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Germany increases film funding by 55%

By Newsd
Updated on :
Source: Media Infoline

The German government on Wednesday approved a 55% increase in film funding to €150 million ($161 million) in a bold move to grow the local and international film business in Germany.

According to reports, Culture secretary Monika Grütters confirmed on Thursday morning during the announcement of the nominations for this year’s German Film Awards (Lolas) that the cabinet authorised a €50 million ($53.7 million) boost in the country’s German Federal Film Fund (DFFF) for 2018 to €125 million ($134 million) as well as €3 million ($3.22 million) more for separate culture film funding for smaller projects to €25 million ($26.8 million)

The increase follows a recent hike in this year’s DFFF pot of €25 million ($26.8 million) for a separate funding pool within the DFFF aimed specifically at international co-productions and big-budget domestic films. Next year, this second funding pool, dubbed DFFF II, will grow to €75 million ($80.5 million), Variety reported.

Grutters also said that she would seek more funding for VFX companies- which would likely increase the number of post production works coming to Germany.

As Trump’s Budget proposal cuts the funding to Art and Culture, this move will make Germany a leading film production hub with attractive tax incentives and cash rebate schemes.