Italy’s film industry is struggling to stay vibrant amid turmoil caused by both politics and market forces.
After benefiting from a long growth spurt, local producers are facing a forced slowdown. The country’s right-wing government plans to amend several important regulations, the most important of which is the currently stalled tax incentives for film and television production. .
A packed protest event held at Rome’s Cinema Adriano multiplex in early April brought together industry figures from all walks of life, including producers, screenwriters, actors and big-name directors such as Paolo Sorrentino and Marco Bellocchio. , strongly objected to having to wait endlessly for this culture. The ministry is expected to approve new guidelines to allow production companies to claim a 40% tax credit, essentially a business driver.
“We are waiting for a new regulatory framework, but more importantly we need to know how much money the government will give us,” said producer and head of prominent Italian indie Lucky Red. and distributor Andrea Occhipinti said during an event in Rome.
Italy’s Culture Minister Gennaro Sangiuliano said that in purely financial terms, the government has cut back on the 2024 tax credit, which is expected to end up around 700 million euros (about $744 million) this year. The company made it clear that it plans to cut only about 50 million euros out of the deduction allowance. The problem is that it is still unclear when this tax credit will actually become available, as the government (which appears to be divided on this important issue) continues to keep the industry waiting.
Francesco Rutelli, president of the Italian Film Association, said Italy’s industry is battling fierce international competition from countries such as France, the United Kingdom and Spain, which in many ways receive far more public funding than Italy. He has repeatedly emphasized that he is putting a lot of effort into making movies.
As several Italian industry observers have pointed out, Italy’s 40% tax credit was used in the glory days of the 1950s and 60s, when the radically renovated Cinecittà studio was known as Hollywood. It became a decisive factor in bringing Hollywood productions back to Italy on a comparable scale. On the Tiber River. Recent international productions shot entirely in Italy include HBO’s Sicily-set season 2 of “The White Lotus,” Steven Zaillian’s “Ripley,” recently released on Netflix, and the entirely Cinecittà production. and Amazon Prime’s upcoming gladiator series Something About to Die. .
One of the issues holding things back is that the right-wing government, which took office in September 2022, wants to encourage the production of films and TV series with nationalist narratives, and has set aside around 52 million euros (approx. The fact is that there are plans to allocate a budget of $55 million. It’s a tax credit for films and television productions that depict stories and characters that are “linked to Italy’s national identity,” as San Giuliano put it.
“Although our film industry is growing, it is still small on the international stage,” said the producer, who heads the Leone Film Group, a production and distribution company founded by his father, Spaghetti Western master Sergio Leone. Raffaella Leone spoke during a panel discussion. Italian tax credit made in Ortigia, Sicily.
“As a producer, allocating 52 million euros to a product that emphasizes Italian characteristics is not what our country needs,” Leone added. “I think we need to make more films for the international market. That doesn’t mean putting yourself down or losing your identity.”
On the other hand, Italy’s top young producer, who worked on two films submitted to this year’s Cannes Competition, “Partenope” directed by Paolo Sorrentino and “Limonov” directed by Russian author Kirill Serebrennikov, respectively. Lorenzo Mieri and Mario Gianni have amicably parted ways with Fremantle manager. -The two companies are jointly developing a new, yet unnamed roof shingle, the details of which remain secret.
In addition, there is another high-profile company, Be Water, active in both production and distribution, which has just entered the Italian industrial sector. Barbara Sarabe, former president of Warner Bros. Italia, will become president, and Mattia Guerra, former CEO of Lucky Red, will become managing director.
Major titles scheduled for Be Water’s debut include Paul Schrader’s Palme d’Or nominee “O Canada,” Osgood Perkins’ Nicolas Cage horror film “Long Legs,” and Victor Kosakowski’s “Long Legs.” Berlin documentary “Architecton”.
