Major highlights from the 10th MIA market in Rome
Record-breaking attendance and diversity
The 10th edition of Rome’s MIA Market concluded triumphantly, boasting a remarkable 10% increase in attendance compared to the previous year. This year, over 2,800 participants from 60 countries flocked to the Eternal City for five days of intense pitching sessions, panel discussions, and thought-provoking debates about the present and future of the global film and TV industries.
Market Director Gaia Tridente emphasized MIA’s growing influence, stating, “Thanks to its strong identity and credibility, MIA has earned an important place in the agendas of international operators.” This year marked a substantial 20% increase in the number of projects, with a notable diversity represented by participants from 90 countries – up from 80 last year.
Co-production market’s critical role
MIA hosts one of the most influential co-production markets. This year, it showcased over 600 projects, truly highlighting its role as a catalyst for global collaborations. More than 100 audiovisual works have been produced following their participation in this forum, showcasing MIA’s ability to connect co-producers and international partners effectively.
Tridente notes, “MIA represents the needs of an entire ecosystem made up of the different industries and genres within the audiovisual sector.” As the industry navigates continuous transformations, MIA has positioned itself as a mirror reflecting these changes, particularly technological innovations within the creative industries.
Challenges in Italian tax rebates
Italy’s film and TV market has seen exponential growth over the last five years, with investments in original content production reaching over €2 billion in 2023. However, looking ahead to 2024, a slowdown is expected due to upcoming changes in the country’s tax rebates, which have been a major growth driver. These modifications are happening at a critical time when international competition is only intensifying.
In 2022, Italy’s tax rebates supported approximately 40% of the national production. However, other European countries, like France and the U.K., are offering more substantial incentives. While the Italian rebate is capped at €9 million per project, France’s cap is €30 million, and the U.K. has no ceiling, providing more attractive conditions for international productions.
Buyers favor intellectual properties (IPs)
In the shifting landscape of scripted drama, buyers are still leaning towards known properties. The reliance on established IPs, such as books, articles, or notable life stories, offers a sense of security in a crowded marketplace. Companies with extensive libraries, like Miramax, see opportunities in reinterpreting well-known commodities.
Yet, original ideas are not completely sidelined, as breakout hits like Netflix’s “Baby Reindeer” demonstrate. Emmanuelle Bouilhaguet of The Originals Productions, the French company behind ”The Bureau,” remains optimistic about developing new IPs, emphasizing the importance of retaining rights. Meanwhile, signs show a potential market shift towards original content, especially in France where streamers are increasingly seeking unique, long-running series.
Pressures on indie film production in Europe
Independent film production in Europe faces unprecedented pressures. International co-productions have historically been the backbone of the indie scene, but financing has become more challenging. Strict regulations and increased protectionism in various countries are making it tougher to assemble necessary resources.
Producers in Europe are alarmed at the potential modifications to essential support mechanisms, such as tax incentives, which have traditionally bolstered the indie sector. As each country tightens its rules, forming international partnerships and collaborations becomes increasingly difficult but remains crucial for the survival and success of independent productions.
Emerging financial models for filmmaking
Despite the challenges, new funding models offer a glimmer of hope for European independent producers. Fresh pathways are being forged by equity investors who have an appetite for risk. With Europe’s subventions balancing the risk profile of a film, investments are flowing in from various sectors, including brand partnerships and niche distribution networks.
Producers now leverage these innovative models to navigate the high costs of production, ensuring that films can still turn a profit. Logical Pictures President Frédéric Fiore notes, “If the price tag is too expensive, we won’t make it. Even if the film is a success, the upside is reduced.”
Artificial Intelligence (AI) adoption remains sluggish
The adoption of AI in the creative process has been reluctant in Europe. While other markets have started integrating AI as a key component of production, European broadcasters are behind in recognizing its potential and benefits. The industry faces ongoing debates on balancing technological advancements with job security and copyright concerns.
Producer Ariens Damsi acknowledges AI’s potential but also its current limitations, highlighting that it often requires a human touch to avoid mediocrity. As AI technology advances, its applications in film and TV production are expected to grow, reshaping the industry landscape.
Adapting to a changing industry
The past year has brought significant changes to the industry, from the emergence of new content-delivery technologies to the introduction of ad-supported streaming tiers. These developments have created a volatile market environment, leaving producers and commissioners to grapple with new realities and opportunities.
Despite these shifts, the long-term trajectory of the industry remains positive. With more money flowing into television than ever before, producers like Joe Lewis remain optimistic about navigating the short-term challenges and seizing emerging opportunities.
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Record attendance and geographic diversity
Rome’s vibrant MIA Market wrapped up its 10th edition with impressive numbers, attracting over 2,800 participants from 60 countries, marking a notable 10% rise in attendance compared to the previous year. The market buzzed with five days of dynamic pitching sessions, thought-provoking panel discussions, and heated debates, showcasing the evolving landscape of the global film and TV industries.
MIA’s strengthened global position
Market Director Gaia Tridente emphasized MIA’s significance, citing its unique role in connecting international operators and facilitating the financing, distribution, and circulation of creative works. This year, the market saw a 20% increase in projects, with entries from 90 nations, further solidifying its reputation as a diverse and inclusive event.
“MIA now stands as a critical player in the co-production market,” Tridente stated, highlighting its role as a “strategic engine” for fostering international partnerships and innovation within the creative industries.
Italy’s film market faces tax rebate challenges
Steady growth but looming slowdown
Italy’s film and TV sector nearly doubled its market size over the past five years, with investments in original content production surpassing €2 billion in 2023. However, the outlook for 2024 casts a shadow, with impending modifications to tax rebates which have been crucial in driving this recent growth. The reassessment of these incentives, especially amid intensifying international competition, could present challenges for maintaining momentum.
Tax rebates were instrumental in supporting about 40% of Italy’s national productions in 2022. However, competing countries like France and the UK offer more substantial incentives, attracting more projects. For instance, France’s rebate cap is €30 million per project, significantly higher than Italy’s €9 million cap, with the UK featuring no ceiling at all.
The comfort zone: buyers play it safe with IP
IP dominance in scripted dramas
In the crowded marketplace of scripted drama, buyers remain inclined towards known properties. Established IPs — whether books, articles, or real-life stories — provide a sense of security and predictability. “The bulk of what is selling right now is based on IP,” noted a top industry executive.
Yet, original content isn’t entirely off the table. Breakout hits like Netflix’s “Baby Reindeer” demonstrate that unique ideas can still find success. Producers like Emmanuelle Bouilhaguet emphasize retaining rights as a vital strategy for their creative enterprises. Moreover, France Télévisions and other streamers are increasingly seeking out long-running original series, signaling a potential shift in the market’s dynamics.
European indie film production under pressure
Financing hurdles and regional protectionism
International co-productions have long been the bedrock of independent film production in Europe. However, the path to financing these ventures is becoming more treacherous. Countries are growing more protective of their interests, tightening regulations, and complicating the process of assembling necessary resources.
With changes looming in Italy’s tax incentive schemes and other European support systems under scrutiny, the environment for indie films is fraught with uncertainty. Producers are required to be not only resourceful but also adaptable to navigate these challenges successfully.
Innovative financial models offer hope
New pathways for creative funding
Despite the obstacles, there is a silver lining for European independent producers. New funding models are emerging, harnessing equity investors willing to embrace risk. These innovative approaches are crucial in a landscape where the cost of talent and production has soared, making traditional financing increasingly untenable.
Notably, partnerships with brands and niche distribution networks are on the rise, creating alternative avenues for monetizing content. An example is the French fashion house Saint Laurent supporting Jacques Audiard’s “Emilia Perez”, showcasing the synergy between industries.
“The key to attracting investors is leveraging European subsidy systems to balance risk profiles,” notes a leading industry expert. This strategy, combined with targeting niche audiences, can unlock new opportunities for filmmakers and distributors.
Europe’s slow embrace of A.I. in film
Navigating technological change
While artificial intelligence (AI) has been rapidly integrated into Hollywood’s production processes, Europe has been slower to adapt. The EU’s pioneering legal framework for AI still sees hesitation among broadcasters and industry professionals.
Concerns about job displacement and copyright protection linger, yet the potential for AI to revolutionize filmmaking is undeniable. Producers find that while AI can streamline many processes, achieving truly compelling results still requires a human touch. As AI technology evolves, its role and impact on the creative industries are expected to grow significantly.
Adapting to industry shifts
Keeping pace with change
Over the past year, the film and TV landscape has experienced significant shifts. From new content-delivery technologies to the advent of ad-supported streaming tiers, the industry continues to evolve. Producers and commissioners must stay agile, anticipating market trends and adapting strategies accordingly.
Despite market volatility, industry veterans remain optimistic about the future. More money is flowing into television than ever before, presenting myriad opportunities for those who can navigate short-term uncertainties.
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