Rome’s MIA Market sees significant growth and optimism for the audiovisual industry

The 10th edition of Rome’s MIA Market successfully concluded last Friday, marking a significant milestone in the landscape of the global film and television industries. This year’s event recorded a notable 10% increase in attendance compared to the 2023 edition, drawing over 2,800 participants from 60 different countries to Italy’s capital. Held over five days, the market featured a dynamic sequence of pitching sessions, panel discussions, and debates focused on the present conditions and future possibilities of the audiovisual sector.

Market director Gaia Tridente expressed satisfaction with the event’s growing reputation, stating, “Thanks to its strong identity and credibility, MIA has now earned an important place in the agendas of international operators.” She highlighted MIA’s role as a unique and strategic player in the co-production market, emphasizing its contribution to financing, distribution, and the circulation of audiovisual works and talent.

A remarkable uptick was observed in this year’s participation, with more than 600 projects involved in the co-production market and pitching forum, reflecting a 20% increase from the previous year. Notably, the scope of geographic diversity also expanded, with 90 countries represented, a climb from 80 countries in the preceding edition.

MIA’s track record over its ten editions has been impressive, with over 100 audiovisual works produced following their participation in its co-production market. This accomplishment underscores the significance of MIA’s role in fostering connections between co-producers and international partners.

Insights from the week revealed specific areas requiring attention. Italy’s film and TV market has witnessed substantial growth, with investments reaching over €2 billion in 2023. However, the recent APA report cautioned about a potential slowdown in 2024, attributed to modifications in tax rebates by the Italian government. These rebates have previously facilitated 40% of national production, yet other countries, including France and the U.K., demonstrate more generous incentives, with France offering caps at €30 million and the U.K. with no cap.

In the realm of scripted drama, there is a notable preference for intellectual properties (IP), with industry players like Sony Pictures Television noting the security IP provides to buyers. However, there is a gradual inclination towards original ideas, as evidenced by titles like Netflix’s “Baby Reindeer” emerging without pre-existing IP.

The indie film sphere faces its challenges amid stricter national interests and financing complexities. Despite this, a glimmer of optimism lies in new financing models, particularly from equity investors. The European Commission has launched an equity investment tool to encourage production and distribution, although rising costs continue to cast shadows over such efforts.

Artificial Intelligence (AI) remains a contentious subject within the industry. While some regions, particularly the U.S., are embracing AI’s role in production, Europe, with its stringent legal frameworks, is somewhat trailing. Nonetheless, industry experts acknowledge AI’s potential, albeit with reservations concerning its creative execution and implications for the workforce.

As the market wraps up, industry insiders acknowledge substantial shifts in the past year, including evolving content-delivery technologies and market dynamics. European producers face the challenge—and opportunity—of strengthening ties with American counterparts, navigating through co-production models and transatlantic collaborations.

Though challenges persist, the industry exhibits resilience and optimism. As noted by producers like Joe Lewis of Amplify Pictures, while growth rates may not mirror those seen in the past decade, the overall business climate in television and film remains robust. As blue skies emerged over Rome at the event’s close, they symbolised the cautious optimism for an industry ready to embrace upcoming opportunities.

Source: Noah Wire Services