Latin America. The LATIN AMERICA BROADCAST MARKET STUDY 2022, conducted by Latin Market Research, shows how there has been the growth of content production in Latin America and the Caribbean in 2019, the report states that "some 5.7 billion dollars were invested in audiovisual productions, promoting the creation of more than 1.6 million direct and indirect jobs".
Likewise, the Inter-American Development Bank (IDB) said that countries that have more developed audiovisual industries such as Brazil, Mexico, Argentina and, more recently, Colombia and Chile, "explore ways to strengthen audiovisual creation as an axis of attraction for global investments in a sector that moves billions of dollars and that impacts such diverse branches of the economy as tourism and construction."
In the case of Uruguay, the Dominican Republic, Panama, Peru, among others, new centers are emerging that seek to position themselves as competitive places to establish film production services and audiovisual hubs.
According to the study, "another important factor within the investment and expenses is given by the consumption of audiovisual content, which makes it the capital of the digital economy, the region has established itself as an emerging area of a sector that has been growing for twenty years: the entertainment industry and the production of audiovisual content. "
The production of films and series, and their execution, plays a key role in boosting the economic recovery in the short term, therefore, the allocation of budgets is fundamental. This is also because, on average, 67% of production costs indirectly impact other sectors.
The Inter-American Development Bank stated that "video-on-demand (SVOD) subscription services, usually called streaming services, have consolidated Latin America and the Caribbean as a market that seeks to consume high-quality local content."
The entity added: "Large companies invest in the production of original content for the Latin American market, thus adding their budgets to investment flows already existing in the region."
In relation to the report, the report concludes that investments in infrastructure for information and communication technologies (ICT) are considered a priority, "governments must generate incentives and conditions in each country to promote investment in broadband infrastructure and adoption of transmission equipment."
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