The Spain Audiovisual Hub has a second phase, and María González Veracruz, Secretary of State for Digitization, is explaining exactly what it is. The government’s $521 million investment vehicle, the Spanish Society for Technological Transformation (SETT), is the engine behind the plan, and Veracruz’s remarks lay out the scale of the ambition.
The first phase of the Hub, launched in March 2021 with a $1.7 billion budget, was a coordinated effort across 13 ministries. The second phase is led by the Ministry for Digital Transformation and Public Service through SETT, which has now made €450 million ($521 million) of direct and indirect investments.
SETT’s Numbers
SETT has made twelve direct investments and three indirect ones, generating €450 million ($521 million) in total. Direct investments total €104.8 million ($122.6 million). Indirect investments, through investment funds, total €110.8 million ($129.6 million).
The portfolio is wide. Direct investments include Lazona, Amuse Animation, Ánima Kitchent, Moonlighting, The Refinery, Good Films and Milo. Indirect investments cover Aurora Media (Secuoya), Culture CAP 7 and Moby Dick.
Here is a quick look at the three biggest direct and indirect SETT investments:
- Aurora Media (Secuoya): €98 million from SETT, €102 million private capital, total €200 million
- Culture CAP 7: €9.7 million from SETT, €10 million private capital, total €19.7 million
- Moby Dick: €3.1 million from SETT, €3.3 million private capital, total €6.4 million
What the Hub Is For
The government’s stated goal is clear. The Spanish Hub’s aim is to build a global audiovisual industry rooted in Spain, one that drives economic growth, technological innovation and national influence.
Veracruz’s framing is simple. The first phase drove the ecosystem forward. The second phase consolidates that growth and supports companies as they enter a new stage of maturity.
SETT’s role is to provide financial tools for innovation, access to financing and international competitiveness. The government wants to keep attracting international productions and supporting creators, but it also wants to strengthen companies, drive emerging technologies and help new business leaders compete in global markets.
The Broader Vision
The Hub is not just about film and TV. The government also backs video games, immersive experiences, digital content, visual effects, animation, studio facilities, distribution, post-production and new forms of technological creation.
That broad vision has been a defining trait of the Spanish Hub, according to Veracruz. She argues that the audiovisual industry is no longer just a cultural sector. It is a strategic sector that generates quality employment, drives technological innovation, attracts investment and contributes to national economic growth.
The government recognized this potential early, she says, and made the audiovisual sector a priority as part of its economic transformation agenda.
The Conference in San Sebastián
The New Script of the Audiovisual Industry, Diversity, Investment and Future is organized by the Ministry for Digital Transformation and Public Service. It takes place on Sunday, Sept. 20 at a morning conference in San Sebastián.
The event looks set to present ongoing initiatives shaping Spain’s film, TV and other AV sectors, including the $521 million investment surge powered by SETT.
| Phase | Budget | Ministries | Focus |
|---|---|---|---|
| First | $1.7 billion | 13 ministries | Ecosystem-wide |
| Second | $521 million | Digital Transformation | Company maturity, international competitiveness |
The comparison is useful. The first phase was a national strategy with 13 ministries involved. The second phase is led by one ministry, with SETT as the central tool.
What This Means for Spain
Spain’s audiovisual sector has grown steadily since the first phase. The second phase aims to consolidate that growth into a truly international industry.
The direct investments in animation and production facilities, the indirect investments in media funds, and the co-investment model with private capital all show the same thing: the government is treating the sector as a long-term economic asset, not a short-term cultural project.
The numbers are real, and the government is using them to make its case. Veracruz’s explanation is clear about what the Hub has achieved and what it is trying to achieve next.
The conference in San Sebastián will be the next test of how far the government’s vision has moved beyond talk. The investment numbers are on the table. Now the government needs to show what it has built.
Source material: “Where Is Spain Heading? María González Veracruz, Secretary of State for Digitization, Unpacks Roadmap,” Variety.
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