German film fund given financial boost
The German government has reversed last year’s funding cut for the German Federal Film Fund. The oft-used fund has provided capital to Hollywood films such as The Grand Budapest Hotel and The Monuments Men.
The scheme, set up in 2007, was extended in late 2012 for three years, and its budget was increased from €60m to €70m a year. However, last year the government decided to reduce funding to €60m, and earlier this year cut it further to €50m for 2015.
Late last week, the government decided to reverse the drop in the fund to €50m and bring the fund back up to €60m starting from 2016.The non-repayable grant is worth up to 20% of the qualifying German production costs and is capped at €10m for each production.
A segment of German producers are reportedly in talks with the government about removing this cap to aid in financing specific big-budget productions in the future. The upcoming cold war based film with Steven Spielberg and Tom Hanks at the helm, was a recent recipient of the fund. The movie also received backing from German regional fund, Medienboard Berlin-Brandenburg, which we wrote about earlier this year.