In June, Telefónica and Atresmedia launched Buendía Estudios, a strategic alliance aimed at creating series and films for the global SVOD platforms
The new joint venture has absorbed Atresmedia Studios, the content production division of Atresmedia launched in 2018, whose CEO, Ignacio Corrales, is now the CEO of Buendía Estudios.
Buendía is inheriting Atresmedia Studios’ production for the global SVOD operators, including the bio-series "Veneno," United States and Latin America, and the reality series "Road Trip," which TNT Spain has renewed for a second season and has also been purchased by HBO Max in the United States.
With Buendía, both Telefónica and Atresmedia are doubling down on their commitment to content and have combined their experience and resources to create a major global production company in the Spanish language.
"The birth of Buendía Estudios is very good news for the Spanish audiovisual industry, supporting a healthy production ecosystem in our country and its success on the international market,” says Corrales.
The joint initiative of Atresmedia and Telefonica is positioned as a top option for major global SVOD operators looking for content to promote their production.
"Our company was born with the goal of becoming the top global studio for the creation and production of content in Spanish," says Corrales.
"There are synergies between the two groups, which have come together to offer a product to the SVOD giants. Commercially, it makes a lot of sense and should position Buendía directly in the sightlines of all the big companies that want to buy Spanish content", says James Mckenzie, analyst at Fidentiis Equities.
With the creation of Buendía, Telefónica and Atresmedia are adding talent and resources to optimize and scale up in their content creation business in an increasingly global market. One of the new studio's strategic objectives is to compete in the Spanish, Latin American and U.S. Hispanic markets.
"There is certainly a global international market, with projects on a larger scale. This is a very selective market that is not easy to access, we are talking about series with high added value because of the stories that are being told, the scale of the projects, and the quality of the production and the talent," explains Corrales.
"The Spanish industry, which has professionals who are highly qualified to participate in this type of project, needs companies that can give this talent access to this market and are sufficiently solvent to remain in it for the long haul," he says.
He adds that "It is part of Buendía Estudios’ DNA to be present on this international market, where we are already working and producing projects at this high standard of production".
Among Buendía's most recent projects, two original productions for Amazon stand out: The drama "La Templanza” (“Temperance”), an adaptation of the novel of name by María Dueñas, and the docu series "G.E.O. Más allá del límite” (“Special Operations, Beyond the Limit”). Both will be released exclusively through Amazon Prime Video in over 240 countries and territories worldwide.