break system might spell change.
The numbers from the Affiliation of Audiovisual Producers‘s sixth annual report imply funding has almost doubled since 2017 and is up €200M. That is an 11% rise on final yr’s determine.
Nevertheless, lately enacted adjustments to the tax credit score system might result in “important change and evolution” to the native manufacturing sector, APA President Chiara Sbarigia mentioned in the present day.
Total, the APA painted a broadly optimistic image of Italian manufacturing, with TV exhibits remaining the strongest phase. Leisure and different unscripted genres proceed to steer the market, with productions for films rising by 21%, video-on-demand platforms by 16%, and TV by 8%. Productions for youthful audiences specifically had a robust yr, rising 70%.
Employment additionally grew 3.5% on the earlier yr, with exhibits aimed toward youthful audiences specifically exhibiting an uptick. Rai stays the highest broadcaster by way of airing unique productions, whereas Netflix and Paramount+ are the fastest-growing streamers by way of titles and hours of produced content material.
Serials are the most-produced style, adopted by teen applications and crime. Interval items, biopics and romantic tales are gaining traction, the report added.
Total, the APA stats present the Italian audiovisual sectors revenues got here in at greater than €12B, up 20% on the earlier yr. Revs from tv accounted for €8.2B, or 71% of the market), with on-line platforms (AVoD and Pay VoD) reaching €2.8B (24%) and the remainder coming from movie, which skilled a robust recuperate after the pandemic.
Tax break reform
Excessive-profile sequence resembling Netflix’s Supersex, Prime Video‘s The World In keeping with Lidia Pöet and Rai’s The Sea Past have made Italy one among Europe’s hottest manufacturing hubs, with streamer funding boosting native indies and the likes of Rai remaining robust traders in originals.
Nevertheless, guidelines across the native rebate system are being tightened following a interval of uncertainty round their future, with Giorgia Meloni’s right-wing authorities saying taxpayer expenditure on the sector wanted to fall. Internationally, the enticing co-production tax break system has led to the likes of The White Lotus taking pictures within the nation, however the authorities has reformed this as properly, capping payouts at €18M.
“In 2024, the Italian audiovisual market has entered a brand new part of improvement,” mentioned APA boss Sbarigia. “The expansion in content material demand and tax credit have been key drivers of the sector’s strengthening lately, and are actually present process important change and evolution.
“Better consideration to product high quality and the manufacturing of content material that resonates past nationwide borders are important to reinforce the wealthy historical past of the Italian audiovisual market and to extend the competitiveness of our trade.”
The APA research was performed by the APA with the assist of analysis institutes resembling eMedia, Ce.R.T.A., Symbola, O&O – Oliver & Ohlbaum Associates and Geca Italia. It was unveiled in the present day to a packed room on the Cinema Barberinin because the second day of MIA received underway. MIA runs till October 18.
