The value of Italian audiovisual productions crossed €2 billion for the first time in 2023, according to figures from the APA, Italy’s producers association.
Production for TV, film and online platforms, including both scripted and unscripted, hit €2.04 billion, up from €1.8 billion in 2022 and nearly double the €1.06 billion recorded in 2017.
Film production was the fastest growth area in 2023, with production revenues rising 21% compared to 8% for TV and 16% for video-on-demand.
The number of films produced in Italy – both national and international titles - reached a record 354 in 2023, up from 314 in 2022.
Figures for 2024 are likely to be lower, with film production in Italy slowing down due to government reforms of the Italy’s tax credit.
Total employment in the audiovisual sector grew 3.5% in 2023. In total, the Italian audiovisual industry had revenues of more than €12 billion, let by the TV industry with €8.2 billion or 71% of the market. Cinema exhibition generated €510 million with titles such as There’s Still Tomorrow performing strongly at the box office, while online platforms – AvoD and SvoD – reached €2.8 billion.
Chiara Sbarigia, president of the APA said: “The growth in content demand and tax credits have been key drivers of the sector’s strengthening in recent years, which is now undergoing significant change and evolution.”
The APA report was presented at Rome’s MIA film and TV market, which is taking place from October 14-18.
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