“To Be Honest, We Couldn’t Wait Any Longer”

The Czech Republic is hoping to lure more Hollywood projects to the landlocked country after a series of improvements to its production incentive were greenlit.

The country’s senate in Prague today passed a number of amendments that will make top-line changes to the Audiovisual Act beginning in January. The new legislation follows long-running talks and campaigning by several industry bodies, and will provide a “dramatic boost” to the country’s production sector, according to the Czech Film Commission.

More from Deadline

This comes as the Czech Republic looks to cement its place as an international production hub in the face of increasing competition from other country’s newer incentives and rebates, and as overseas hubs look to attract Hollywood back to their shores following last year’s labor strikes.

Among the changes, which are the first in more than a decade, the Czech Film Fund will be renamed the Czech Audiovisual Fund. Its main incentive rate will now be 25% of the eligible costs spent on a production, up from the previous 20%. Its cap is in effect being tripled, and the maximum amount the incentive offers has increased to $19M. A 35% production incentive rate is being introduced for animation and digital productions that don’t include live-action.

All changes will come fully into force in 2026, with several more amendments in place. A new financial method will be used to calculate costs, with the total annual incentives budget set to be six times the money raised by a local levy on streamers, plus mirror funding. The Czech government will pay the program the same amount as the levies, with the amount estimated to be $92M a year. Incentives will also be made available to doc series for the first time.

The Czech Republic has traditionally hosted everything from large-scale studio projects to low-budget indie features and European film and TV co-productions, with productions such as Prime Video’s upcoming sci-fi series Blade Runner 2099, Apple TV+’s Foundation, upcoming blockbuster Nosferatu and Lionsgate’s John Wick spin-off Ballerina all shooting there recently. Academy Award winner All Quiet on the Western Front shot in its entirety in the country.

“We, like other European filmmaking hubs, also felt the impact of last year’s Hollywood strikes, and I firmly believe that the benefits of our program will be advantageous for both our international partners and local filmmakers,” said Helena Bezděk Fraňková, Director of the Czech Audiovisual Fund, which is the new name following the transformation of the Czech Film Fund.

The Czech Film Commission describe the changes as a “dramatic boost” to the local production industry.

“We are thrilled that this step deepens our cooperation with international partners and helps us maintain and highlight our position as a leading filming hub in continental Europe,” added Pavlína Žipková of the Czech Film Commission. “To be honest, we couldn’t wait any longer.”

Best of Deadline

Sign up for Deadline’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.

Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=6759bce6f3494bb5aa467e64b6098202&url=https%3A%2F%2Fwww.yahoo.com%2Fnews%2Fczech-republic-confirms-dramatic-boost-155032844.html&c=2691439180682479768&mkt=de-de

Author :

Publish date : 2024-12-11 07:50:00

Copyright for syndicated content belongs to the linked Source.