Madrid held its regional elections last week which resulted in the victory of Isabel Díaz Ayuso, representative of Spain's conservative party (PP) . The new government has expressed a clear commitment to boost the TMT sector in the Region as part of its economic and cultural agenda.

The package of new measures that has been announced have a special focus on the animation, visual effects (VFX) and video game industries and aim to position the Region of Madrid as an international Hub for the audiovisual industry and a benchmark region for video games, VFX and e-Sports. The government wants to incentivise the arrival of multinationals from these sectors to Madrid by means of supporting big international and professional industry events and boosting local talent attraction and retention. There are plans to create a VFX-animation Hub in the Region of Madrid (so-called "Hub Animación VFX Madrid"), to keep internationalizing the animation and VFX industry.

Madrid also wants to continue to position itself as a shooting location by means of simplifying administrative tasks and disseminating the advantages that the Region offers to foreign producers (with a special reference to those from USA, India, China, Korea, France and UK). Finally, the governments wants the Region of Madrid to become a financial hub for the LATAM audiovisual industry, by means of creating specific financial instruments and with a special support to international co-productions with LATAM.

It remains unclear when all these measures will materialize but it sure seems that the Madrid government sees the TMT and audiovisual industry as pivotal to the economic recovery and growth of the region after the COVID-19 crisis, which is also in line with the direction that the central government is taking to promote Spain as an audiovisual Hub.