Speaking at a panel during Madrid forum Iberseries & Platino Industria, founding execs of Madrid’s newly formed Audiovisual Cluster held forth on the opportunities of the new initiative which launched in March this year

Also participating was Gonzalo Cabrera, director general of cultural promotion of the Community of Madrid who pointed out that Madrid generates an annual revenue of approximately 3.3 billion euros ($3.96 billion). “The audiovisual sector in the Community of Madrid employs around 20,000 people directly. It accounts for 1% of the regional GDP. Moreover, it is projected to grow by approximately 25% in the coming years, thanks to technological, demographic and geopolitical changes that have recently occurred,” he asserted.

Apart from Madrid’s current tax break of 31.25% that has lured multiple foreign shoots, he called for the formation of more post production companies. Their presence would likely attract more big budget productions as their respective time frames for shooting, post-production and exhibition will have been significantly reduced, he noted.

Patricia Motilla, secretary general of Madrid Audiovisual Cluster, concurred: “We need to put the city of Madrid on the world stage. Producers alone can’t do that. The industry needs to be united; it needs to establish its strategy for global market penetration.”

She also pointed to Madrid’s geographical advantage in Spain and its excellent connectivity that allows for an ease in deploying crews and equipment. “It’s incredible for any foreign producer that within an hour and a half, one can be at the sea and within 35 or 40 minutes, at a castle or in the desert.”

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