Spain's €1.5 billion screen fund steps into the spotlight
Spain's €1.5 billion bet on film and television is getting its clearest public explanation yet at the San Sebastián Festival.
The festival runs Sept. 18-26. Its presentation of SETT is described as a major industry narrative, according to Variety.
The guide centres on two people. Javier Ponce is director general of SETT. María Coronado is its audiovisual director.
SETT is the venture-capital fund of Spain's Ministry for Digital Transformation. That means it invests public money to back companies in priority areas. It is a public investment entity that manages investments in strategic, transformative sectors including the audiovisual industry.
In a published interview-guide, Ponce and Coronado set out what SETT does, why it exists and where it could go. The piece is written as an explainer for producers, investors and festivalgoers who want to follow the money.
The main vehicle is the Spain Audiovisual Hub Fund. It was established under Spain's Recovery Plan and financed through the European Union's Next Generation funds, the bloc's post-pandemic recovery budget. Through the Spain Audiovisual Hub Plan, SETT provides financing and equity or quasi-equity investments, in other words company stakes or loan-like backing, directly to sector companies or through financial intermediaries, meaning specialist lenders and funds working in film and TV.
The stated objective is practical. SETT aims to attract private investment alongside public money. It also aims to improve access to finance for film, television, animation, multimedia and interactive content.
SETT is described as the investment driver of the Spain Audiovisual Hub, according to Variety. The Spain AVS Hub fund could draw down up to €1.5 billion ($1.75 billion) from NextGenerationEU funding. Investments made under the fund total just under €250 million, according to María González Veracruz.
The pace has picked up. Over the past 12 months alone, SETT invested €215.6 million ($252.3 million). Óscar López has confirmed €1.5 billion in financial instruments for the audiovisual industry.
There are concrete examples of where the cash lands. SETT formalised a €44 million investment in the Spanish audiovisual fund Culture CAP7. Separately, Spain's Council of Ministers approved a €500,000 grant to the San Sebastián Festival to strengthen its industry programme, according to Screen Daily. The festival is the only festival in Spain with an A-listing, meaning top-tier international status for premieres and competition.
What makes this stand out for viewers is simple. Funding decisions decide which crews get hired and which stories get finished. A fund that explains itself in public gives producers, crews and audiences a clearer idea of where the next Spanish series or film might come from.
