The Italian film and television industry is poised to fill the void left by the recent strikes in Hollywood, according to industry executives who spoke at a panel discussion during the Venice Film Festival. The panel, which was moderated by THR Roma editor-in-chief Concita De Gregorio, focused on the potential opportunities for the Italian entertainment industry to expand its presence in the international market.
Francesco Rutelli, president of the Italian national audiovisual association Anica, emphasized the need for Italy to be prepared with its own products for the international market in the event of decreased supply from Hollywood due to the strikes. He highlighted the importance of interpreting market changes in real-time and called for the government to issue rules that can be quickly adjusted to adapt to these changes. Rutelli stressed that it is not about changing regulations, but rather about being able to adapt quickly to the evolving landscape.
Maria Pia Ammirati, director of Rai Fiction, noted that international sales of Italian content have already seen a significant increase of 43 percent compared to the previous year. This growth in sales demonstrates the potential for the Italian industry to capture a larger share of the global market.
Nicola Maccanico, CEO of Cinecittà, a renowned Rome studio, expressed optimism about the future of the Italian film industry. He stated that the industry has returned to the levels of the 1960s, when Rome was known as “Hollywood on the Tiber.” Maccanico asserted that it is now time for Italian filmmakers to conquer the world market.
However, Giampaolo Letta, vice chairman and CEO of Medusa, a major Italian production and distribution company, raised concerns about the challenges currently facing the Italian film industry. He highlighted rising costs and reduced investment as major factors putting pressure on budgets. Letta anticipated that the next few months would be difficult for the industry, with increased costs of film production, lower appetite for risk, and Italian titles struggling to gain a foothold in theaters.
To support Letta’s concerns, the panel presented numbers indicating a significant decline in the cost-per-minute for high-end series in Italy. In just four years, the cost has dropped by half. For example, Pablo Sorrentino’s “The New Pope” and Luca Guadagnino’s “We are Who We Are” cost around €113,754 ($122,800) and €106,337 ($114,800) per minute, respectively. In contrast, recent productions like Giancarlo Fontana and Giuseppe Stasi’s “The Bad Guy” and Edoardo De Angelis’ “The Lying Lives of Adults” cost around €55,393 ($59,800) and €61,445 ($66,350) per minute, respectively. These numbers reflect the need for more economic resources to compete in both the European and international contexts.
Benedetto Habib, president of the ANICA Producers Union, acknowledged that Italian producers are competitive in terms of creativity but stressed the need for economic resources to support their competitiveness. Habib called for more investment in the industry to ensure that Italian producers can compete on both European and international levels.
The panel also emphasized the importance of protecting local production in order to continue telling the story of Italy. Paolo del Brocco, CEO of Rai Cinema, a division of the Italian public broadcaster, stressed the need for solidarity and cooperation among independent producers. He emphasized that no one can succeed alone and that working together is key to the industry’s success.
In 2023, only 20 Italian films were made with budgets over €6 million ($6.5 million). Out of those 20 films, only two were directed by women, highlighting the need for greater gender diversity in the industry. Despite these challenges, the panelists remained hopeful about the Italian industry’s potential to thrive in the international market.
In conclusion, the Italian film and television industry sees an opportunity to fill the gap left by the recent strikes in Hollywood. With increased international sales and a renewed sense of ambition, Italian filmmakers are ready to conquer the world market. However, challenges such as rising costs and reduced investment pose obstacles to the industry’s growth. To overcome these challenges, the panelists called for quick adaptation to market changes, more economic resources, and greater solidarity and cooperation among independent producers.
