Cinecittà Returns To Profit As Int’l Productions Line Up To Shoot At Historic Rome Studios
Italy’s Cinecittà studios have returned to profit one year ahead of the schedule set in its 2022 to 2026 industrial plan, aimed at returning the facility to its former glory as a major international filming hub.
It is the first time the complex’s results have been in the black since it was taken back under state control in 2017, after being run into the ground under private ownership for more than two decades.
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Parent body Cinecittà S.p.A announced a $1.9 million (1.8 million euros) net profit for 2022, and a doubling of turnover to $42.3 million (39 million euros) against 2021, mainly on the back of a raft of bookings for the facilities.
The company said the complex had been booked to above 75% capacity in 2022, against 31% in 2021, a trend that has continued into 2023.
Detailing the $42 million turnover, Cinecittà S.p.A said $37.4 million (34.5 million euros) was related to the soundstages, venues, and set designs, with $20.6 million (19 million euros) within that figure linked to the art department and scene construction.
Post-production had generated $3.9 million (3.6 million euros), while the permanent public-facing Cinecittà Shows Off exhibition brought in $971,177 (927,907,000 euros).
Its institutional divisions which include the Luce Archive had brought in revenues of $2.6 million (2.4 million euros).
Under the industrial plan, involving $282 million (€260 million) worth of investment, five new studios are due to be built on the existing Cinecittà site to increase total studio space to 65,000 square feet from the current 26,000 square feet.
Another four existing studios will be refurbished and there are plans to build a further eight sound stages on a site close to the original complex.
The plan also includes technology-driven upgrades such as the construction of a T6 Green Virtual Studio in 2021.
Cinecittà S.p.A noted that the return to profit has been achieved ahead of the planned expansion, saying this was on course to go ahead on schedule.
It added that the acquisition of the land adjacent to the Cinecittà area precinct was expected to be completed within the first half of 2023.
The historic studios on the outskirts of Rome, which hosted the shoots of 1950s classics such as Roman Holiday and Ben Hur in its heyday, have been on a roll over the past 18 months after decades of decline.
Feature productions touching down in recent months have included Nanni Moretti’s Il Sole Dell’Avvenire, Bill Holderman’s Book Club 2: The Next Chapter, Angeline Jolie’s Without Blood, Edward Berger’s Conclave, Saverio Costanzo’s Finalemente L’Alba, Paola Cortellesi’s C’e Ancora Domani, Pietro Castellitto’s Enea and Arkasha Stevenson’s The First Omen.
The studios have also welcomed high-end dramas Domina 2, Joe Wright’s Benito Mussolini bio-series M, Steven Zaillian’s Ripley and Michael Uppendahl’s The Decameron.
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