Spain’s state-owned investment company SETT (Spanish Society for Technological Transformation) has announced investments worth a combined €39.8m
Spain’s state-owned investment company SETT (Spanish Society for Technological Transformation) has announced investments worth a combined €39.8m in two newly created international production partnerships: Ítaca Films Madrid and Good Films Studios Spain in Alicante.
Ítaca Films Madrid has received €20m to create a Spanish arm of Mexico’s Grupo Ítaca, to produce 26 film and TV productions worth a combined €419m over the next 10 years in the capital.
The investment forms part of an initial €45m public-private financing operation involving Grupo Ítaca and international investment vehicle Omegas Capital, which is bringing international equity from several countries into Spain’s audiovisual sector.
The aim is to generate close to 900 direct and indirect jobs annually across shoots, technical services, hospitality, transport, logistics and other suppliers.
Additionally, SETT is investing €19.8m in Good Films Studios Spain, a public-private €45m collaboration with Miriam Segal’s UK production outfit Good Films, which has backing from Orogen, a Canadian-US investment outfit specialising in film.
It will be based at Alicante’s Ciudad de la Luz complicated and will develop, finance, produce and sell mid-sized international productions budgeted at between €17m and €25m.
Good Films Studios Spain hopes to generate €215m in direct investment in Spain during its first five years, alongside an estimated €390m in indirect and wider economic impact. It aims to shoot 20 films at Ciudad de la Luz over the next decade, beginning with Michael Haussman’s €18m People Of The Book.
SETT manages public investment in strategic technology and digital industries, including the country’s audiovisual sector.
Both investments fall under the second phase of the Spain Audiovisual Hub, part of the country’s Recovery, Transformation and Resilience Plan and backed by the European Union’s Next Generation funds. The initiatives are led by the Ministry for Digital Transformation and Public Administration through the State Secretariat for Digitalisation and Artificial Intelligence (SEDIA).
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