South Africa's Known Associates Group is setting up production and post-production operations in Spain through a €25 million public-private partnership — the largest South African investment into Spain's creative industries yet.
South Africa's Known Associates Group (KAG), the media company run by Tshepiso Chikapa-Phiri and producer Joel Chikapa-Phiri, is setting up production and post-production operations in Spain through a €25 million public-private partnership.
Spain's Ministry for Digital Transformation and Civil Service, which announced the deal July 2, called it the largest South African investment into the country's creative industries yet.
The money goes to two KAG subsidiaries. The group's production house, Moonlighting Studios, will open a Madrid company for making films and developing its own IP, with ten features and documentaries planned (€18M total, €8.8M from SETT); Moonlighting has done service work on Mufasa, Mad Max: Fury Road, and The Woman King. Its post-production arm, The Refinery, will open two studios, one in the Canary Islands and one in the Basque Country (€8M total, SETT holding 49%).
Spain's tech vehicle SETT is putting up €12.7 million; the rest comes from KAG and private backer Sinobukhosi, led by Luleka Masinda.
The deal is part of phase two of Spain's Audiovisual Hub plan, funded by EU Next Generation funds. Minister Óscar López pitched it as evidence the strategy works, citing tax incentives he said return €9 per euro invested.
Spain is now the EU's top audiovisual market by the European Audiovisual Observatory's count, sixth worldwide.
Source: africanfilmpress.com