Inward expenditure hits £1.7bn, with revenues up 20%
Investment in Italy’s audiovisual production industry has almost doubled over the past seven years, hitting a record €2bn (£1.7bn) in 2023.
The figure compares favourably to 2017, which saw around €1bn (£836.1m) injected into the country.
The inward investment contributed to a 20% increase in overall revenues which hit €12bn (£10bn), with TV production volumes – driven by entertainment and unscripted – rising 8%. Productions for movies increased by 21% while VOD platforms by 16%.
The figures, from the sixth Report on National Audiovisual Production by the Association of Audiovisual Producers (APA), was presented at MIA in Rome and underlined the resilience of the Italian market.
Employment in the sector rose by 3.5% during 2023, with TV remaining the dominant force and securing €8.2bn (£6.9bn) in revenue (71% of the total market).
Streamers (AVoD and SVoD) reached €2.8bn (£2.4bn) – 24% of the total market – with the remaining 5% attributed to cinema.
Shows aimed at younger audiences grew sharply year on year, with a 70% increase in hours of kids & early teens fiction content in 2023. Rai remains the top broadcaster in terms of airing original productions.
Among the most-produced genres in Italy, serials remained dominant, followed by teen and crime. Netflix and Paramount+ were named as the fastest-growing OTT platforms in terms of titles and hours of produced content.
Chiara Sbarigia, president of APA, said the findings highlighted that the Italian audiovisual market had entered “a new phase of development.”
“The growth in content demand and tax credits have been key drivers of the sector’s strengthening in recent years, which is now undergoing significant change and evolution.
“Greater attention to product quality and the production of content that resonates beyond national borders are essential to enhance the rich history of the Italian audiovisual market and to increase the competitiveness of our industry.”
No comments yet