It’s not all doom and gloom for funding in Australia, as positive reforms come to Film Victoria.
Retroactively taking effect as of 1st July 2014, Film Victoria will no longer be recouping equity in the productions it supports, allowing the producers of its funded projects to keep the proceeds instead.
This will affect existing productions with standing agreements with the funding body. The equity Film Victoria keeps for its support isn’t a huge percentage, but at this point its still a very welcome break.
The Games Development Program within Film Victoria will henceforth be known as the ‘Assigned Production Investment – Games’.
There are a handful of other important changes to their contracts, including no longer retaining rights to involvement in sequels to titles they fund, and general consolidation of loans, streamlining measures and a reduced reporting requirement for developers.
Jenni Tosi, CEO of Film Victoria, describes the changes as "the most significant changes introduced since Film Victoria was established 13 years ago."
Victoria is one of the most populous development scenes in Australia, housing more developers than any other state. Developers were dealt a significant blow recently when the Australian Interactive Games Fund, the first federal fund for game development, which was axed before it got off the ground by the incoming federal government.