Focus On Italy at the AFM 2024

After 44 years in Santa Monica, the American Film Market (AFM) has moved to Las Vegas, marking a new era for the largest U.S. market dedicated to international cinema. The energy of Las Vegas has infused fresh vitality into the event, which continues to serve as a premier platform for global deal-making and industry networking.

This year’s AFM was particularly significant for Italy, with a strong delegation led by the Italian Trade Agency (ITA), Cinecittà, and the Directorate General for Cinema and Audiovisual at the Italian Ministry of Culture. Representing the renaissance of the Italian audiovisual sector, the delegation featured top producers, distributors, and film commissions showcasing the strength and diversity of Italian cinema. Access the full catalogue of Italian companies here.

Focus on Italy: Tax Credits and International Productions

A key highlight of AFM 2024 was the “Focus on Italy” panel, held on November 7th at the Palms Hotel Lounge. Organized by APE (Association of Italian Executive Producers), Cinecittà, and the Italian Ministry of Culture in collaboration with the Italian Trade Agency, Los Angeles Office, the panel shed light on Italy’s rising prominence in global entertainment.

The discussion explored Italy’s new tax credit regulations, Cinecittà’s cutting-edge facilities, and the country’s exceptional pool of production talent. The Italian tax credit, with €400 million allocated for 2024, was unveiled as a crucial tool to attract international productions, providing monthly deductions through local executive producers.

Roberto Stabile, Head of Special Projects at the Directorate General for Cinema and Audiovisual (MiC), highlighted the significance of the announcement:

“Today marked a very important day as we announced to leading American producers that the tax credit for international productions is now a reality. This is a crucial tool to welcome the best international productions to our country. Together with the talent of our producers and the Cinecittà studios, it will help bring Hollywood back to the Tiber. We came to clarify the new regulations because misinformation had previously discouraged U.S. producers from considering Italy.”

For a detailed presentation of the new tax credit, click here.

Marco Valerio Pugini, President of APE, celebrated the milestone:

“We are proud to be the first to announce the international tax credit and the agreement signed with Intesa San Paolo, which will help all independent producers work more effectively in Italy.”

For a detailed presentation of APE, click here.

Manuela Cacciamani, CEO of Cinecittà, emphasized the studio’s growing capacity:

“While we are proud of what we’ve achieved in recent years, we will become even more competitive. By mid-2026, we will have built new, technologically advanced soundstages. Additionally, we must highlight the exceptional craftsmanship of our workforce, which remains our greatest asset.” Watch Cinecittà’s promotional video here.

Giosafat Rigano, Trade Commissioner of the Italian Trade Agency in Los Angeles, expressed his satisfaction:

“The U.S. market has long awaited this regulation. The tax credit is a crucial tool to attract both established and emerging Hollywood names, who can now benefit from fiscal deductions through local executive producers.”

These comments, collected by ANSA, reflect the enthusiasm and strategic focus of Italian representatives at this year’s AFM.

Italy’s Renaissance in Numbers

Italy’s audiovisual sector has demonstrated remarkable growth:

• 📈 402 films were produced in 2023, marking a 13% increase from 2022 and a 23.7% rise compared to pre-pandemic 2019.
• 📺 248 audiovisual works for TV and streaming platforms were produced in 2023, more than double the number produced in 2019.
• 💰 The overall cost of Italian audiovisual productions reached €824 million in 2023, nearly €100 million more than the previous year.

Following the panel, the Italian Trade Agency hosted an exclusive networking event in collaboration with the Consulate General of Italy in Los Angeles. U.S. producers and international attendees engaged with the Italian delegation to explore new opportunities for co-productions, highlighting Italy’s strategic advantages in the global entertainment landscape.

As AFM 2024 concluded in Las Vegas, Italy’s robust presence reinforced its position as a key player in the international industry, poised to attract top-tier projects and partnerships.