Spain and South Africa Launch $28.5M Audiovisual Venture

Spain's state investment vehicle, SETT, and South Africa's Known Associates Group (KAG) have launched a significant audiovisual venture in Spain with a total investment of $28.5 million. This initiative aims to establish a robust audiovisual production and post-production infrastructure within Spain. The venture will include the creation of a production company based in Madrid, alongside post-production studios strategically located in the Canary Islands and the Basque Country.

SETT, which functions as the investment arm of Spain’s Ministry for Digital Transformation, is committing €12.7 million (approximately $14.5 million) to two distinct public-private ventures that form the core of this new enterprise. This substantial investment underscores Spain's commitment to fostering its digital and creative industries. The partnership with KAG, a South African entity, highlights an international collaboration aimed at leveraging expertise and resources to enhance audiovisual capabilities.

The project's scope extends beyond mere infrastructure development. It is designed to stimulate job creation within the audiovisual sector and attract international productions to Spain. The Canary Islands, known for their tax incentives and diverse landscapes, and the Basque Country, with its growing creative hub, are expected to become key centers for post-production services. This strategic placement aims to capitalize on regional strengths and provide comprehensive services to a global clientele. The venture is anticipated to boost Spain's position as a competitive destination for film and television production.