Press Release from FTO
The New South Wales Film and Television Office (FTO) has revised its Terms of Trade for script development investment. The new Terms of Trade will reward NSW-based producers who successfully develop and finance their productions and commit to production expenditure in the State.
Under the new Terms of Trade, The FTO will now roll over its development investment automatically, up to $40,000, on projects which are produced or post-produced in NSW by NSW-based production companies.
The rolled over development funds can either be invested in the production or in the production company.
The FTO will also waive its requirement to a share of net profits and premium, and relinquish its copyright interest in projects in which it has development investment.
“The FTO wants to back successful producers and help build sustainable businesses. We believe any revenue we forego due to these changes to Terms of Trade will be more than recouped in additional production expenditure brought to NSW,” said Tania Chambers, CEO of the FTO. “Rewarding producers who successfully develop projects that are embraced by the marketplace is one of the best ways of doing that.”
The changes to the FTO’s development terms of trade follow on the release of the FTO’s new development programs. Through its new Early Research & Development program, the FTO will make available around 70% of its project development funding for investment in projects at the early concept stage, before draft. And through its Advanced Marketing and Development program, the FTO will be able to share with producers the costs of financing a project, and fund travel for financing meetings.
Details of the new development terms of trade and the new development programs can be found on the FTO website.
The FTO’s Production Investment terms of trade are also being reviewed and will be released shortly.