SPI’s Study on the Economic Impact of the Iceland Film and Television Production Incentive Published
Olsberg•SPI’s (SPI) study of the economic impact of the Icelandic Film and Television Production Incentive has been published by Iceland’s Ministry of Culture and Business Affairs.
The study quantified the economic impact of film and television productions benefitting from Iceland’s incentive from 2019 to 2022.
The Iceland Film Production Incentive offers a 25% to 35% rebate on eligible production costs, a factor that significantly influenced economic activity. From 2019 to 2022, the incentive was responsible for approximately 82.7 billion ISK (£474 million) in direct, indirect and induced gross value added.
For every Icelandic krona spent through the programme, about 6.80 ISK (£0.04) in additional economic value was generated. This spending was not confined to the screen sector alone; significant portions flowed into other local industries, such as hospitality and catering, travel and transport, and rental.
The study findings were first presented at the film conference Increasing Value Creation in Filmmaking in Iceland for the Future, hosted by the Ministry of Culture and Business Affairs, Íslandstofa, and Iceland's Film Centre at Harpa Concert Hall in Reykjavík on the 5th April 2024. During the event, SPI Consultant Marta Moretto presented the results of the study, while SPI Executive Chair Jonathan Olsberg joined a panel discussion together with Lilja Dögg Alfreðsdóttir, Minister of Culture and Business Affairs, and industry representatives, Baltasar Kormákur Samper, Ása Helga Hjörleifsdóttir, and Heather Millard.
Download the report here
Further information on SPI’s impact studies found here.
For more information on this study, please contact Marta Moretto at marta@o-spi.com