Ampere Analysis Breaks Down The Threat U.S. Tariffs Would Pose To European Film & TV
'A 120% tariff on incentives to cancel out global schemes is patently ridiculous and obviously very damaging, potentially, to the European industry,' he said. 'Tax treaties, local tax treaties in the U.S., and incentive schemes, just like we use in Europe, clearly, are the way to go if you want to re-enliven your industries.'
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A draft of Voight's Make Hollywood Great Again plan, obtained by Deadline, included a mixture of production incentives and a 120% tariff on the value of a foreign incentive received. After he presented the plan to Donald Trump, the President public proposed a 100% tariff on all U.S. film imports, including productions that shoot in other countries.
The NEM confab and sales market is held annually in Dubrovnik. The latest edition kicked off, Monday, with Bisson's session, which was entitled: 'Content Trends in the Era of Trump: Protectionism, Production and International Markets'.
The Ampere executive set the scene by showing how the European content business has benefitted from the U.S. studios widening their production bases and streamers setting up shop in several parts of the continent, resulting in orders for thousands of hours of first-run programming.
He also said international markets are key to those same U.S. giants monetizing their series and movies with, for example, 54% of the total box office for U.S. films coming from international markets, according to Ampere.
Getting into the weeds on the suggested measures, he said a 120% tariff on any incentive received overseas is 'one of the most concerning aspects of the proposal, effectively closing the door on U.S. producers making use of any overseas incentive.'
He went on to break down what might happen if the proposed measure were introduced with a slide that pinpointed the UK and Spain as the two biggest potential losers in Europe, given the volumes of U.S. production in both countries. 'Obviously the big European markets – the UK, France, Italy, Spain, Germany – are on that list, but so is Poland, for example, and Turkey, and the Scandinavian markets. They have been the [among] biggest beneficiaries of that 'runaway' production.'
Speaking about the notion of tax treaties with certain countries for films substantially produced in U.S., Bisson said the idea is interesting: 'While you still have to make a majority, or spend a majority of the budget, in the U.S., you can effectively stack or double dip incentive schemes through those treaties.'
He also said any re-introduction of rules that prohibit networks (and now, SVODs) fully owning shows 'would remove one of the things that's annoyed producers so much, which is streamers taking all rights in perpetuity.'
Trump has said that he would meet with industry officials, and the White House said no final decisions have been made regarding the plan. Voight, Sylvester Stallone and a group that included studios and unions later wrote a letter to Trump emphasizing the need for production incentives
While punchy, the NEM presentation was, thusly, analyzing what are currently theoretical scenarios. Bisson said that the best hope for the European biz is that theory never becomes practice.
'None of this is actually happening or being put in place yet, it's just a suggestion,' he said. 'Who can predict what Trump will do next. You may have heard the nickname that Trump has been given: TACO; Trump, Always Chickens Out on tariffs. That's what we can hope will happen again when it comes to our industry and the suggested protectionism being placed on film and TV.'
Ted Johnson contributed to this report.
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