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SA launches new funding schemes
[Thu 19/02/2009 05:36:24]
[press release from SA Film Corporation]
The South Australian Film Corporation (SAFC) is introducing two new schemes to make South Australia an even more attractive place to make films - the Producer Equity Scheme and Rights Reversion.
The Producer Equity Scheme will allow South Australian producers to share, for the first time, in the first financial returns from the films that they produce, rather than having to wait until all other investors have recouped their costs.
By sharing it’s returns with producers – instead of just giving film-makers cash up-front, SAFC will provide South Australian producers an unprecedented stake in the success of the films that they make
By being able to share in the rewards from success, producers will be able to build more sustainable businesses and will have greater encouragement to develop films that will have an ongoing commercial life.
This will ultimately allow South Australian producers to build firmer foundations, become more viable, and over time reduce their call on the SAFC for development and production funding.
The scheme represents the first significant response from a State film agency to the new Federal Producer Offset which was introduced in 2007 in order to build the overall sustainability of the Australian production sector.
Similarly, the Rights Reversion policy will transfer copyright to the producer(s) on all non-SAFC produced investments five years after a film’s delivery date.
This new initiative will bring the SAFC in to line with other film agencies and build on its filmmaker-friendly reputation.
‘These two initiatives build on other key recent Government announcements – including the construction of the new Adelaide Film and Screen Centre at Glenside and Film Lab,” Premier and Arts Minister Mike Rann said.
“These initiatives are all designed to underpin the resurgence of our local production sector and ensure that the SAFC continues to be at the forefront of filmmaking in this country.
“The Producer Equity Scheme is the first scheme of its kind in the country and will provide South Australian producers a significant advantage in the national film marketplace.
“It will not only foster the generation of local South Australian films, but will create greater opportunities for co-productions with producers from other states and countries.
“It will also create an incentive for non-SA production companies to establish themselves here, and therefore contribute to the development and growth of a vibrant and sustainable local film industry’, Mr Rann said.
SAFC Chair Cheryl Bart said: “The SAFC has a well deserved reputation as a leading agency in the country, and it is vital that the Corporation remains innovative and ahead of the curve if the South Australia’s industry is to grow and prosper.
“These changes to our terms of trade represent a rapid response that will dovetail with the SA Government’s raft of recent investments in film that will underpin the future of the industry in this state.
“These new terms form part of a significant rethinking of the SAFC’s strategic approach and reflect the deep commitment of the SAFC Board to support a more viable and vibrant local sector,” she said.
