Total investment in Italian audiovisual content reached €1.5bn in 2021, representing an increase of 62% compared to five years earlier in 2017, according to initial data compiled by research association EMedia for the Italian Association of Audio-visuals Producers (APA), released today, Friday October 14.
“Over the past five years, the national audiovisual production sector has been characterised by substantial economic-industrial growth that has been buoyed by increases in demand, tax credits and important extraordinary financial as well as merger and acquisition initiatives,” said the report.
Increasing demand for audiovisual content, the central government’s support through tax credits, and the expanding streaming platform and SVOD market, which partially offset the contraction of the television market, “contributed to the sector’s positive performance, propelling it along a trajectory that is in contrast with the overall audio-visual market and with the general macro-economic trend,” it continued.
“Investments in television series, films and video-on-demand fueled the growth of the sector, of which they are the main components that recorded the most substantial growth between 2017 and 2021.”
By comparison, total revenues for Italy’s overall audiovisual market in 2021 period grew an average of 0.6% per year to €10.1 billion in 2021 compared with €9.9billion in 2017, the association said.
International revenue generated by Italian audiovisual productions surged between 169-186% in the five years ending in 2021 to some €94m - €100 million, according to estimates released in the APA report. The total includes co-production and co-participation contributions from abroad; pre-purchased rights and guaranteed minimum agreements with distributors; and more generally rights sales for foreign markets, the report detailed.