US firm CP Media has teamed with Latin American producer 2&2 to launch an incentive scheme to encourage US television producers to produce in Colombia.
The US$100 million joint venture will offer producers up to 50% of the financing for movies or longform television series that are shot in the country.
The announcement was made at the American Film Market (AFM), which is currently being held in Los Angeles.
2&2 is the production arm of Colombian broadcaster RCN and produces Spanish-language versions of series including Idols and Project Runway.
CP Media is the nascent media arm of CP Group, a property development company based in the States, Mexico and Colombia tasked with getting Latin American investment into the States.
“This is the most attractive incentive out there,” said Sam Azar, CEO of CP Media. “It’s not a tax credit or a rebate. This is dollar-for-dollar matching for productions filmed in Colombia. More than 250,000 Americans reside in Bogota, and with its diverse urban and rural terrains, almost any US movie can be produced there.”
“Colombia has been a popular film destination even without an incentive,” said Daniel Garcia Mendoza, VP of production for 2&2. “The availability of skilled crew, film labs and state-of-the art equipment is unparalleled in the region. Now, add in the most aggressive financial incentive on the globe, and the growth potential is enormous.”