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» Report 2008
Part Three - ARTISTS AND THE MARKET
WORK AND CAPITAL
Chapter 4 - Companies and private enterprise
The Analysis of the Factors
The data is not readily available given that in 52.3% of the cases, in virtue of the legal nature of non-limited companies – which, as revealed, is almost a corollary of the activity of relatively limited size – there is no obligation to deposit annual financial statements (statement of assets and liabilities and income statements). This is why all of these non-limited companies, which are registered with the Italian Chamber of Commerce, practically escape any attempt at a quantitative analysis of their economic and financial profiles, in sharp contrast to limited companies.
The first reliable indicator, therefore, regards only this sector of companies and it is Cerved who assess it through the associated data of sales revenue, extracted from the balance sheet reports of the companies which form part of the total sector of limited companies (such an operation is rather complex and in general the results do not refer to the latest calendar year, but rather to the preceding year). They are orders of economic size to consider in the knowledge that a portion of the operators – especially in the case of larger structures with greater organizational development – can also be present in other activities of the sector, with the consequence that the results in terms of turnover of pure cinematographical extraction, and excluding possible overlapping, do not permit the required clear attribution.

TURNOVER

The data processing carried out by Cerved furnishes us with further, indirect reference in terms of relative orders of size regarding the reconstruction of the incidence reports of the sections of the cinematographical-video sector on the GDP, the gross domestic product, and on all of the complex of activity of the so-called macro sector “Attività ricreative, culturali e sportive” (Recreative, cultural and sports activities).



Elaboration on data of Cerved relative to the final financial statements of the year 2006 -
* The values calculated by Cerved and referring to the total sector do not express – due to the objective difficulties of classification of certain activities – the numerical sum of the specific data that the same Cerved attributes to the single compartments under consideration and the figures always result greater than the arithmetic total..

It is not easy to evaluate the extent to which these economic magnitudes adhere to pure cinematographical activity and to stabilize therefore also how much, on the basis of the parameters set by Cerved, the total revenue of the non-limited companies amounts to, even if we consider that the estimate of their weight in terms of economic value leads to calculate a hypothetical contribution to the total volume of trade that can be collocated (in the best of hypotheses) between 12% and 15%, in presence of a numerical quote that oscillates according to the diverse compartments – as seen – by 50% to 60% (with the exception of distribution companies which remain at 28%).
However, if on the one hand the total values expressed by the financial statements of the limited companies and elaborated by Cerved seem, at first sight, over-estimated with respect to current valuations – it should be remembered that the SIAE (Società Italiana degli Autori e Editori – Italian Society of Authors and Editors) values the total takings of Italian cinemas at 603 million euros, whilst Prometeia (an Italian consultancy firm of economic and financial research) fixes the proceeds of the home video sector at almost 1 billion euros – on the other hand it is also necessary to take into consideration the fact that the examined data emerge from the preliminary enquiries of the commercial register: they are balance sheet items with legal value and in the responsibility of the administrators and social organs.
In order to offer a better outline of the situation it is necessary to descend even further into the details of the results given in the account books. By focusing on the accounts of the limited companies one can calculate, for instance, precisely how much every single company, of the various sectors, would earn from its activity by simply dividing the total revenue by the number of companies. In such a case the figures and the relative orders of size that the statistics of market demand (which is of the public in terms of takings from paid cinema tickets and of proceeds from home video rental) have by now given as a datum of cinematography, can be ignored. It is an investigation that tends to value (as seen in the following table) the theoretical, unitary turnover of all the limited companies that in the Italian Chamber of Commerce result formally active.



Data processing on data of Cerved on 1st January of every year -
* The data relative to active companies are referred to 30th September 2007 ** The number of limited companies represents an average, given the considerable volatility in the course of the year of new inscriptions and cancellations - *** The values calculated by Cerved and referring to the total sector do not express – due to the objective difficulties of classification of certain activities – the numerical sum of the specific data that the same Cerved attributes to the single compartments under consideration and the figures always result greater than the arithmetic total.

Even if, on paper, these values are undoubtedly correct, in experience they sincerely seem to badly adapt themselves to the managerial practices of a normal cinematographical company. The unit amount actually signifies a compensation between two diverse scales of values: to the turnovers of a limited section of the companies that clearly place themselves above such a scale correspond in reality those absolutely inferior to the average level of the other part, greatly more consistent, of subjects of “small size”. Furthermore, the virtual average of the revenues extrapolated from the total of the financial statements is not wholly convincing because the entity of average level signals a limit under which it is difficult to believe that a cinematographical company finds itself in the condition to materially operate on the market (this does not refer to simply operating with some evidence or other or with the hope of reaching any objective, but of working even with the minimal number of hours possible to separate pure survival from the certain risk of closure or bankruptcy).
The simplest explanation turns, then, to the consideration of the effective operativeness of a vast section including limited companies, which result active and as such every year draw up their financial statements, in these, however, the entries that compose the asset and liability statements and the profit and loss accounts express - as highlighted by a more extended naked eye analysis of the index of the accounts - rather symbolic values, owing to the absence of initiatives, business, employment, and commercial operations. .

BUSINESS SCALE


In this way a maximum situation can be constructed that is reflected in the statistics of the distribution in terms of turnover of the limited companies. The accounting and financial audits reveal five principle groups of companies that operate in the diverse sectors under consideration.
  • The first consists of a tiny group of companies described as ‘dormant’ or ‘ghost’ companies which result formally active but that denounce economic and financial coordinates – that is activity which amounts to less than 5000 euro a year! – a figure incompatible with an authentic, effective operativeness.
  • The second is represented by a cluster of companies of minor importance, in virtue of a volume of trade of between 5000 and 250 thousand euro; a range that in the industrial sector is defined as “narrow gauge” and which is considered more appropriate for the service industry and the tertiary industry, well-suited, for example, to the group of commercial enterprises (bars, shops and restaurants) and certainly to the shops of lesser appeal and in complete exclusion of the boutiques most visited. In other words companies of “low voltage”, presumably orientated towards the development of a single project, not necessarily of annual duration, a circumstance easily verified among cinematographical operators.
  • The third can be attributed to that sector of companies that could be defined (obviously at the level of quantitive reference and certainly not qualitative, in terms of the content of their objects clauses) of minor visibility – they obtain a turnover of from 250 thousand to 1 million euros – with respect to the parameters with which the number of protagonists of the sector and their blockbuster successes are traditionally measured.
  • The fourth “department” virtually corresponds to the presumable “hard core” of the national film industry, that is to that group of operators that have consolidated their position on the market, that are in a good position thanks to a consistent turnover and are capable of setting up– with annual proceeds of between 1 million and 5 million euro – significant projects and initiatives. Possessing a certain dynamism these companies can also count on organizational models and autonomous managerial structures, their very own structures and maturity.
  • The fifth classification is, ultimately, conferrable to the so-called ‘high bracket’ of the sector, to which ideally belong the guiding groups or groups of major substance with production values starting from 5 million and rising up to even 200 million euros, sometimes for a good period of time. These guiding groups express at least half (and often up to over 70%) of the assets of the sector even if they constitute in three diverse sections a tiny section of the group operators (5% - 6%). This is the elite that includes, by definition, the upper classes of the film industry with its leaders and their more or less immediate competitors, given that often the strategies of placement conduce them to work in partnerships of reciprocal interests and mutual protection. The table below has the same value as a description or outline summary.
Composed through the various phases of progressive focalization, the above segmentational map permits two important points.

  • With respect to the extraordinary figures in the first instance of Cerved’s registers of the total panorama of the Italian cinema – 9,887 registered companies of which 9,071 are active – one can perceive the real dimensions of the sector, with reference to real, concrete activity that has been carried out, and of the market that is its basis and of its value.
  • The typology of the companies that are at the source of this sector can be, moreover, further specified with sufficient reliability and clarity.
The summary table for example, permits us to infer that the film companies that can be literally classified as ‘dormant’ are in the order of 3,800. To the 1,670 companies of the first group one in effect adds those which, even if re-entering into the second group – the largest with 3,540 members – placing themselves into the inferior group, registering a balance of economic activity comprising between 5 and 40 thousand euros. Even if missing a specific statistical quantification it is possible on the basis of the effected balance statements – by necessity a sample, given the high number of company titles belonging to this group – to estimate the quota at around 60%; a level already useful in itself to understand exactly over 2,100 subjects. Above such a threshold, however, can be placed a further number, always elevated - almost 1,400 – of operators defined as minor.
In the so-called middle ground – represented by the third group with a revenue inferior to 1 million euros – is placed around 1,900 members of the acting profession which, on the whole, have an impact on the economic and structural flow of the further reduced sector.
As such, if of the 4,400 limited companies active in the film sector, around 2,690 result as holding a marginal role – due to the literal absence of any type of production or for the materially residual value and nature of that which has been produced – a further 970 appear to move in the grand agglomerate of the central group and can, therefore, be counted as belonging to the average.
The personnel of major representation is seen to be constituted on the other hand of companies (a few more than 730) inserted in the other two divisions and which appear to be characterized by activity which is undoubtedly more continuous.



Elaborazione su dati Cerved
* In questa classificazione i dati relativi al numero delle società di capitali sono da intendersi indicativi, in quanto frutto di stime che (per la mobilità presente nel settore) possono discostarsi di qualche unità dai valori assoluti riscontrabili trimestralmente
** La quota di mercato cumulativa di tutte le aziende del primo raggruppamento (bacino “in sonno”) risulta in realtà inferiore - pur se di poco - allo 0,1%, del totale globale, ma il dato è stato arrotondato fino a tale valore per favorire lafacilità di lettura del quadro di sintesi tracciato dalla tabella
*** I valori calcolati da Cerved e riferiti all’intero settore non esprimono – per l’oggettiva di fficoltà di classificazione di alcune attività – le somme matematiche dei dati che lo stesso Cerved attribuisce ai tre singoli comparti.

In the largest group, with its 567 members of the ‘hard core’, the connecting tissue of the national film industry can be identified in the sense of how much it concerns the three principle areas of production, distribution and business. It is in this area, as stated earlier, that the vast number of operators are to be found which, although contributing in a significant and characteric manner to the market supply, usually escape from the analysis of market demand and thereby are systematically ignored.
In the limited group – with ‘only’ 171 members – of the upper class one finds the protagonists of the national scene; an elite of film makers who, borrowing the term from the gossip columns, can properly be called the jet set of cinematography. Visibility aside, it is to the composition of such an ‘enclosure’ that the sector conforms its framework, also because this nucleus demonstrates itself to be able to address, in a determinate manner, the market, to the point that even if constituting only a small part of the field is almost always considered as if it represented the whole.

GROWTH


That same market in truth presents itself, almost since the dawn of history, as having a very particular physiognomy. In large measure it is anti-cyclic. Its trends are not directly linked to the state of the economy in general and its indices of growth and contraction are normally neither synchronous nor proportional to the variations of the indicators of the general order such as the GDP (gross domestic product) or the cost of living. The trends of film industry activity are, in substance, confirmed to be not constant and, principally, closely tied to the capacity of its operators to attract attention – as in all forms of art , culture, and entertainment – rather than to the standard of living, the conditions and lifestyle of the nation and its public..



Elaborated from Cerved data to 1st January 2007 – the macro sector of reference (Ateco) is “Attività ricreative culturali e sportive”.

If the “periodicity” of the performances (reconstructed up until the point where Cerved began to evaluate and elaborate the data) seems a constitutional feature of the cinema – where the general trends do not appear homologated to that of the general economy as indicated by the prospect of variation mentioned above – nevertheless, we can state that even the trends of the single companies active in the sector do not follow any law or uniform tendency, as confirmed by the data related to the single sectors reported in the same table.
Taking as a reference the year 2006 – with a loss of total turnover within the sector equal to 5.1% - one can observe, for example, how the growth or the loss of revenue of the diverse companies is distributed in a dissimilar manner and in such a measure that despite the companies in a period of growth (up to 5%, from 5% to 10% and then over 10% compared to the income of the previous year) resulting in a net majority, the vast quantity of global revenue, ultimately, reveals itself to be in decline. A first, simple deduction leads one to believe that the periodic curve of results of the large groups would be sufficient to determine the economic cycles of the sector and is capable of defining the vitality on behalf of all its components even when some or many of them, in opposition to dynamics, conserve with their sectors a positive trend



Elaborated from Cerved data to 1st January 2007 – the macro sector of reference (Ateco) is “Attività ricreative, culturali, e sportive”.


In processing the financial data in their entirety the remarkable lack of homogeneity emerges with which the variation in revenue is “spread out” on average according to the diverse sizes of the companies, confirming both the peculiar typology of cinematographical activity as well as the heterogeneity of the same operators involved. That last element can be considered as the evolution in time of the single sales revenues of the companies that show how the historical series of loss and profit (left out here in order to later show in its entirety) alternate without any solution of continuity or relations of objective reason.




Elaborated on data from Cerved 1st January of each year. - * For these classes of turnover it was not possible in certain cases to calculate the average proceeds variation due to the lack of a panel of values homogenous and suitable for their comparison.


PATRIMONAL STABILITY


Given how inhomogeneous and anticyclical the economic results of the film industry companies are reflects on the one hand, the accentuated volatility of the cinema product (or rather of the market response to the operators offer) and, on the other, the extreme heterogeneity of the companies which are active in the various sectors. In the absence of any trend constants – whether positive or negative – the sector appears, moreover, to suffer from a persistent growth crisis; an observation supported, furthermore, by the total comparison of the activity. Recording the global turnover of 4.011 million euros raised by the joint stock companies of production, distribution and screening according to the accounts deposited in the chamber of commerce on 1st January 2007, it can be observed that the figure does not represent the result of an evolution, but rather of an involution: 4,228.3 were actually the millions totalled twelve months prior, and 4,122.2 the year still before that (which had signed a turning point in comparison to the preceding two year period, opening with 3,858.5 million and closing with a quota of 3,833.2 million euros).
The undoubted and objective uncertainty which accompanies the management and the ‘sale’ of the film – just as with any other performing arts work, or works of creativity and originality in general – renders all planning strategies and financial resource management problematic. A good deal more than that found in industrial or service sectors. For example, the search for capital to invest in new projects is difficult from the moment that the cinema companies, in the majority of cases, are the holders of only immaterial goods and do not make their own real estate property assets and system or technical equipment assets available.
The only exceptions are those companies which operate in the sector with buildings and cinemas: integrated groups such as Rai and Mediaset, holders of sites, apparatus and technical means for the transmission and diffusion of their programmes onto diverse platforms and for the development of all their other connected activities; the major, historical production companies (of which there are few) have the principle and authentic asset upon which cinema companies can still count: a sufficiently consistent library, above all, with archive titles of major success which may well be used in the distant future.
A largely significant value for this is the average ratio of debt; an indicator of the patrimonial composition that evidences the weight of external financing in comparison to invested capital, calculated on the basis of its incidence on total assets.



EElaborated from Cerved data 1st January 2007 – the referred to macro sector (ATECO) is “Attività ricreative e sportive”..

As can be noted, the indexes of the cinema companies are clearly greater than those of other recreational, cultural or sports activities. As a further element of valuation one can, moreover, add that from the data broken up according to the different classes of turnover there emerges a level of recourse to outside financing superior to the average for companies of smaller size which produce or distribute one film a year (or even for longer periods) or manage only one cinema, and clearly inferior for those more developed and stronger with a continuous activity putting them in the high category of annual proceeds greater than 50 million euros.
This separation of conditions in reference to patrimonial and financial solidity also finds an indirect verification in the risk levels which the market – on the basis of financial statement data – attributes to the joint stock companies of the sector. This involves an essentially indicative rating, constructed through a process of analyses which also consider a certain margin of discretion, nonetheless of moderate reliability, judging by the frequency with which they require the services of banks and real estate institutes for preparing and evaluating the concessions of mortgages and loans and the potential capacity of their clients to maintain in a determinate time period bank overdrafts. The same regulation of FUS, nevertheless, contemplates 40 of the 100 points that the commission of the general direction of MIBAC assigns in the examination of the requests for contributions to production, be they reserved for the valuation of the ‘company stability’5.



Elaborated from Cerved data 1st January 2007. - * For the terms ‘solvency’ and ‘ risk’ the respective definitions of ‘superior’ and ‘major’ are intended ‘respect to average’. – The macro sector of reference (ATECO) is “Attività ricreative culturali e sportive” – The data of ‘Total Italy’ are relative to the companies of the entire sector of activity with the exception of those classified as agricultural, credit and banking and insurance companies..

Even in this case the origin of the “scissors” of revealed values can be made to rise to the net distribution of the sector agents between two diverse poles of attraction: a restricted nucleus of consolidated operators and market protagonists against a far more ample agglomeration in which subjects dedicated to the development of single projects are concentrated, alternating the intensity of their activity as far as the continuity of services and with a low capital intensity in terms of economic commitment. .

PROFITABILITY


The outline of the economic and financial assets of the companies of the sector can be further defined with the analysis of that element which can be considered as a form of final synthesis, given its very important significance for total company trends, for the capacity to generate turnover and for the development potential in both the short term and the long term: profitability. A first indicator is constituted by the average turnover of invested capital which is expressed by the relationship between the business revenue and the total number of active companies and which tends to measure precisely the quota of financial resources invested in the activity in respect to the value of all available assets (table 14).



Elaborated from Cerved data 1st January 2007. – The macro sector referred to (ATECO) is “Attività ricreative, culturali e sportive”.


This involves values which are not substantially exalted and which are placed at the lowest level of the range in which are found the average indexes of the other sectors (somewhat diversified by characteristics and exigencies) of manufacturing and the tertiary sector. In general, there seems to emerge an awareness that the general external agreements and those more specific of the market impose a major propensity to use company financial resources in activity investments, in comparison to the research for a more “reassuring” but static – and necessarily unproductive – availability of cash reserves and property.  Furthermore, if we observe distribution for average turnover of invested capital it can be verified that such an awareness is confirmed by the higher percentage assigned to the category of more mature and developed production and distribution companies, not only in terms of size but also for organizational and managerial origins.



Elaborated from Cervid data 1st January of each year - * For this class of turnover it was not possible, in certain cases, to calculate the average capital turnover due to the lack of a panel of values which were homogenous enough and appropriate for their comparison. .






EElaborated from Cerved data to 1st January 2007 – The macro sector of reference (ATECO) is “Attività ricreative culturali e sportive”. .

Another indicator which belongs to the technicalities of financial analysis and which attests to the fluctuating profitability and efficiency of investments in cinema activity can be calculated through the ratio of operating income, accrued in the specific daily business of the joint stock companies, and the total activity. Referred to as ROI (return on investment) the index in question interrelates the result – either profits or losses – of the typical management of the company with the invested capital, that is, with the employment of financial resources in the single characteristic activity purifying the investments which bring about other earnings (real estate, shareholding and the like). (table 16).
Generally, the limitedness of economic returns reveals scarce efficiency on the part of the companies themselves, however, in the sectors of the cinema industry there seems to be a further certainty and objective inefficiency, still more diffused (as far as the inferior intensity of activity in comparison to the entire macro sector of cultural activities, of entertainment and of recreation is concerned): that of the same market in which they operate. Even if they do not state it directly, the data relative to the distribution of average ROI for the classes of turnover constitute a rather valid indication of the operating difficulties which cinema companies find, at their respective levels, themselves affronting, save perhaps only those production companies in the highest categories of turnover. (table 17)




Elaborated from Cerved data 1st January of each year - * For these classes of turnover it was not possible, in certain cases, to calculate the average operating income due to the lack of a panel of homogenous values appropriate for an adequate comparison. .



PROFITS

It is well known that public success can be, for cinema companies, a formidable multiplier of earnings. However, market fortunes in general look favourably on only a handful of films and the success of the sector depends on the average level of profitability, on the result that is of the activity of all of its operators: large, medium, small and very small; more or less managerially ‘equipped and structured’ or capitalised on the property side. On the basis of the single management parameters, it can be maintained that for the operators of Italian cinema the objective of obtaining valid margins of utility to justify the engagement and activity – leaving aside, for now, artistic motivations or cultural intentions – appears realistic. Then it is a question of  film quality and the public response, whose eventual or lack of appreciation precisely constitutes an essential element which, in the end, determines the true market value (and thereby the theoretically authentic price) of the product.
Based on the average ratio of EBITDA (Earnings before interest, taxes, depreciation and amortization) to turnover – the most widely employed means of measuring the capacity of an active company, in as much as it permits the calculation of the difference between sales revenue and the total costs met for the realization of a determinate product, independently of sustaining the financial compatibility – all of the joint stock companies of the various sectors can be said to be capable of generating profits.  This is on the level of purely typical management, taking into consideration that is the single costs closely connected to the operating (including that of work) and the revenue from product sales and excluding the structure costs, the financial burdens, the income and spending and taxes.


Elaborated on data from Cerved to 1st January 2007 – The macro sector of reference (ATECO) is “Attività ricreative culturali e sportive”.


The substantial profitability, at most, of the cinema industry operators also emerges from the decomposition of the average ratio between EBITDA and revenue for classes of turnover which demonstrates a distribution of indexes clearly more equilibrated between the various categories in how much it does not result for the other indicators which have been analyzed. In particular, the level of the parameters signals a productivity which is satisfactory for all companies of all sizes and not only for the two highest categories, those which include the medium sized and large companies to which, among other things, can be attributed the incidence of structural costs in a more sensible manner; for example, for permanent employment, for general costs and for administrative management.



Elaborated on data from Cerved to 1st January of each year - * For these ranges of revenue it was not possible, in certain cases, to calculate the contribution between EBITDA (Earnings before interest, taxes, depreciation, and amortization) and turnover due to the lack of a panel of values adequate for their comparison. .


Despite the fact that they are noticeably more substantial than those of the macro sector which includes the other cultural companies, as well as those of entertainment, sports and performing arts, the ratio between EBITDA and turnover for cinema companies is revealed to be of a limited measure in comparison to the generality of economic activity and national products, the signal of a likely deficit, somewhat considerable, of management formation and preparation on the specific front of strategies and technicalities of financial planning.
The measurement of ‘earnings before interest, taxes, depreciation and amortization’ does not, in substance, touch the overall picture which results from the analysis of the financial statements: if the companies denounce a reasonably limited property and financial solidity as well as a general profitability of modest consistency, it would appear both reasonable and comprehensible that the economic trends of the sector demonstrate – as seen – an oscillatory character. Furthermore, results which are relatively positive do not deflect therefore, in the end, the image of a certain congenital, structural weakness which the plurality of cinema companies has, so far, neglected..

TERRITORIAL DISTRIBUTION

The geographical location of the operators of any sector could be considered a simple descriptive or statistical element. In reality, however, political economy and systems theory teach that the relative concentration or rarefaction in a determinate geographical area of active companies in the same environment directly influences the productive context in terms, primarily, of research and development of consumer awareness and the diffusion of innovative processes, followed by, as a consequence, under the profile of qualitative and competitive standards for the creation of infrastructural synergy and of services (principally technological, thanks to the progressive installation of partners and of better prepared suppliers) as well as technical instrumentation; in the end at the level of attractiveness both to superior minds and to the most promising brains of both private and public investment, thereby favouring the collection, the availability and the investment of necessary financial resources to fuel along with the growth of single activities also the overall entrepreneurship.
This involves, therefore, not only a better hardware, but still more – and in a decisive form – a somewhat richer software.
The cinema industry does not differentiate as is testified by the route from Hollywood to Bollywood. Making use of the personal data of all the active companies (not only of joint stock companies) and of their local unity one can therefore obtain a map of the sector and its divisions that is valid for qualifying the supply market of the cinema, a good deal more than how much the collocation of the branches of the single business systems and the single cinema halls serves to describe the trends and the composition of the demand market (cf. Table 20)



Elaborated on data of the Register of companies in the Italian Chamber of Commerce 30th September 2007


In extreme summary, the territorial distribution of cinema companies recounted in the historical and strategical role of Rome and Cinecittà (with a third of the production companies and almost three fifths of the distribution companies) and the importance of Milan – together with Rome representing over half of national production and 70% of the distribution sector –  principally thanks to the activities connected to film productions in the strict sense of the term (television films, commercials, video clips, themed videos). The growth of three areas of relative aggregation in Piedmont is also registered, with Turin which boasts of its traditional, albeit selected presence, in Emilia Romagna (which is, by character, more diffused regionally although Bologna constitutes the epicentre) and in Campania with Naples, which has cultivated its own – rather contained – productive capacity on two platforms: on the one hand, the characteristic cinema of the region (often, also in dialect) for a predominantly local destination and, on the other hand, activity triggered by the choice to move a portion of production to public television and thereby more specifically linked to genres of television series and television films.
In practice, the backbone of the cinema industry in Italy proceeds along these five central points, among which capital remains indubitably focal. 70.1% of the entire production and 82.0% of distribution centres are under these five central points. If one only wished to understand the quite significant quota of Veneto and Sicily, it would be necessary to surpass 80% and 90% respectively.
The supply market has, in substance, well individuated fulcrums and projects a physiognomy which contrasts with the intrinsic heterogeneity and of the sector. Any policy system or example of development and sustenance drawing inspiration from the theory of complexity of Chris Meyer rather than from the philosophy of ‘clusters’ of Michael Porter or from the configuration strategy for maps and landscapes developed by Richard Norman – should, as a consequence, follow in the footsteps and adhere to the pace.


5 According to the norms regularly applied throughout 2008, the decision to award 30 points regarding the stability of production companies is distributed over four parameters: the years of activity from the first production (7.5 points); the number of films produced and released in cinemas in the last five years (another 7.5); quota of capital greater than the base of 50,000 euro (5); valuation of the company on the basis of the absence of preceding financing or, as an alternative, on the basis of the capacity to pay back funds already received. The other two considered criteria are relative to the parameters of quality of films already produced (40 points) and to the demonstrated commercial capacity.

 

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