Audiovisual, market +11% Sector waiting for tax credit

A growing sector, with production value up by more than 11% (average annual growth at 11.6% as of 2017) to 2 billion at the end of 2023, but which still needs to take a few more steps in terms of international competitiveness, not least because of complex bureaucratic procedures to access funds and a tax credit that is of enormous importance for companies.

The sixth Report on national audiovisual production published by Apa (Association of Audiovisual Producers) offers a detailed look at the sector's performance. The Report, which Il Sole 24 Ore is able to preview, will be presented today during the second day of the Mia (International Audiovisual Exhibition): the event that brings together in Rome until 18 October the most important operators in the international audiovisual industry, now in its tenth edition, directed by Gaia Tridente and promoted by Anica and Apa.

'For operators in the sector, competition is becoming increasingly fierce, and for this there is a need for certainty and support from successive governments,' commented Anica president Francesco Rutelli.

In this context, good news arrived yesterday from the Mic. The Cinema Directorate published four directorial decrees that, in a nutshell, pave the way for the operational start of the new tax credit, revised after more than a year of work by the offices. Two more director's decrees are missing, but by the end of the week the circle should be closed, leading to the opening of the windows, so eagerly awaited by companies in the sector. "The release of the tax credit and the opening of the windows,' Apa president Chiara Sbarigia told Il Sole 24 Ore, 'will allow production companies to manage the situation. All functional "to maintaining the growth path of recent years also noted by the Report, while being aware of a changing market that offers great opportunities, but also great challenges".

The numbers of the Report - for the drafting of which Apa availed itself of eMedia; Certa; Symbola; O&O and Geca Italia - indicate a growth in production - and also in revenues for the entire audiovisual sector, to 11.6 billion (+5%) - possible thanks to the increase in content for cinema, TV and streaming platforms (Vod), with a particular increase in films for cinemas, which recorded a 21% increase compared to 2022 (a figure that also signals the post-Covid rebound). Television, however, remains the most important channel for the audiovisual industry, accounting for 71% of total market revenues in 2023, or EUR 8.2 billion. At the same time, there is also growth in the paid video-on-demand sector, which reached a value of EUR 1.1 billion.