Filming in Madrid: a business worth more than 1.5 billion euros

He Madrid City Council, through its CEO of Tourism, Almudena Maíllo, and Raúl Torquemada, director of Madrid Film Office, details the keys to the study “Dimension and economic impact of filming of feature films and series in Madrid”, an initiative developed by the filming office together with the L. R. Klein University Institute of Economic Prediction of the Autonomous University of Madrid which provides key data such as the 1,541.9 million that the filming of feature films and series contributed to the Spanish capital.

The research offers detailed results on the socioeconomic impact of the activity of the filming of feature films and series in the city of Madrid during the period 2021-2024, in which a total of 415 projects (173 feature films and 242 series). In this way, the study contributes to identifying and valuing the contribution of the filming industry to the Madrid economy, essential information for its strengthening and transferring its benefits to administrations and citizens.

The results of the report reveal that feature film and series projects contributed to the municipal territory with a total impact of 1,541.9 million euros in production during the period 2021-2024, with an annual average of 385.5 million euros. This made a contribution to Gross Added Value (GVA) of 883.60 million euros throughout the period studied and a collection of 367.3 million euros in taxes.

Of the total estimated impact on production, 988.7 million euros (64.12%) correspond to the direct impact, generated by the expenses incurred by the companies involved in production (personnel, rentals, equipment, locations). Added to this are 475.6 million euros (30.84%) of indirect impact, generated in the supply chain through the supplier companies that participate secondarily in the process, and an additional 77.6 million euros corresponding to the induced impact caused by the subsequent spending in the Madrid economy made by workers and suppliers who have obtained income thanks to the production of filming in the capital.

In terms of employment, the filming of feature films and series stimulated the creation of 10,101 jobs full-time equivalents (FTE) throughout the period, with salary income of 562.6 million euros. This represents hiring equivalent to 2,525 full-time jobs annually.

The value of the series in the Madrid balance sheet

Las series They present themselves as the great quantitative driver of total impact calculated in the studio, as they are larger in number than feature films and generally have a longer production time. In this sense, the series contributed 999.1 million euros in terms of production (64.8% of the total impact) and 6,716 jobs full-time equivalents (66.5% of total employment) for the entire period analyzed.

According to the study, the multiplier of production reaches a value of 1.6 in series and 1.5 in feature films, therefore, for every euro of direct production, the total impact rises to 1.6 euros in series and 1.5 euros in feature films. In employment, the multiplier is 1.7 in series and 1.6 in feature films, confirming the knock-on effect on suppliers, services and consumption. Finally, in terms of the fiscal ROI on the VAT collected, for every euro contributed by the City Council through its audiovisual aid, an estimated contribution of 11.78 euros to the Madrid economy is estimated.

According to the delegate councilor for Tourism, Almudena Maíllo, “this study is an ambitious project that demanded Madrid as the audiovisual capital.” "With this report we know in detail the economic impact of filming in the city of Madrid, a sector that generates employment, investment and activity in multiple productive areas. Added to this is its decisive contribution to the international projection of the image of Madrid as a creative destination, as well as to the promotion of tourism associated with this global visibility," he indicated.

The complete study can be consulted here.