The Spanish government has unveiled plans to invest $1.9 billion to grow the country's film and TV production sector by 30 percent by 2025.
The plans, unveiled by prime minister Pedro Sanchez, will see the bolstering of the country's audio-visual sector, including film, TV series, short films, advertising, video games and animation, and the creation of a production hub aligned with Spanish culture and tourism post-pandemic.
To do that, Spain will juice its film tax credits by $1.56 billion in part to attract foreign producers. The country also plans a Spain Audio-visual Hub Bureau to attract foreign companies looking to invest in Spain and Spanish companies amid an increasingly global entertainment industry.
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