PROFILM Presents Its Annual Report on Foreign Investment
The association points to Spain’s loss of competitiveness compared to other European countries due to the lack of fiscal adjustments
Foreign investment in Spain for filming, post-production services, and visual effects experienced a significant decline in 2024, falling by 33.6% compared to 2023 figures. According to data collected by the association from production companies affiliated with PROFILM, investment dropped from €197.4 million in 2023 to €129.9 million in 2024, spread across 27 projects carried out in Spain, compared to 37 projects the previous year.
The association’s annual report was presented this morning at the Santa Mònica Centre in Barcelona, at an event that brought together representatives from the audiovisual sector, public administrations, and specialized media. The event was co-organized with the Catalunya Film Commission, a service of the Catalan Institute of Cultural Enterprises (ICEC) under the Department of Culture, whose mission is to promote Catalonia as a filming location for audiovisual productions and to advise professionals interested in shooting in the region.
In addition to the decline in investment, there was a 16.5% reduction in the number of hires, from 10,747 to 8,510, as well as a slight decrease in contributions to Social Security, which fell from €17 million to €12.5 million. The report highlights a significant impact on sectors such as accommodation, with €13.3 million in investment, followed by technical equipment rental at €9.1 million, and location-related expenses amounting to just over €6 million.
Services related to travel, visual effects, set dressing, set construction, and transport also stand out, demonstrating the wide-ranging economic benefits that these productions bring to the local economy.
The Canary Islands and Catalonia Strengthen Their Position as Hubs for International Productions
The report, presented by the association’s president, Fernando Victoria de Lecea, notes that despite the overall downturn, Catalonia tripled its investment volume, with 8 projects and €41.3 million. The Canary Islands maintained their number of projects (8), with an investment of €42.7 million. The Valencian Community, driven by a major international production, reached €14.8 million, while Asturias joined as a new destination with two productions and nearly €3 million in direct economic impact.
The Balearic Islands lost prominence, with only 2 shoots and €6.3 million in 2024. Madrid recorded no international filming activity during this period, according to data from PROFILM members.
Fernando Victoria de Lecea emphasized that “among the possible causes of this decline is the fact that since 2022, most European countries have updated and strengthened their tax incentive systems to attract a greater volume of productions and have increased their presence in international audiovisual markets. Spain, however, maintains a more rigid tax framework, less responsive to competing markets, and there is considerable room for improvement in terms of legal certainty. This is reflected in delays in the reimbursement of international tax deductions, particularly in higher-budget projects.”
For his part, Francisco Vargas, Director of the Audiovisual Area of the Catalan Institute of Cultural Enterprises (ICEC) under the Department of Culture, highlighted the Government of Catalonia’s commitment to the audiovisual sector, keeping it at the core of its policy priorities. Evidence of this includes initiatives such as the recent tender for the expansion of the Parc Audiovisual de Catalunya, which will add two new sound stages (6,550 m²), providing greater production capacity, as well as the commitment to the Catalunya Media City project—a major national initiative that will position the Catalan audiovisual industry among the most advanced in Europe in terms of innovation, thanks to the planned infrastructure.
As part of the report presentation, an institutional meeting was held between representatives of PROFILM and the Minister of Culture of the Government of Catalonia, Sonia Hernández, accompanied by Edgar García, Director of the Catalan Institute of Cultural Enterprises (ICEC), and Francisco Vargas, Director of the ICEC Audiovisual Area. During the meeting, the strong results achieved by Catalonia in attracting international productions in 2024 were discussed, and the key role played by institutional commitment in this success was highlighted. PROFILM conveyed to the Minister the need for the Department’s involvement with the audiovisual sector to extend across the entire regional administration, particularly with regard to streamlining and coordinating filming permits, in order to strengthen Catalonia’s competitiveness as a preferred destination for foreign productions.
The presentation of the 2024 data was preceded by a Fam Trip, organized in collaboration with the new filming support office Ponent i Acció, which allowed PROFILM members to discover new locations and valuable resources for filming in Lleida.
Source: Cine y Tele.