Spain’s SETT, South Africa’s KAG Launch $28.5 Million Audiovisual Venture
Spain's Digital Transformation Ministry investment arm SETT is partnering with South Africa's Known Associates Group to launch two interconnected audiovisual operations within Spain. The initiative combines a Madrid-based production company with post-production studios in tax-advantaged regions, with the Spanish government contributing €12.7 million of the €25 million total capitalisation while private South African investors provide additional funding.
The partnership is designed to consolidate Spain's audiovisual sector by maintaining production and finishing work domestically rather than exporting these services internationally. By establishing operations in the Canary Islands and Basque Country, both offering significant corporate tax reductions, the venture positions Spain as a competitive location for high-budget film and television projects. The initiative forms part of the EU-backed Spain Audiovisual Hub Plan and builds on earlier government investments attracting foreign production companies to Spanish bases.
- Spain's state investment vehicle SETT commits €12.7 million to establish a Madrid production studio and post-production facilities in the Canary Islands and Basque Country, partnering with South African-based firms.
- The €25 million venture aims to retain audiovisual production work domestically by leveraging regional tax incentives, with facilities expected to produce feature films and international content.