Firm to fund local productions abroad
A new L.A.-based content financing company is hoping to capitalize on the growing demand for local productions around the world.
Library Pictures International said Monday it will fund local-language productions in India, Spain and Latin America, among other locations.
Library has signed multiyear slate financing deals with companies including RSVP, an Indian production firm led by Ronnie Screwvala.
Screwvala in 1990 founded Mumbai media company UTV Group, where Disney later became an investor. He later sold the remainder of the company to Disney in 2012.
Library also has a deal with Sun Distribution for Latin America and Spain. Sun Distribution has production companies in Latin America and is also a prominent film distributor there and in Spain.
Library was formed by a group of investors led by L.A.-based Atwater Capital and a Germany-based media company created by private equity firm KKR.
Creative Artists Agency’s media finance and global client strategy groups negotiated the deals with Sun and RSVP and played a key role in creating Library.
Library will be led by David Taghioff, who was previously co-head of CAA’s global client strategy group.
“There are exceptional talents to be discovered in emerging, local-language markets all over the world,” Taghioff said in a statement.
“Our funding model is designed as a commercial way to support these local-language artists and companies bringing a greater diversity of stories to the screen,” he added.
In markets including India, Latin America and Spain, local productions can make up 40% to 90% of total box office grosses.
Streaming services including Netflix and Amazon have also been increasing local content on their platforms in places such as India, showing content in local languages as the companies seek to expand their global audience.