Spearheading the Spain Audiovisual Hub Phase 2, SETT, a state-backed venture capital fund, represents new opportunities for Spain’s film and TV industries
\n\nNo Spanish industry initiative is likely to drive more conversation at this year’s San Sebastián Festival than the latest moves by the Spanish Society for Technological Transformation (SETT).
\n\nOver the past 12 months, state-backed venture capital fund SETT, the investment driver of the Spain Audiovisual Hub, has plowed €215.6 million ($252.3 million) into Spain’s film, TV, video game and new technology sectors, sparking matching private-sector investment of a further €230 million ($269.1 million), says María González Veracruz, Spain’s secretary of state for digitalization and artificial intelligence.
\n\nThat’s around four times the average budget of Spain’s core subsidy fund at the country‘s ICAA Film Board.
\n\nIn other ways, SETT, which is part of Spain’s Ministry for Digital Transformation, also harbors a revolution. Since the 1940s, Spanish governments have offered subsidy grants and loans for individual films, and from around 2015, tax breaks on shoots in Spain.
\n\nIn contrast, SETT invests up to 10 years in companies with a portfolio of productions, requiring co-investment from private-sector partners, and looking to give them an edge in the international market. It also…
Original source: https://variety.com/v/tv/