European indie sector set for $421m investment boost over next five years

Peter Andermatt speaking at Conecta Fiction & Entertainment

CONECTA: A new financing tool backed by the EU is aiming to attract investment totalling €400m (US$421m) for European indies between 2022 and 2027.

Peter Andermatt, director general of Media Spain’s Cultural Foundation, told delegates here at Conecta Fiction & Entertainment in Toledo yesterday that MediaInvest will be a financial instrument for indies to bring in venture capital.

The European Commission (EC), which recently unveiled the initiative as part of its Media & Audiovisual Action Plan, hopes MediaInvest will help “bridge the financial gap in the audiovisual sector by stimulating more investment” as well as help independent production and distribution companies “preserve their autonomy and increase their capacities.”

“The European audiovisual sector is characterised by a large number of highly innovative and creative independent production and distribution companies with high growth potential. However, they often lack the financial strength to compete at the international level. At the same time, European investors remain largely unaware of the potential of such companies,” the EC said.

Part of Creative Europe’s Media programme, MediaInvest is intended to strengthen the competitiveness of the audiovisual industries across Europe and is looking to bring in investments totalling €400m between 2022 and 2027.

Andermatt said this marks the first time the Media programme has attracted financing for companies in this way and that it would complement other tools in the Media programme, which provides financial support to boost European media companies’ local and international activities.

Designed by the EC, the tool has been launched as part of InvestEU and is being implemented by the European Investment Fund. Funding is drawn from sources including the Creative Europe Media programme and the InvestEU equity package.

MediaInvest will be joined by “investment-readiness support” for interested companies that will receive tailor-made guidance adapted to their business strategy in order to attract investors and identify the most promising projects, the EC said.

More information on the requirements and how to apply can be found here.