United States based streaming service giant has hit a deal with Mediaset, Italy’s top commercial broadcasting firm, which will aim to produce new movies in the country. The announcement came from both companies as they strike out to attract more customers in a highly competitive market.
Netflix, the company behind hit shows such as Stranger Things, and The Crown has also announced that it is seeking to open new offices in Italy in addition to paying taxes according to the country’s standards. This announcement is expected to bolster local authority bodies, which have accused major international tech companies for avoiding tax payments.
The collaboration between Mediaset and Netflix has come about amid heightened competition in the increasingly crowded streaming and television market in Europe, which has been impacted by the rising popularity of the streaming services here.
In exchange, the streaming group is bolstering its efforts to build strategic partnerships in Europe to keep ahead of new rivals such as Apple and Disney. In September, Netflix entered into a deal with Canal+ by France which enables the addition of Netflix subscription and shows to TV channel bundles.
Movies to be Made Available by 2020
Under the terms of the Mediaset deal, both companies will co-finance seven movies which are to be shot in Italy, all of which will be headed by independent filmmakers. These movies will be available to global audiences from 2020. Mediaset will broadcast the movies of the Netflix brand on its own free to air channels one year later.
Currently, the first few films have been given their names – Caught by a Wave, which is a teenage romance set in Sicily, The Divine Ponytail, a biopic on Roberto Baggio, Italy’s soccer legend, and The Last Paradise, which is a real life story of a farmer in the 1950s.
Netflix is planning to invest approximately 200 million euros for Italian productions over the next two years. Alessandro Salem, the head of content for Mediaset stated: “Alliances among large broadcasters focusing on original productions are one of the most effective answers to changes in the market.”
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