An Unprecedented Boom in the Audiovisual Industry
The city of Madrid is experiencing a genuine boom in its audiovisual sector, becoming a key economic driver. Between 2021 and 2024, the filming of feature films and series has generated an astonishing economic impact of €1.541.9 million, in addition to creating over 10,101 full-time equivalent jobs. This growth has been documented in the study ‘Dimension and Impact of Feature Film and Series Filming in Madrid‘, conducted by the Madrid Film Office together with the L. R. Klein University Institute of Economic Prediction.
The report reveals that the average annual investment in production has reached €385.5 million. This figure not only contributes to Gross Value Added (GVA) with €883.6 million, but also generates significant tax revenue, estimated at €367.3 million. Most of the economic impact comes from direct spending related to personnel, equipment, and locations, which totals nearly €988.7 million.
As digital platforms continue to expand, series have become the main driver of economic growth in Madrid. They account for nearly 65% of the total impact and over 66%% of the employment generated by the audiovisual industry. The production multiplier is notable: every euro invested in series generates an estimated total return of €1.6.
Despite the resounding success experienced by the Madrid audiovisual industry, not all news is good for its residents. Filming often causes significant disturbances among neighbours due to road closures and parking restrictions. The Councillor for Tourism, Almudena Maíllo, has acknowledged these concerns and thanked citizens for their understanding.
In order to address these challenges, a good practices guide has been developed to help production companies meet requirements that respect residents' rest. Additionally, new areas for filming outside the historic centre are being explored with the aim of decentralising shoots.
Madrid is not only gaining national recognition; productions such as Money Heist, Velvet, and future projects like the upcoming film directed by Woody Allen are projecting the city internationally. This not only benefits the audiovisual sector but also areas such as dining and hospitality.
As Madrid continues to establish itself as a global cinematic hub, it remains to be seen how it will balance this economic growth with the legitimate needs and concerns of its local residents. With plans to extend filming to all its districts —each with its own personality— this duality between economic progress and quality of life may continue to be a hot topic.
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