Brazil is gearing up a new film-TV fund, SP Cine, a Sao Paulo-based finance investment initiative.
Still in the works as a fully launched entity, but now with a CEO, Alfredo Manevy, SP Cine is looking to bow officially first half 2015.
Its gameplan is to manage up to 75 million reales ($33.5 million) a year, working in partnership with Ancine, Brazil’s state film and TV agency.
Under one scheme, Ancine would match every real that SP Cine ploughs into the Sao Paulo film industry.
Backed principally by Sao Paulo’s government in co-operation with regional authorities, and being built up in conjunction with major Sao Paolo industry orgs, SP Cine will invest in film development, production and distribution as well as Sao Paulo’s exhibition sector, said Luciana Dolabella, CEO of Sao Paulo’s FilmCup, a yearly co-production market backed by SP Cine and Ancine.
Dolabella will present SP Cine and FilmCup Monday at a Venice Film Market panel, called Anica Meets Brazil.
Further possible mandates, such as R&D and training, for example, will be defined in the next months, she added.
“SP Cine will start ambitiously but then Sao Paulo has a big film and TV industry. What it will now get is more infrastructure,” Dolabella said.
SP Cine’s launch follows on from already generous commitments for film and TV by Brazil’s government, such as a $540 million funding package announced in early July by Brazil President Dilma Rousseff.
It also comes after the success of Rio de Janeiro-based investment fund RioFilme, whose equity participation in the production and distribution of big local Brazilian movies helped drive local film market share up to 18% in 2013.
Among SP Cine’s wished-for priorities will be investment in international co-productions, said Dolabella.
That move looks essential if Brazil is going to begin to produce larger-scale movies that will impact abroad.
Celebrating its third edition late November, FilmCup marks a drive into international markets, combining a conference and a co-production forum featuring 11 film and TV projects from Brazil and another 11 from a major producing country, which this year is Italy after the honor went to Germany and France in previous years.