Italy Takes Center Stage at AFM 2024 with New Film Tax Credit and Expanding Production Opportunities
The American Film Market (AFM) 2024 is featuring a “Focus on Italy” showcase, set to spotlight Italy’s expanding influence in the global film industry. Held from November 5-10 in Las Vegas, AFM featured a special showcase on November 7 that highlighted Italy’s cinematic advancements, including a new tax credit for non-Italian productions filming in the country.
Organized by the Italian Directorate General Cinema and Audiovisual (DGCA-MiC), Cinecittà, the Italian Association of Executive Producers (APE), and the Italian Trade Agency (ITA), the Focus on Italy event aims to attract international investment and production to Italy. The event will include a panel and networking session with prominent industry figures such as Cinecittà CEO Manuela Cacciamani, APE President Marco Valerio Pugini, APE Vice President Cristina Giubbetti, Cinecittà’s Senior International Sales Manager Francesca Rotondo, and Roberto Stabile, Head of Special Projects at DGCA-MiC Cinecittà.
Italy’s New Tax Credit Incentive
The showcase will introduce details of Italy’s reformed tax credit, designed to incentivize non-Italian productions to film in Italy. This financial incentive aims to bolster Italy’s status as a go-to filming destination by offering cost-effective solutions to foreign film projects, making Italy an attractive hub for international filmmaking.
Italian Film Industry Growth in Numbers
According to the latest DGCA-MiC report, Italy’s film industry has seen remarkable growth. The Italian film sector is thriving: 402 films were produced in 2023, up 13% from 2022 and 27% from 2019. Additionally, 248 audiovisual projects for TV and internet were completed in 2023, marking a significant increase compared to previous years. These figures showcase the Italian cinema sector’s resilience and readiness for international collaboration.
Cinecittà: Italy’s Historic and Modern Production Powerhouse
Cinecittà, Italy’s premier film studio, has re-emerged as a vital production center for globally recognized titles, having been instrumental in many films showcased at major international festivals. At the Focus on Italy event, Cinecittà’s extensive resources, technical facilities, and high production standards will be highlighted, emphasizing the studio’s value to non-Italian productions seeking world-class filming locations and expertise.
APE: Executive Producers Leading International Collaborations
APE’s role in supporting non-Italian productions in Italy is central to the Italian film industry’s appeal to foreign filmmakers. The association’s efforts have generated a turnover of €315 million and increased employment for Italian crews, making Italy a preferred location for high-budget international projects.
Italian Trade Agency’s Delegation at LocationEXPO
The Italian Trade Agency (ITA) has assembled a delegation of twelve companies, representing Italy’s top-tier production, distribution, and film commission services. Positioned at the LocationEXPO booths #15 and #16 and suites 11-221, 11-223, 11-225, and 11-227 at the Palms Casino Resort, this delegation will be ready to forge new partnerships and expand Italy’s reach in the international film market.
Italy’s Role in the Future of Global Cinema
The Focus on Italy event at AFM 2024 marks a pivotal moment for Italy’s film industry, showcasing its potential for international collaboration, supported by new tax incentives, robust infrastructure, and professional associations dedicated to seamless productions. As Italy continues to foster a thriving environment for film and media, the Focus on Italy event seeks to build on this success by welcoming more foreign filmmakers to experience Italy’s cinematic heritage and modern production capabilities Just Now News.Press.
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