(Alliance News) - TMP Group Spa announced Tuesday that it is ready to enter the Spanish market of audiovisual productions for cinema and TV.

In fact, the company has just returned from an institutional trip to Madrid, Valencia and Andalucia that had "the objective of creating future strategic partnerships in the local audiovisual and film industry."

In January of this year, the European Commission approved the Spanish government's proposal for an increase of up to EUR400 million in tax incentives for film and television productions. Specifically, the aid was increased fivefold from the previous allocation of EUR60 million with the aim of promoting Spanish film culture throughout Europe.

In addition, the Iberian government's plan also calls for doubling the maximum tax deduction imposed on companies-both local and international-that will make videos in Spain, to a maximum of EUR20 million per film production and up to EUR10 million per episode for television series.

"This major project related to tax incentives thus aims to enable Spain to welcome more and more foreign productions to its territory, which in recent years have already made a total of 256 films locally with an average investment of EUR2.6 million each," TMP Group stressed.

Margherita Leder, COO of TMP Group, said, "These were days full of meetings that, together with our local team led by Luis Vallejo, we now want to turn into opportunities to enable us to expand our Spanish network of contacts as soon as possible just a few months after the strategic partnership related to Web 3.0 services entered into in Madrid with "Hub of Brands," the first Iberian "vertical hub" specializing in marketing, technology and innovation."

"The relative market environment in Spain, in fact, is favorable today also because the national government itself is pushing hard on audiovisual content production to attract an increasing number of foreign companies that can give a further boost to the Spanish audiovisual sector. An area in which TMP Group's expertise and know-how can make a difference."

TMP Group's stock is unchanged at EUR5.26 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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