Thursday, September 15, 2016

The Power of Free Money -- Part 52

Apparently France hears the siren call of Canadian cash ... like many others

Paris-based On Entertainment, the company behind recent feature-film release The Little Prince, says it plans to hire a staff of 300 over the next three years to run a new studio in Montréal, Québec.

"Our new Montréal studio gives us a foothold in North America and provides us with the resources we need to ramp up production and extend our reach with films intended for international release," said On Entertainment co-founder Thierry Pasquet in a prepared statement. The company expects to ramp up production and release one animated feature every two years.

On Animation Studio will receive about $3.7 million (U.S.) in government loans, split between the governments of Canada and Québec (the latter granted through financing corporation Investissement Québec) to help fund the studio's opening, the company said. ...

Generous subsidies won't be going away anytime soon. They are now embedded into the fabric of Canada, the great state of Georgia, Britain, France, and to a somewhat more limited degree, California.

As an IATSE Vice President who studies tax subsidy cultures said to me a week ago:

"Tax subsidies are pretty well established in a lot of countries now, and a bunch of states. Georgia has a big subsidy program and they've done studies so they know the subsidy doesn't pay for itself, but they're all in. They've got studios and sound stages and they're going to keep on giving the money away. Because they want the industry to be there."

And there you have it, our free enterprise system at its finest. "Pay us, and we will come. Otherwise we go to Montreal or Vancouver."


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