Growth in commercial revenues from the 16.4 million euros budgeted for 2021 to 44.7 million in 2026. As for the margins, the forecasts are for a positive Ebitda (700 thousand euros) starting from 2022, to reach 2026 with an Ebitda margin of 10 per cent. The net result will remain negative in 2022 (-384 thousand euros) and then change sign in 2023 (668 thousand euros) and grow to a profit of 4.7 million in 2026. These are the numbers and prospects of Cinecittà contained in the 2022 industrial plan -2026 of what, according to the definition of the Minister of Culture Dario Franceschini, has all the credentials to act as a “European Hollywood”, a center of avant-garde audiovisual production in Europe.
A favorable market context
«The plan – explains al Sole 24 Ore the CEO of Cinecittà, Nicola Maccanico – was born from the basic need to build a new Cinecittà: an excellence capable of demonstrating that public ownership (returned under public control in 2017 and the Budget law for 2021 provided for its transformation from Srl into Spa, ed.) does not necessarily imply a lower competitiveness on the market “. It is no coincidence that a manager like Maccanico, who has been on the market for some time in the private sector, with a past in Warner Bros before holding the position of executive vice president of programming of Sky Italia and that of CEO of the film distribution company Vision Distribution was called to lead. . «This challenge – underlines the CEO of Cinecittà – can be won. There is a favorable market context, with important requests for audiovisual products. And Cinecittà can play its game as a protagonist with its ability to keep within all the stages of production and development of the productions ».
Public audiovisual hub
In short: a public audiovisual hub that integrates the industrial activities of the Studios and the institutional and cultural ones of Luce Cinecittà to provide the guarantee of making everything available for a turnkey product. This, in the intentions, is seen as the key factor in “gaining market share”, winning the competition from other studios such as those of Babelsberg in Germany, Pinewood in the UK, Origo in Hungary or Nu Boyana in Greece. The plan envisages a whole series of interventions for a total of 195.4 million entirely covered by contributions relating to the NRP. We are therefore talking about the adaptation of production capacity with 10 new studios (an expansion of 12 thousand square meters: + 60%) as a result of 5 new theaters (of which 2 of over 3,500 square meters) and the reconstruction and expansion of other 5 theaters. existing, including the set of Rome with a new Roman theater. The creation of 2 virtual theaters with new technological services is also planned (swimming pool for underwater shooting, studio with 360 degree green screen). A profound redevelopment of the site (buildings, roads, connectivity) is also planned.
Average annual growth of 15% on revenues
Obviously, everything is functional to the development of commercial revenues with a first year of the plan (2022) which provides for an improvement in revenues of 9% compared to the pre-Covid values of 2019. Growth is expected over the overall period of the plan. annual average of 15 per cent. Also taking into account the contributions, we arrive at a value of production that from the 45 million budgeted in 2021 is expected to rise by an average of 7.8% per year up to 72.6 million in 2026. The investments presented in the industrial plan do not include instead the possible further interventions, quantified in 75 million (which would complete the 260 million overall made available by the NRP), relating to the extension of the surface with land in the area «Torre Spaccata», by Cdp: 40 hectares of which 8 with building developments in which to build 8 new studios of one thousand square meters. The agreement between Cinecittà and Cassa is in the pipeline. «With Cdp the dialogue is getting closer and closer. There is substantial agreement on the model and the state of negotiations is advanced. We hope to be able to close within the year ».