- The SETT initiates with 20 million euros a public-private co-investment of 45 million, the first phase of a collaboration aimed at expanding with Grupo Itaca and Omegas Capital, which channels international capital from several countries to the Spanish audiovisual sector.
The Council of Ministers, on the proposal of the Ministry for Digital Transformation and the Public Service, approved on Tuesday an investment of 20 million euros through the Spanish Society for Technological Transformation (SETT) for the implementation in the capital of Ítaca Films Madrid, a study of contents of international vocation.
The public contribution of 20 million euros is part of a total operation of 45 million in public-private collaboration, together with Grupo Ítaca and the investor the Omegas Capital Group, which attracts capital from several countries. The project plans to launch a production plan of 419 million euros and 26 audiovisual productions over ten years.
The operation attracts an already consolidated company to Spain. With more than 90 titles produced in 18 countries and working relationships with leading international studios, platforms and distributors, Ítaca operates as a content studio: it develops, produces and exploits audiovisual projects throughout its life cycle. Its matrix, founded in 2010 in Mexico, specializes in film, television, digital platforms and new formats.
The decision to implement the project in Spain – and to channel international capital to it – responds to a consolidated audiovisual ecosystem, with first-class creative and technical talent, a competitive tax incentive framework and privileged access to the European and Latin American markets. Spain thus strengthens its position in the global audiovisual value chain and its attractiveness as a destination for foreign investment in the sector.
The project also foresees a significant employment impact in Spain, with the creation of skilled and stable employment linked to the production activity. It is estimated that between 20 and 40 indefinite direct jobs will be generated and an average of about 900 direct and indirect annual jobs associated with filming and the suppliers and services that each production mobilizes in sectors such as technical, hospitality, transport or logistics.
The plan also integrates a technological transformation component that links audiovisual production with capacity development with new technologies. This axis strengthens the technological business fabric and qualified employability, consistent with the commitment to the digitalization of the sector and the objectives of the SETT.
This investment is part of the second phase of the Spain Audiovisual Hub Plan, an initiative that is part of the Recovery, Transformation and Resilience Plan, and funded by the European Union – Next Generation funds – and which is led by the Ministry for Digital Transformation and Public Service, through the Secretary of State for Digitalization and Artificial Intelligence (SEDIA).
Together with the Spain Audiovisual Hub, SETT manages two more financial instruments to enhance the technological business ecosystem: PERTE Chip, dedicated to microelectronics and semiconductors, and Next Tech, which encourages private investment and improves access to financing in the strategic Spanish sectors linked to digital transformation.