28 APR 2021

ITALY: CINECITTÀ RECIVES 300 MILLION FROM RECOVERY PLAN

With these funds, the Roman film studios will doubling the studio spaces with the aim to improve the competitiveness of Italian cinema.

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Among over 200 billion euros allocated to Italy through the Recovery Plan, 300 million will be destinated to Cinecittà, the Roman film studios. An expansion plan of the company is being implemented, first of all doubling the studio spaces thanks to the involvement of Cassa Depositi e Prestiti, which owns a neighboring plot of land at Cinecittà in Rome of the same size as the current one. From January 1st, 2021, moreover, Istituto Luce Cinecittà will be transformed from Srl to Spa and this passage will allow Luce to open to other public subjects besides the Ministry of Cultural Heritage and the Ministry of Economy, therefore to Cassa Depositi e Prestiti.

"Resources earmarked for investment in the sector aim to improve the competitiveness of Italian cinema”, explained Culture Minister Dario Franceschini. “We will double Cinecittà and make Italy the leader of the continental audiovisual market. It is not out of place to talk about European Hollywood“. In addition to the EUR 200 billion in the Recovery Plan, Franceschini also stated that “we have already planned to invest EUR 25 million to build two new studios”.

The famous Roman film studios, explained the minister, will be upgraded “to improve the qualitative and quantitative level of the production offer and digitalization, increasing the capacity to attract large national, European and international productions”. The investment will also include the relaunch of training activities, digitalization and energy efficiency at the Fondazione Centro Sperimentale di Cinematografia and an expansion of the Cineteca Nazionale.

In recent weeks, Minister Franceschini has made new appointments at the top of the company, with Chiara Sbarigia as President and Nicola Maccanico as CEO. “It is a governance of the highest level destined to guarantee the quality leap that brings with it other choices, such as the imminent entry of the Cassa Depositi e Prestiti in the shareholding structure of Cinecittà”.