Marco Bassetti, CEO of London-based Banijay Entertainment, the world’s largest independent studio, called for European producers to hold their ground when it comes to negotiating terms of trade with the U.S. studios and streamers during a fireside chat at Rome’s MIA market titled “What does it mean today to be a ‘European champion’ in an increasingly competitive global content market?”
“Who invests in creativity? It’s us independent producers,” said Bassetti during the chat with veteran Italian producer Marco Chimenz. He went on to point out that “the major debate currently taking place in Europe — and this is my own personal view — regardless of the different legal systems, across different countries we live under, is about recognizing and providing compensation for creativity,” he added.
The Italian executive went on to point out that “the current battle [in Brussels] over [investment] quotas is instead entirely pointless.” He was referring to contentious rules – known as Europe’s Audiovisual Media Services Directive – that force foreign streaming services to invest a portion of their revenue into local productions, but leaves the modalities of this obligation to each individual country.
But Bassetti sees the rules of engagement as being crucial.
“The real fight should focus on studios and streamers recognizing and providing rewards for creativity” in the form of retention of IP rights on the part of producers, Bassetti added. “Yet that is not what is happening.”
At least not in continental Europe. “But when I work for a TV network — especially in countries like England — I retain ownership of the intellectual property,” he noted. “If I sell a series, the rights eventually revert to me after three years and there’s a built-in incentive for the creator.”
“Here in Europe, we’re accustomed to a system like that,” Bassetti said. “If the streamers just treat production companies as mere service providers it’s a problem,” because you don’t provide an incentive for creators to work with you.
“The reality is that we have no ownership, and it’s extremely difficult to secure any, though things are starting to open up a bit. There’s some movement regarding ‘windows’ (the sequence of release platforms)—but it’s only a partial shift. Ultimately, they [the studios and the streamers] still have total control,” he said.
Since taking the helm of Stéphane Courbit’s media powerhouse Banijay in 2013, Bassetti has firmly steered the company through some major transformations, from the takeover of production powerhouse Endemol Shine in the thick of the pandemic in 2020 to the diversification of the banner’s activities in live entertainment through Balich Wonder Studio and the Independents, all the while ramping up both scripted and unscripted business, and bolstering new and existing IPs.
It was only two months ago that Banijay Entertainment and RedBird IMI officially completed the $8 billion merger of Banijay and RedBird IMI’s All3Media, which is headquartered in London, U.K. The deal saw All3Media CEO Jane Turton take on the role of deputy CEO of the combined company, which boasts over 265,000 hours of content and some of television’s most recognizable franchises.
While the company is best known for its unscripted IP, thanks to “super brands” like “The Traitors,” “Big Brother” and “MasterChef,” Banijay also makes plenty of top notch scripted TV series and movies such as “Peaky Blinders,” “Black Mirror” and “Hamnet.”
Last week, speaking at the Mipcom TV market in Cannes, Bassetti said he saw an opportunity for the company to grow its presence in scripted production and hinted to an expansion into the U.S. scripted space.
That might help improve terms of trade for Banijay.