The Gato Grande/MGM executive assured to ttvnews at Content Americas, that the industry model we know is in extinction, and that they are opening up to other business models for 2024.
*By ttvnews, from Miami, USA
2023 was a great year for MGM Studios, but 2024 begins with excellent projections and a change of look at what will be the evolution of its productions, which aspire to expand to territories such as Colombia and Mexico, where audiovisual production companies find a series of tax incentives that support the industry and nurture their capacity to develop projects.
Concerning this scenery, ttvnews interviewed Maximiliano Sanguine, VP of Creative Development and Production at Gato Grande/MGM, who commented that he considers that today the industry is undoubtedly in a moment of change. “The model we know is in extinction and although we continue to work from this model, we are also beginning to explore other business options,” he said during his visit to Content Americas.
Sanguine highlighted that they hope to turn their business model around, through the search for co-productions, co-developments, and even trying to find incentives of another kind. “We are looking for the possibility of expanding and producing in other territories such as Colombia, for example, where tax incentives allow you to access better final production costs,” he said.
This is also the case in Mexico, where for the first time MGM will be presenting a series of films they have for 2024. According to Sanguine, in Mexico they can also access an incentive of almost one million dollars. “That comes from a contribution from the state side, through private companies that finance. Obviously, this is a great starting point to produce a film,” he said.
About the company’s balance sheet and projections, the Gato Grande/MGM executive, pointed out that in 2023 they produced more than ever. “2023 was a great year. We finished a series for Amazon, another for Paramount, we started a movie for Netflix and we are currently starting another series for Netflix. So it was an excellent year and we have a 2024 with a very good projection.”
Sanguine mentioned that his development team is divided into two regions. “We have two different products in English and Spanish, in a way we have the best of both worlds. We are a super solid development team, where we are permanently on the lookout for IPs, we receive and evaluate in internal committees, both for the U.S. market and Latin America, around 700 projects a year and we give ourselves that task of evaluating, there we find new voices.”
