Telefónica to Invest €70 Million in Original Content

SEVILLE: Telefónica España is planning an investment of €70 million ($75 million) to produce its own original programming, which will include the new series La Peste.

La Peste is a six-episode thriller set in Seville in the 16th century, during the bubonic plague that marked the beginning of the end of the decadence of one of the most bustling and affluent towns of that era. The proposed budget for the Movistar+ original series is €10 million ($10.7 million). The drama is being produced in partnership with Atípica Films.

Domingo Corral, the original production director for Movistar+, said: “La Peste sets the tone for the ambition of Movistar+ when it comes to original drama production. We are not just producing one or two series each year, but ten in 2018, an unprecedented production effort across all pay-per-view hubs.”

Luis Miguel Gilpérez, the CEO of Telefónica España, commented: “Telefónica’s commitment to pay TV has revitalized a sluggish market, with an average penetration rate well below the European one. We have already reached 33 percent in Spain, but we are way behind other countries, which suggests there’s still a long way to go. Our contribution to this growth is significant, bearing in mind our 3.7 million subscribers and a 66 percent market share.”