As a cinephile with a penchant for global cinema and a nostalgic love for VHS tapes, I’ve always been fascinated by the evolving landscape of international film industries. The recent developments in Latin America, particularly Colombia, are nothing short of captivating.
Silvia Echeverri, Colombia’s Film Commissioner, shared insights about the changing audiovisual scene in Latin America and the expanding film production sector in her country during a talk at the Taiwan Creative Content Fest (TCCF). She emphasized potential collaboration opportunities between Asia and Latin America.
In 2021, the audiovisual industry in Latin America saw substantial expansion, with Argentina, Brazil, and Mexico spearheading this sector, generating around $20 billion collectively. Approximately $3 billion of this total was attributed to box office receipts, as per Echeverri’s report. The regional entertainment scene is progressively leaning towards streaming services, with Netflix preserving its dominance as the market frontrunner by offering Spanish and Portuguese originals like “La Casa de las Flores” and “Narcos.
The landscape of streaming services is constantly changing, with Amazon Prime Video making strides by offering local content such as “El Presidente” and “La Jauría.” Disney+ has made a strong entrance into the market since its launch in 2020. Max has found success with original Spanish-language shows like “Los Espookys,” while Claro Video and Movistar Play, being telecommunications companies, are keeping their share of the market by using their existing infrastructure.
Special platforms are leaving their footprint as well. For instance, Pantaya is focusing on Spanish-speaking viewers, while VIX creates its own content such as “La Mujer del Diablo” and “Travesuras de la Niña Mala.
At her TCCF talk, Echeverri emphasized that Colombia has stepped up as a major player in the audiovisual industry. The revenue from this sector increased by 15% every year from 2009 to 2019, reaching an impressive $2.3 billion in 2021. What makes Colombia attractive for international productions is its dual incentive system, comprising the Colombia Film Fund (FFC) and Certificates of Audiovisual Investment (CINA).
The Film Financing Corporation (FFC) gives a 40% cash refund for audiovisual services and a 20% rebate on logistics, whereas CINA offers a 35% tax reduction. These initiatives have drawn significant productions such as Ang Lee’s “Gemini Man,” “American Made” starring Tom Cruise, and Apple TV+’s “Echo 3.” Other notable projects include “Loving Pablo,” “The Lost City of Z,” “Mile 22,” “The 33,” recent productions like “Ambush,” “Freelance,” and those in post-production like “The Morning Show,” “What You Wish For,” “My Neighbor Adolf,” “The Changeling” and “Buddy Games.
From its start until now, CINA has endorsed a total of 130 initiatives. Over the years spanning 2013 to 2024, FFC has given the go-ahead to 54 projects. These endeavors have yielded substantial positive effects in the local community and notably boosted the performance of the airline and hotel sectors.
The commissioner highlighted how the country’s advantageous production setup is due to its equatorial position, offering unvarying shooting conditions throughout the year and a variety of locations including icy terrains, dense forests, and bustling cities. However, productions need to fulfill minimum budget requirements which differ based on the type of project – from around half a million dollars for features or series to $62,500 for music videos, while video games necessitate approximately $380,000 and advertising projects require $125,000.
According to Echeverri, our teams are well-versed with a rich background in both domestic and global projects, ensuring they can effectively carry out their duties.
At TCCF, a presentation showcased possibilities for Taiwanese businesses to team up with Latin American creators, emphasizing the rising trend of Asian content being consumed in Latin America. According to the data shown in the market studies, approximately 60% of young people in Latin America have watched at least one Korean drama or anime within the past year. Consumption of Asian content has grown by 35% over the last two years.
This timing is particularly important since leading Video On Demand services are looking to forge partnerships with regional film production companies in Latin America. Such collaborations could position the area as a key contributor of audio-visual content on a global scale, based on predictions by the Inter-American Development Bank.
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2024-11-06 02:50