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Colombia’s film industry emerges as a powerhouse at Taiwan Creative Fest
Spotlight on Latin America’s thriving audiovisual landscape
During a recent event at the Taiwan Creative Content Fest (TCCF), notable attention was drawn to the dynamic audiovisual landscape of Latin America by the Colombia Film Commissioner, Silvia Echeverri. Her presentation placed a particular focus on the burgeoning production sector of her home country, Colombia, and highlighted compelling opportunities for Asian-Latin American collaboration.
A snapshot of growth and opportunity
Latin America’s audiovisual market has seen exponential growth, with Argentina, Brazil, and Mexico at the vanguard. In 2021, these countries collectively generated approximately $20 billion in revenue, with $3 billion attributed to film earnings alone. Echeverri’s insights underscored an entertainment landscape increasingly dominated by streaming platforms, where services like Netflix hold significant sway due to their successful Spanish and Portuguese original productions such as La Casa de las Flores and Narcos.
Prime Video is also making strides with local content like El Presidente and La Jauría, while Disney+ quickly found its footing since its launch in 2020. HBO Max has established its niche through Spanish-language originals such as Los Espookys, and regional players Claro Video and Movistar Play leverage their telecommunications infrastructure to stay competitive.
Specialized platforms shaping preferences
In addition to the major providers, specialized platforms are gaining traction. Pantaya, for instance, caters specifically to Spanish-speaking audiences, and VIX has unveiled engaging original content like La Mujer del Diablo and Travesuras de la Niña Mala. These developments indicate a vibrant and competitive market where varied content forms are thriving.
Colombia: A significant player in the audiovisual sector
Incentives and infrastructure: Colombia’s strategic advantages
Echeverri highlighted Colombia’s advancing position within the sector, revealing that the nation’s audiovisual industry saw a 15% revenue increase from 2009 to 2019, reaching $2.3 billion by 2021. Several factors, including a dual incentive structure, make Colombia an attractive destination for international productions.
The Colombia Film Fund (FFC) offers a 40% cash rebate on audiovisual services and a 20% rebate on logistical services. Additionally, the Certificates of Audiovisual Investment (CINA) provide a 35% tax rebate. These incentives have drawn significant productions, including Gemini Man, American Made starring Tom Cruise, and Apple TV+’s Echo 3.
Major projects and their impact
Other notable projects filmed in Colombia include Loving Pablo, The Lost City of Z, and Mile 22. Recent endeavors like Ambush, Freelance, and The Morning Show (currently in post-production) have also thrived, underscoring Colombia’s burgeoning appeal. The CINA and FFC initiatives have approved 130 and 54 projects, respectively, resulting in substantial local benefits, particularly within the airline and hotel industries.
Geographical and technical advantages
Colombia’s equatorial location offers a consistent year-round filming environment, with diverse locations ranging from glacial landscapes to jungles and urban settings. This geographic diversity, coupled with experienced crews adept in national and international production standards, reinforces Colombia’s allure.
Projects seeking to utilize these incentives must meet minimum expenditure requirements: approximately $562,500 for features and series, $62,500 for music videos, $380,000 for video games, and $125,000 for advertising productions. These financial thresholds ensure that the incentives make a meaningful impact on the local economy while supporting ambitious creative projects.
Bridging continents: A call for collaboration
Echeverri’s presentation underscored potential opportunities for Taiwanese companies to collaborate with Latin American producers. A market study indicated that over 60% of Latin American youths have engaged with K-drama or anime content within the past year, reflecting a 35% increase in Asian content consumption recently. This trend opens exciting avenues for cross-cultural content creation and distribution.
Given the rapidly evolving preferences in Latin America’s audiovisual market, there is a timely opportunity for major Video On Demand (VOD) providers to forge meaningful partnerships with local production units. This potential was highlighted as a way Latin America could emerge as a significant exporter of audiovisual content.
For more on the latest trends and developments in the global film and TV industry, stay connected and continue exploring the transformative power of storytelling through diverse and innovative audiovisual landscapes.
