Innovative financing solutions for Spanish filmmakers discussed at San Sebastian Festival
Exploring new avenues for film financing
On September 23, the San Sebastian Festival hosted a pivotal round table organized by the Spanish rights group Egeda. The event aimed to address one of the most pressing challenges facing filmmakers today: access to financing. The discussion brought together key industry figures, including ICAA head Ignasi Camós, Luis Cueto from the Ministry of Digital Transformation and Public Service, Javier Villaseca of Sego Finance, Jesus Prieto of Sego Creative, and executive producer Miguel Torrente of Balment.
The power of Sego Creative
The panel delved into the benefits of Sego Creative, a specialized financing tool for the creative and cultural industries. This initiative is a result of a collaborative agreement between Egeda and the crowdfunding platform Sego Finance Group, established last May. Moderated by Egeda’s Carlos Antón, the discussion highlighted the importance of innovative financing tools for Spanish filmmakers to remain competitive on a global scale.
The financial landscape of Spanish film production
When asked about the production costs of Spanish audiovisual productions, ICAA’s Camós provided an insightful estimate. “We don’t have an exact figure, but we can make an estimated calculation if we consider that in film alone, 337 were made in Spain last year, with an average budget of $2.5 million each,” he explained. This rough calculation suggests that between €1.6 to €1.7 billion ($1.8 billion-$1.9 billion) was invested in film production in Spain.
Bridging the gap between investors and creators
Sego Creative aims to connect investors with promoters of audiovisual projects, offering support to all Egeda members with financing needs, regardless of the project’s format or production stage. This initiative is seen as a crucial step in bridging the gap between the public sector’s equity-focused approach and the efficiency-driven needs of the private sector.
Luis Cueto emphasized the importance of this collaboration: “With this Sego and Egeda project, you’re bringing together the best of two previously separate worlds, filling a gap. The public sector isn’t tasked with efficiency, but with equity. It’s expected to establish criteria where the best of what is submitted by the deadline receives aid, which is then contested if it doesn’t strictly adhere to standards set two years ago.”
Building on past successes
The new initiative builds on the momentum of previous financing projects like CreaSGR, which has successfully secured over €1.4 billion ($1.6 billion) for more than 10,000 projects in its 18 years of operation. This has established CreaSGR as a key reference point in the Spanish audiovisual financing landscape.
Javier Villaseca of Sego Finance highlighted the complementary nature of Sego Creative: “I believe that ultimately, we serve as an additional complement to what already exists in this sector. Bank financing will continue to be available; whether we are strong or not won’t change the current landscape of the industry or the financing it receives.”
Enhancing the Spanish audiovisual ecosystem
Villaseca also pointed out that a strong Sego Creative could make banking entities more comfortable, as companies will be better financed. This could lead to the emergence of more audiovisual projects and enable Spain to compete with companies outside its borders. “This is a widespread challenge in our country: financing doesn’t reach us in the same way it does for companies that need it, making it difficult to compete in an increasingly globalized world,” he said.
A decade of experience in alternative investment
Sego Finance has over 10 years of experience in the alternative investment sector and has invested more than €100 million ($111 million) in innovation and technology. Villaseca suggested that this figure could double in the near future, further enhancing the support available to Spanish filmmakers.
Conclusion
The round table at the San Sebastian Festival underscored the critical need for innovative financing solutions in the Spanish film industry. By leveraging tools like Sego Creative, filmmakers can access the resources they need to bring their projects to life and compete on a global stage.
Did you enjoy this article? Share it on your social channels and let us know your thoughts! Don’t miss out on the latest updates! Follow us on social media to stay informed about the newest releases.