Spanish TV fiction producers are finding ways to navigate the rocky international scene thanks to increasing interest from foreign producers looking to co-finance in Spain, leveraging the country’s generous tax incentives.
Apart from streamer financing — which accounts for over 50% of total Spanish content investment, the highest in major European markets — the peak TV bubble has burst. Moreover, distributors worldwide are paying smaller minimum guarantees, broadcaster buyers are taking fewer risks and many players are commissioning fewer titles.
Solutions raised by Spanish companies include establishing beachheads in America, developing English-language productions and selling on the open market.
“Zorro” producer Secuoya Studios will develop and produce large-scale projects in English as part of its international expansion strategy, recently unveiled by CEO Brendan Fitzgerald, a former Sony executive.
The studio, presided over by James Costos, will operate multiple production fronts simultaneously to speed up timelines without compromising quality.
“We want to become language-agnostic and begin with English,” Fitzgerald says. Although Secuoya is also exploring other countries, its current pillars are Spain, Latin America and the U.K.
As an essential part of its growth, The Mediapro Studio (producer of “The Head”) has launched a Los Angeles office, tapping former Paramount executive J.C. Acosta to run it. At Mipcom, TMS CEO Laura Fernández Espeso will present the studio’s new English-language productions at a Media Mastermind keynote.
For Spanish TV fiction companies, co-production represents a strong alternative, giving access to 60%-70% of a series’ cost. Over the last 12 months, 26% of TV fiction titles in Spain were co-produced with international or local partners, compared to 7% worldwide.
“There is a growing opening of borders to co-produce,” says Caroline Servy, managing director at the Wit.
“Elite” producer Zeta Studios is developing and producing originals for platforms including Max (“García!”), Netflix (“Elite”), Prime Video (“Días mejores”), Movistar Plus+ (“La vida breve”) and Atresplayer (“Red Flags”).
Zeta is expanding in several directions; one is establishing a foothold in Latin America.
In June 2023, the Madrid-based studio named seasoned TV executive Marcelo Tamburri as its director of international content based in Mex- ico. An early move has been partnering with Brazil’s Conspiração to create “Bajo presión,” a Spanish-language remake of the hit Globo drama “Under Pressure.”
In January, the studio signed up to develop Latin American Spanish-language web novellas from Wattpad Webtoon Studios. First fruit of the Zeta-Webtoon alliance is the adaptation of Ari- ana Godoy’s “Follow My Voice,” scheduled for a February theatrical release by Beta Fiction Spain. “We are open to different financing models, always trying to evolve as the situation changes,” Zeta president Antonio Asensio says.
While Spain explored the international co-production path just five years ago, much of the world hopes to find co-financing in Spain.
“Spain is a trendy destination. Tax incentives have made us more interesting to international eyes, so it will help us find other [cooperative funding] models,” Asensio says.
Leading private broadcaster and a prolific TV fiction producer Atresmedia boasts a strong international sales operation. Behind recent international hits such as “Veneno” and “Cardo,” Atresmedia is now producing “Mariliendre,” another step into its fruitful partnership with shingle Suma Content.
“One of the main opportunities for international growth for our titles is to invest in emerging markets with high potential, such as Asia and Eastern Europe,” says Atresmedia’s head of acquisitions and sales, José Antonio Salso.
“Furthermore, at a strategic level, at Atresmedia we are increasingly focused on presenting our new titles at earlier stages of production, especially in post-production. This allows us to boost pre-sales and bring national and international premieres closer together, making them happen almost simultaneously,” he says.
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