Salma Hayek’s ‘Like Water for Chocolate’ enchants at Iberseries 2023

The renowned Iberseries & Platino Industria event held in Madrid wrapped up its fourth edition with a mix of enthusiasm and introspection. Despite the turbulent backdrop of rising production costs and streaming platforms tightening their wallets, the atmosphere remained optimistic. Let’s delve into the highlights and key takeaways from this year’s conference, held from October 1-4.

A resilient industry: Spain leads the way

Spain’s strong performance

Pilar Blasco, CEO of Banijay Iberia, highlighted that Spain has withstood the global slowdown better than many might have expected. Spain’s production incentives are among the most generous in Europe, ranging from €10 million to €18 million per TV episode. As Blasco pointed out, “The big slow-down hasn’t yet got to Spain.” Additionally, Spain boasted more and larger first-half non-English Netflix hits than any other country, making it a key player on the international stage.

In contrast, scripted series production has plummeted in other major Latin American markets, with Mexico down by 56%, Brazil by 54%, and Argentina by a staggering 96%, according to a report by GECA. Spain, once seeking international co-production, now stands as a beacon for co-financing in the industry.

Innovation through adversity

The current industry scenario, though challenging, is fostering creativity. Fremantle’s Olivia Sleiter remarked that budget constraints have opened new avenues for co-production. One notable example is “Costiera,” starring Jessie Williams, an Italian series co-produced by Amazon and Fremantle.

Manuel Martí from Fremantle commented, “The current industry scenario is making us more creative.” This creativity involves exploring new models such as windowing, which offers benefits along every link of the value chain. The emphasis is on crafting versatile production strategies that can accommodate budgetary limitations.

Highlights from the event: buzzworthy titles

Magical realism and compelling drama

Among the standout presentations were two magical realist clips from the upcoming Max/HBO series “Like Water for Chocolate”, produced by Salma Hayek-Pinault’s Ventanarosa Productions. The series promises to be an emotional and visual feast, especially with scenes like Tita witnessing her love, Pedro, marry her sister.

Another show causing a buzz was Amazon Prime Video’s “Every Second Counts” (“Cada Minuto Cuenta”), touted as the most expensive production by Prime Video Latin America. The trailer dazzled with its high production values, setting high expectations.

Disney+ Spain introduced “Return to Las Sabinas” and it captured significant attention with its daily melodrama format. Adding to the excitement were Atresmedia’s “El Gran Salto,” Movistar Plus+’s “Marbella,” and Globo’s “The Others” Season 2, all scoring positive reviews.

The role of Europe’s public broadcasters

Public broadcasters in Europe are increasingly assuming roles as co-producers. Representatives from France Televisions, ZDF, RAI, and RTVE discussed their strategies, emphasizing collaboration among themselves before turning to other platforms. This trend is partly driven by public broadcasters’ unique ability to sustain pre-pandemic commissioning levels.

State-owned networks continue to extend support to the film industry. Spain’s RTVE, for example, has backed 17 titles, including the critically acclaimed “The Blue Star” (winner at the San Sebastian Festival) and the promising “Surfacing.”

Evan Shapiro, notable for his business keynote, sees a bright future for public broadcasters. He believes they will gain prominence as global streaming platforms increasingly require their partnership. “They should be cherished,” Shapiro emphasized, highlighting the strategic importance of public service media.

Navigating the post-bubble landscape

Financing strategies under scrutiny

In the wake of the burst TV drama bubble, industry players are reevaluating their strategies. Tyler Gould from Magnetic Labs explained the shift from equity investments to lending, which offers guaranteed returns regardless of a film’s box office performance. Specific genres like action, thriller, and sci-fi remain more predictable and thus safer investments compared to drama.

Elisa Alvares from Jacaranda Group highlighted that investment opportunities in Europe are becoming increasingly attractive, even for clients historically focused on North America.

Audience preferences shaping content

There’s a noticeable shift toward feel-good, mainstream content. “People want to escape, have feel-good shows,” noted Fremantle’s Martí. This trend was evident with Amazon Studios previewing “Every Minute Counts”, a tale set against the backdrop of the 1985 Mexico City earthquake but focused on the characters’ resilience.

Dramedies and procedurals with a sprinkle of comedy are emerging as significant trends, mixing criminal investigation with family dynamics and lighter tones.

Mainstream over prestige

Seb Shorr from Fremantle observed a shift in buyer preference toward mainstream content, moving away from the prestige dramas that have dominated in recent years. Despite this trend, Fremantle continues to support high-profile projects and maintain deals with celebrated figures like Kristen Stewart and Pablo Larraín, ensuring creative control and project integrity.

Madrid’s industry observations

Learn, adapt, and thrive

The Iberseries 2023 event underscored the industry’s resilience and adaptability. From Spain’s robust performance and innovative co-productions to Europe’s public broadcasters and the evolving content landscape, it’s clear that the industry is learning to thrive even amid economic challenges.

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The 4th edition of Iberseries & Platino Industria in Madrid concluded with an upbeat spirit, despite the industry’s broader challenges. This gathering highlighted how creativity and collaboration are thriving amidst economic constraints. Let’s delve into the standout moments and insights from the event.

Spain Shows Resilience Amid Industry Changes

Spain’s stable growth

Spain’s resilience shone through during the event. With some of Europe’s most generous production incentives, Spain has become a hotspot for high-budget TV productions. Incentives range from €10 million to €18 million per TV episode, fostering a robust creative landscape. “The big slow-down hasn’t yet got to Spain,” reflected a prominent industry leader, emphasizing Spain’s continued strength in TV production.

In contrast, scripted series production in Latin America has seen significant declines. Mexico, Brazil, and Argentina face steep drops in production, with Argentina hit hardest by a 96% decrease in new series. This stark difference positions Spain as a prime destination for international co-productions, attracting global interest and investment.

Creativity in adversity

Despite financial challenges, the industry is finding innovative solutions. Fremantle’s Olivia Sleiter noted that current budget constraints are driving unprecedented levels of creativity and collaboration. For instance, “Costiera” was co-produced by Amazon and Fremantle, optimizing budgetary constraints through strategic partnerships.

Manuel Martí of Fremantle remarked, “The current industry scenario is making us more creative.” This creativity includes exploring new models such as windowing, which benefits all parts of the value chain and ensures projects remain viable even amid financial pressure.

Hits of the Show: Unmissable Titles

Magical realism steals the show

Two enchanting clips from the upcoming Max/HBO series “Like Water for Chocolate”, produced by Salma Hayek-Pinault’s Ventanarosa Productions, captivated audiences. The series promises a tapestry of rich emotional narratives intertwined with stunning visuals, ensuring it will be a must-watch.

Amazon Prime Video‘s “Every Second Counts” (“Cada Minuto Cuenta”) also generated significant buzz. Touted as Prime Video Latin America’s most expensive production, the trailer impressed with its high production values and gripping storyline.

Disney+ Spain’s “Return to Las Sabinas” made waves with its original daily melodrama format. Other highlights included Atresmedia’s “El Gran Salto,” Movistar Plus+’s “Marbella,” and Globo’s “The Others” Season 2, each receiving positive reception.

Europe’s public broadcasters lead the charge

Public broadcasters in Europe are taking on increasingly pivotal roles. Representatives from France Televisions, ZDF, RAI, and RTVE discussed their strategies, stressing inter-broadcaster collaboration before considering other platforms. With state-owned networks assuming significant roles as co-producers, they remain integral to sustaining pre-pandemic commissioning levels.

Spain’s RTVE, for instance, has actively supported 17 film co-productions with Latin America, including the award-winning “The Blue Star” and the anticipated “Surfacing.” Public broadcasters are emerging as crucial assets in the European media landscape, vital for both local content and international collaborations.

Navigating the New Media Landscape

Evolving financing strategies

The post-bubble environment has prompted a shift in financing strategies. Tyler Gould from Magnetic Labs discussed the pivot from equity investments to lending, ensuring returns regardless of a project’s commercial success. Specific genres like action, thriller, and sci-fi are safer investments, offering more predictable returns compared to drama.

Elisa Alvares from Jacaranda Group highlighted increasing investment opportunities in Europe, making it an attractive market even for traditionally North America-focused clients.

Changing audience preferences

Audience preferences are evolving, with a clear leaning towards feel-good, mainstream content. “People want to escape, have feel-good shows,” Martí noted. An example is Amazon Studios’ preview of “Every Minute Counts”, set against the 1985 Mexico City earthquake backdrop but focusing on the characters’ personal growth and resilience.

Dramedies and procedural series combining criminal investigations with family dynamics were significant trends at the event. These formats, often infused with lighter elements, cater to the audience’s desire for entertainment that offers both excitement and comfort.

Mainstream Over Prestige

Shifting buyer preferences

Industry buying patterns are shifting towards mainstream content. Fremantle’s Seb Shorr noted a move away from prestige dramas towards more commercially viable projects. Still, Fremantle maintains its commitment to high-profile creative partnerships, supporting projects by stars like Kristen Stewart and Pablo Larraín, ensuring that quality and artistic integrity are preserved.

Focus on Local Creativity

Bizkaia’s booming film industry

Bizkaia, particularly Bilbao, is experiencing a production boom, driven by tax breaks of up to 60%. Films like “The Platform 2” and the Movistar Plus+ Original “Querer” are prime examples of successful local productions. These tax incentives have significantly increased film activity, bringing in direct and indirect economic benefits.

Expanding Madrid’s infrastructure

Spain’s growing film and TV business is accompanied by expanding production infrastructure. EFD Studios announced plans for the largest virtual production set in continental Europe. Additionally, the Madrid Audiovisual Cluster launched the Madrid Audiovisual Observatory to further bolster the region’s creative capabilities. A notable collaboration between Anonymous Content and Morena Films exemplifies the thriving environment for Spanish-language content.

Deals and Collaborations

Key business deals announced

A flurry of deals highlighted the event’s vibrant business landscape:

• Fabula and Alea Media are adapting Isabel Allende’s “The Long Petal of the Sea.”
• Netflix Spain announced “It’s All Over: The Kiss That Changed Spanish Football,” premiering in November.
• Secuoya Studios aims to produce more English-language projects under a new international strategy.
• FilmSharks picked up “Death of a Comedian,” directed by Argentine actor Diego Peretti.
• Zeta Studios and Conspiração are collaborating on a Spanish-language version of “Under Pressure.”

Cross-border collaborations

Latin American producers are looking beyond local markets to co-production opportunities. Talent mobility—writers and directors working across borders—enhances creative cross-pollination. Incentive schemes in Colombia, Uruguay, and Peru provide additional support. Brazil’s impending investment quotas for streaming services further encourage robust content production.

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Amidst Challenges, Spain Remains a Powerhouse

Spain’s Strong Performance

The 4th edition of Iberseries & Platino Industria in Madrid concluded on an optimistic note, showcasing the resilience of Spain’s film and TV industry. Despite facing rising production costs and cautious investments from streamers and broadcasters, Spain continues to thrive. This success is largely attributed to its generous production incentives, which range from €10 million to €18 million per TV episode, making Spain a desirable destination for high-budget projects.

In stark contrast, Latin American markets have seen significant declines in scripted series production. Mexico, Brazil, and Argentina have experienced sharp drops, with Argentina’s production plummeting by 96%. These challenges position Spain as a leading market for international co-productions, attracting global interest and solidifying its status as a key player in the industry.

Innovating Through Adversity

The challenging economic landscape has spurred a wave of creativity. Fremantle’s Olivia Sleiter emphasized that financial constraints are driving innovative collaborations. An example is “Costiera,” co-produced by Amazon and Fremantle, which successfully navigated budgetary limitations through strategic partnerships.

Manuel Martí of Fremantle remarked, “The current industry scenario is making us more creative.” This creativity is evident in exploring new production models like windowing, which provide benefits across the entire value chain, ensuring projects remain viable despite financial challenges.

Standout Projects Captivate Iberseries 2023

Enchanting Magical Realism

Among the highlights were two captivating clips from the upcoming Max/HBO series “Like Water for Chocolate”, produced by Salma Hayek-Pinault’s Ventanarosa Productions. These clips offered a glimpse into a series rich in emotional storytelling and stunning visuals, positioning it as a must-watch.

Amazon Prime Video‘s “Every Second Counts” (“Cada Minuto Cuenta”) also stood out as one of Prime Video Latin America’s most expensive productions. The trailer impressed with its high production values and engaging narrative.

Disney+ Spain introduced “Return to Las Sabinas,” generating significant buzz with its daily melodrama format. Additional highlights included Atresmedia’s “El Gran Salto,” Movistar Plus+’s “Marbella,” and Globo’s “The Others” Season 2, each receiving positive attention.

Europe’s Public Broadcasters Lead the Charge

Public broadcasters in Europe are playing increasingly key roles. Representatives from France Televisions, ZDF, RAI, and RTVE discussed their strategies, stressing collaboration among public broadcasters before turning to other platforms. State-owned networks continue to support local content and international co-productions, maintaining pre-pandemic commissioning levels.

Spain’s RTVE, for instance, has actively backed 17 film co-productions with Latin America, including the award-winning “The Blue Star” and the promising “Surfacing.” Public broadcasters are emerging as crucial assets in the European media landscape, supporting both local and international projects.

Adapting to the New Media Landscape

Evolving Financing Strategies

The burst of the TV drama bubble has led to a reevaluation of financing strategies. Tyler Gould from Magnetic Labs discussed the shift from equity investments to lending, ensuring returns regardless of a project’s commercial success. Action, thriller, and sci-fi genres remain safer investments, offering more predictable returns compared to drama.

Elisa Alvares from Jacaranda Group highlighted growing investment opportunities in Europe, making it an attractive market even for clients traditionally focused on North America.

Changing Audience Preferences

Audience preferences are shifting toward feel-good, mainstream content. “People want to escape, have feel-good shows,” Martí noted. An example is Amazon Studios’ preview of “Every Minute Counts”, set against the backdrop of the 1985 Mexico City earthquake but focusing on character resilience and growth.

Dramedies and procedural series blending criminal investigations with family dynamics emerged as significant trends. These formats cater to the audience’s desire for engaging yet comforting entertainment.

Shifting Industry Dynamics

Mainstream Over Prestige

Industry buying patterns are shifting toward mainstream content. Fremantle’s Seb Shorr observed a move away from prestige dramas to more commercially viable projects. However, Fremantle continues to support high-profile creative partnerships, ensuring quality and artistic integrity are maintained.

Bizkaia’s Booming Film Industry

Bizkaia, particularly Bilbao, is experiencing a surge in film production, driven by tax breaks of up to 60%. Films like “The Platform 2” and Movistar Plus+ Original “Querer” exemplify successful local productions. These incentives have significantly increased film activity, bringing substantial economic benefits.

Expanding Madrid’s Production Infrastructure

Spain’s expanding film and TV business is accompanied by growing production infrastructure. EFD Studios announced plans for the largest virtual production set in continental Europe. The Madrid Audiovisual Cluster also launched the Madrid Audiovisual Observatory to further bolster the region’s creative capabilities. A notable collaboration between Anonymous Content and Morena Films exemplifies the thriving environment for Spanish-language content.

Key Business Deals Announced

Several significant deals were highlighted during the event, underscoring a vibrant business landscape:

• Fabula and Alea Media are adapting Isabel Allende’s “The Long Petal of the Sea.”
• Netflix Spain announced “It’s All Over: The Kiss That Changed Spanish Football,” premiering in November.
• Secuoya Studios aims to produce more English-language projects under a new international strategy.
• FilmSharks picked up “Death of a Comedian,” directed by Argentine actor Diego Peretti.
• Zeta Studios and Conspiração are collaborating on a Spanish-language version of “Under Pressure.”

Cross-Border Collaborations

Latin American producers are leveraging co-production opportunities beyond their local markets. Talent mobility—writers and directors working internationally—enhances creative cross-pollination. Incentive schemes in Colombia, Uruguay, and Peru provide additional support. Brazil’s upcoming investment quotas for streaming services further encourage robust content production.

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