×

Cannes Gran Prix Victory Gives Italo Industry A Confidence Boost In Tandem With Tax Breaks

ROME – Italy’s Cannes Grand Prix winner “The Wonders” is working wonders at the local box office and serving as a confidence-booster for the Italian industry, coming in tandem with good news that the government has raised the cap on the country’s 25% tax credit for foreign productions, considered key to luring more foreign shoots.

After 32-year-old helmer Alice Rohrwacher (pictured) received Cannes’ second prize from Sophia Loren, her sophomore work, on the inexorable evaporation of healthy rural traditions in Berlusconi-era Tuscany, bowed strong at the Italian box office, via BIM Distribuzione, weighing in at number five in the weekend frame, one position ahead of David Cronenberg’s star-studded “Maps to the Stars.”

More importantly, “The Wonders” scored the Italian frame’s second-highest per screen average, Euros 2,528 ($3,441). And attendance rate has since been rising thanks to positive word of mouth, according to a BIM rep. To date, Rohrwacher’s prizewinning pic has pulled Euros 262,522 ($357,375) off 82 screens since its May 22 release. That’s a strong showing considering that the sun is out, and late May is generally considered an uncongenial time to attract arthouse auds in Italy.

News of Rohrwacher’s surprise Cannes coup came just as the Italian government approved a renewal and a raise of film production tax credits, doubling the Euros 5 million cap on the generous 25% tax credit for foreign film and TV productions. That cap is now Euros 10 million ($13.6 million) which means Italy can now aspire to attract big-budget international productions from Hollywood and elsewhere.

Popular on Variety

“In the year in which we won the Oscar with ‘The Great Beauty’, and now the Cannes Grand Prix with ‘The Wonders’, the new tax breaks can really help to increase our collaboration with other countries,” said producer Riccardo Tozzi, head of Italy’s motion picture association ANICA.

 

More Film

  • SAG Awards 2020: What You Didn't

    SAG Awards 2020: Charlize Theron to "Parasite," What You Didn't See on TV

    Brad Pitt made a crack about his marriages. Robert De Niro got political. And Jennifer Aniston talked about appearing in a commercial for Bob’s Big Boy. Those were just some of thing that happened on stage at the SAG Awards that were broadcast on TNT/TBS on Sunday night. However, Variety was inside the Shrine Auditorium [...]

  • Will Smith and Martin Lawrence star

    'Bad Boys for Life' Triumphs on MLK Weekend With $73 Million Launch

    “Bad Boys for Life” has given a jolt to the North American box office, blasting past forecasts with a $73.4 million opening over the Martin Luther King Jr. holiday weekend. The third iteration of the Will Smith-Martin Lawrence action comedy franchise will finish the Friday-Monday as Sony Pictures’ biggest R-rated opening ever and the industry’s [...]

  • Laurene Powell Jobs

    Laurene Powell Jobs Invests in Davis Guggenheim's Concordia Studio

    Oscar-winning director Davis Guggenheim and Jonathan King are launching Concordia Studio in partnership with Laurene Powell Jobs’ Emerson Collective. Powell Jobs, the widow of Apple co-founder Steve Jobs, founded social change organization Emerson Collective in 2004. Emerson Collective became the majority owner of the Atlantic in 2017 and made an investment in 2018 in Reese [...]

  • Jumbo

    Noémie Merlant on Sundance Player 'Jumbo,' Feature Directorial Debut 'Mi Lubita'

    French actor Noémie Merlant plays a young woman who falls in love with a funfair ride in Zoé Wittock’s “Jumbo,” which is screening in Sundance’s World Cinema Dramatic Competition. Variety spoke to her about the film, and her debut feature as director “Mi Lubita.” Merlant is viewed as one of the most promising actors of [...]

  • Under the Stars of Paris

    Claus Drexel on 'Under the Stars of Paris,' and Prostitution Documentary 'The Amazons'

    One of the widest-selling titles at the UniFrance Rendez-Vous, a showcase of French cinema that wraps Monday, is Claus Drexel’s “Under the Stars of Paris.” The French-German speaks to Variety about the pic and his upcoming prostitution documentary “The Amazons.” “Under the Stars of Paris” centers on a homeless woman – played by Catherine Frot [...]

  • Farewell Movie 2019

    Why 'The Farewell' Flopped In China

    “The Farewell” has flopped in China with a dismal $261,000 opening weekend gross, and a cumulative of $580,000 so far, once again proving the difficulty of creating content that resonates equally on both sides of the Pacific — even when a story is set in China, features Chinese talent, and unfolds primarily in Mandarin. Although [...]

More From Our Brands

Access exclusive content