KAG's Expansion into Spain: A Strategic Move in the European Film and TV Industry
Known Associates Group (KAG), a South African media conglomerate, is making its mark in Spain with the support of Spanish government funds. Two new film and TV ventures under KAG's umbrella are set to receive a total of €12.7m in public funding from the Spanish Society for Technological Transformation (SETT). Moonlighting Studios Spain, a Madrid-based offshoot of Moonlighting Films, known for its work on major productions like Mad Max: Fury Road and Mission Impossible, will be involved in co-productions and developing its own intellectual property (IP). The Refinery, a leading VFX and post-production house in South Africa, is also launching a new Spanish division with SETT as a partner. KAG's expansion into Spain aims to create job opportunities and establish a presence in the European market.
KAG's CEO, Tshepiso Chikapa-Phiri, expressed the company's commitment to creating employment opportunities in the Spanish industry. The move to expand into Europe was prompted by the growth potential seen in Spain compared to South Africa. Despite challenges with incentives in South Africa, KAG was determined to pursue its expansion strategy. The company is also exploring opportunities in Malta and potentially in North America, Latin America, and the UK. The goal is to greenlight a Spanish production by the end of the year, with plans to collaborate with local talent and production partners in Spain.
The focus of KAG's expansion is not only on creating job opportunities in Spain but also on reinvesting in South Africa through profitability. By bringing young talent into the industry and fostering collaborations between Spain and South Africa, KAG aims to produce a diverse slate of English-language films and documentaries. The company plans to invest up to €2m in the films it supports. The partnership with SETT and the establishment of new production ventures in Spain mark KAG's strategic move into the European market, with a vision to bridge the gap between African and European film industries.
In conclusion, Known Associates Group's expansion into Spain signifies a significant step towards establishing a global presence in the film and TV industry. With a focus on creating job opportunities, fostering collaborations, and investing in diverse content, KAG is poised to make a mark in the European market while maintaining its roots in South Africa. The company's strategic partnerships and commitment to growth reflect its vision to drive innovation and creativity in the international entertainment landscape.